The private sector, as represented by the Joint Chambers, welcomes the commencement of negotiations with the IMF, the process of selecting legal and financial advisors to guide the debt restructuring process and the suspension of external debt repayments as a first step in this process, a media release from the Joint Chambers stated. Excerpts of the media release:
“We also hope that these actions together with bridge financing arrangements can be translated to reduce the power interruptions that continue to disrupt the daily lives of people and business activities.
“The Joint Chambers are, however, concerned that the current political deadlock coupled with growing public unrest could potentially derail the actions being taken to resolve the serious economic crisis faced by the country, and that the absence of political stability could significantly disrupt the successful and speedy completion of initiatives taken thus far.
“Therefore, the Joint Chambers urge Your Excellency, as President, to immediately initiate legislative action to repeal the 20th amendment to the Constitution which contributed to the present situation. This will be viewed as a historic positive development for this country from a political and economic perspective.
“This we are confident will ensure a better balance of power between the Executive and the Legislature along with the reintroduction of the Constitutional Council and other independent Commissions that will lead to a more acceptable political framework that could help resolve the current impasse. “After this is done through a consensual approach, we recommend that a bi-partisan national government is established with the ability to support the economic management team to steer the country out of the current economic crisis and resolve the continuing issues relating to fuel, electricity, gas and other critical elements of the supply chain.
“We are hopeful that by taking these initiatives, a positive assurance can be given to the people of Sri Lanka towards a better future,” the release added.