The National Chamber of Exporters of Sri Lanka (NCE) has called upon the Government to stabilise the crumbling political system and economy of the country by paying attention to the voice of the common people.
Sri Lanka is currently facing its worst political instability and economic crisis since Independence due to manifold reasons, short and long term.
The recent upheaval by the public and seizing the Presidents’ House and Temple Trees clearly indicates the weakness of ruling parties to address the detrimental issues crippling the country.
Pressure on the President and the Prime Minister has escalated as the country’s socio-economic meltdown has led to acute shortages of essential items, medicine, fuel and domestic gas leaving people struggling to survive on a day-to-day basis. Managing the shortage of foreign exchange within the shortest possible time and restoring the supply of goods and services has become the priority. To bring solutions, the recently appointed Premier has initiated crucial talks with the International Monetary Fund (IMF) for a bailout program and with the World Food Program to prepare for an impending food crisis.
According to reports, IMF officials have said that they are closely monitoring the ongoing developments in Sri Lanka and hope for an early resolution of the current situation to allow for resumption of the dialogue between the IMF and the Government.
Yet, the nature of incidents currently taking place indicates that the much-anticipated IMF bailout will be delayed deepening the crisis. It is, therefore, the utmost duty of all political parties to arrest the situation and stabilise the country.
The NCE strongly suggests that leaving aside all political differences, the Government must introduce prudent policies, and if necessary, drawing from industry best practices followed worldwide to uplift the crumbling economy.
While doing so, the country’s present situation must be controlled to obtain the projected support from the IMF and other nations which are economically sound. The supply of essential items, primarily fuel and domestic gas needs to be stabilised.
Most importantly, the Government must ensure that the entire system is resurrected, supported and strengthened within a short time to guarantee important functions are carried out without any interruptions which include Customs, Ports and Public Transport .
The economic crisis in Sri Lanka which began earlier this year due to the shortfall of foreign and local revenue, needs speedy remedies to avoid a catastrophe.