The National Chamber of Exporters of Sri Lanka urges the government to stabilize the country’s crumbling political system and economy by heeding the voice of the people. Sri Lanka is currently facing the worst political instability and economic crisis since independence for multiple short and long term reasons. The recent uprising of the general public and the seizure of the House of Presidents and the Temple Trees clearly indicate the weakness of the ruling parties in the face of the damaging issues crippling the country.
Pressure on the President and Prime Minister has intensified as the country’s socio-economic collapse has led to severe shortages of essential items, medicine, fuel and cooking gas, to name a few. -ones, leaving people struggling to survive day to day. Managing the currency shortage as soon as possible and restoring the supply of goods and services has become the priority. In order to provide solutions, the recently appointed Prime Minister has started crucial talks with the International Monitory Fund for a rescue program and with the World Food Program to prepare for an imminent food crisis.
According to reports, IMF officials said they were closely monitoring the ongoing developments in Sri Lanka and hoped for a quick resolution of the current situation to allow the resumption of dialogue between the IMF and the Sri Lankan government. Yet the nature of the incidents now unfolding indicates that the much-anticipated IMF bailout will be delayed, which will deepen the crisis. It is therefore the supreme duty of all political parties to stop the situation and stabilize the country.
The RCE strongly suggests that, leaving aside all political indifference, the government should introduce prudential policies and, if necessary, draw inspiration from industry best practices followed around the world to lift the crumbling economy. In doing so, the current situation of the country must be controlled in order to obtain the planned support from the IMF and any other economically sound nation. The supply of essential products, mainly fuel oil and domestic gas, must be stabilized. Most importantly, the government must ensure that the whole system is revived, supported and strengthened in a short period of time to ensure that important functions are carried out without any interruption, including customs, ports and public transport. , etc.
The economic crisis in Sri Lanka, which began earlier this year due to the lack of foreign and local income, requires quick remedies to avert disaster.