In Sri Lanka, Former President Ranil Wickremesinghe has highlighted key economic goals for the island, emphasizing the need to raise state revenue to 15 per cent of GDP. Mr. Wickremasinghe said that the revenues need to be raised by 2028 when the country will start repaying its foreign debt. Speaking at the New Democratic Front office in Colombo, the former president also stressed the importance of achieving a 1 per cent increase in economic growth annually to meet this target.

Mr. Wickremasinghe stated that his team, which comprised parliamentarians from several parties including, SLPP had guided the country through its recent economic crisis. He recalled taking over the presidency during Sri Lanka’s bankruptcy and securing agreements with the IMF, creditor nations, and bondholders to restore debt sustainability.

The former president had contested in the Presidential election held last month in which he polled third highest votes. Mr Wickremasinghe’s comments come as the island gears up for the Parliamentary elections that are scheduled to be held on the 14th of November. The six-time Prime Minister and former President has already announced that he would not be contesting in the upcoming elections.

A majority in the 225-member parliament will be crucial for the ruling NPP led by President Anura Kumara Dissanayake who had promised cleaning up the country’s politics and easing the economic burden on the populace.