If Sri Lanka wants ‘real’ stability, only one way to achieve it, in a short time
by Sunil Abhayawardhana After the economic crisis of 2022, and the IMF programme that followed, some are of the opinion that ‘stability’ was achieved, but followed by ‘not out of danger yet’. Where is the ‘stability’ then? We know that the cause of the crisis was a lack of foreign exchange. However, the IMF programme […]
Sri Lanka must urgently focus on enhancing its export earnings by at least $20-25 billion to achieve 'real' stability, according to experts. The current IMF programme primarily focuses on fiscal aspects, neglecting export growth. The country's previous development drive, lacking a comprehensive plan, has not yielded significant results.
The only viable solution is to prioritize a specific sector and industry for concentrated efforts over a short period. A proposed solution is to establish an oil refinery in Trincomalee, capable of producing at least 400,000 barrels per day. This project, which should have begun upon gaining independence in 1948, could potentially generate $20-25 billion in export earnings.
The Chinese market offers competitive equipment pricing, making it a more affordable option. The Ceylon Petroleum Corporation, experienced in managing a 50,000 barrels per day refinery, should spearhead this project. Despite potential hurdles, such as paperwork and environmental concerns, a determined government can overcome them. Cooperation with international partners like India and the UAE could also facilitate the project.
Written by urgent.news from The Island Sri Lanka's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
