Sri Lanka president outlines reform plan, but no quick fixes in sight for economy and political situation

COLOMBO: Sri Lanka is suffering from its worst economic crisis in recent history and, according to its president Ranil Wickremesinghe, the only way out is for the country to unite and face the challenge together.

“However, I decided to accept this critical challenge, on behalf of my people and the country, based on the premise that it is my duty to light even one lamp for the country rather than cursing the darkness.” At petrol stations, queues usually stretch for several kilometres as people sometimes wait for days to fill their tanks.

Commenting on the fuel shortage, Mr Wickremesinghe said it is timely to create a system where the commodity is imported using Sri Lanka’s export income and foreign remittances. However, he added that the supply “has to be curtailed”.Fuel is currently distributed through a rationing system in Sri Lanka. The public is required to register their vehicles with the government to obtain a National Fuel Pass in the form of a specific QR code.

“In the month of July, it is expected that exports will exceed imports. This is a country that imports significantly more than it exports. But because of the demand compression due to the unaffordability and the lack of supply, exports may exceed imports, significantly improving dollar liquidity in the banking system,” Mr Jafferjee told CNA.

The government also plans to finalise the debt restructuring plan and submit it to the IMF “in the near future” as well as hold talks with countries providing loan assistance. “Therefore, I once again request all parties representing the people in this parliament to unite in the formation of an all-party government. I respectfully extend the hand of friendship to all of you. I confidently invite you to put aside the past and come together for the sake of the country,” he said on Wednesday.

Source: Financial Digest (financialdigest.net)

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