The World Bank has said that Sri Lanka’s aspirations cannot be realized in the current status quo and needs critical reforms to boost its economy.
Highlighting some critical reforms Sri Lanka needs, the World Bank Country Director Idah Pswarayi-Riddihough said many potential gainers of the reforms who are currently opposed to them are unaware of their benefits.
Her comments came as several groups have opposed the government’s attempts for free trade agreements and foreign investment proposals.
The official said, implementing smart reforms means that government funds will be used more effectively for the people and provide Sri Lankans with opportunities to get more and better jobs.
She said, Sri Lanka needs to seek growth opportunities and foreign investment beyond its borders by improving its skills base, better understand supply and demand chains as well as produce higher quality goods and services. Sri Lankan economy is burdened with high levels of foreign debt and increasing trade deficit.