Karu warns of consequences as Sri Lanka falls short of economic targets

Former Speaker Karu Jayasuriya has raised concerns over Sri Lanka’s progress in implementing the Economic Transformation Act of 2024, warning that delays in economic and institutional reforms could have serious long-term consequences.

In a social media statement, Jayasuriya pointed out that Sri Lanka’s exports remain at approximately 16% of gross domestic product (GDP), compared to the 25% target he cited under the legislation.

He also expressed concern over the country’s foreign direct investment (FDI) performance, claiming that investment targets were significantly underperforming.

Jayasuriya noted that Sri Lanka’s foreign exchange reserves remained largely unchanged at US$6.85 billion, while institutional reforms involving the Board of Investment (BOI) had stalled.

He stressed that the Economic Transformation Act sets out clear economic targets and requires annual progress reports to be submitted to Parliament.

However, he questioned whether sufficient progress had been made toward achieving those objectives.

“Implement it or amend it openly, together with stakeholders. No action is a disaster growing in silence,” Jayasuriya said. (Newswire)

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