‘SL not vulnerable to global emerging market volatility’

‘SL not vulnerable to global emerging market volatility’

Prime Minister Ranil Wickremesinghe has hit back at economists who called out Sri Lanka as among Asia’s most vulnerable to global emerging market volatility.

Prime Minister Wickremesinghe speaking to CNBC on the sidelines of the World Economic Forum on ASEAN in Hanoi, Vietnam said the country is building long term financial stability by diversifying exports beyond tea and apparel and into higher-value goods and services.

Premier Wickremesinghe stressed he didn’t believe Sri Lankan sovereign bonds were on the verge of a downgrade.

The Prime Minister meanwhile denied claims that Sri Lanka was ceding control of strategically vital ports to Chinese control and said he didn’t believe the country was falling into a debt trap caused by high-interest Chinese loans.

When asked about efforts by the Joint Opposition to hold prompt elections, in capitalizing on economic hardship, Premier Wickremesinghe said he “can’t see an early election.”

The Prime Minister furthermore stated the present government inherited debt racked up through the mismanagement of the prior administration.