- Urges govt. to handle foreign exchange situation to revive electrical energy and gas provide
- Reiterates want to interact with IMF for a debt restructuring programme
- Says additional suggestions to handle state of affairs will likely be supplied after consultations with related consultants
- Fears energy cuts and gas shortages may hamper latest restoration seen in tourism, exports
The Ceylon Chamber of Commerce (CCC) yesterday expressed critical concern concerning the adversarial results introduced on its members and all sectors of the economic system basically on account of the continued interruptions to the provision of electrical energy coupled with the frequent disruptions to the supply of gas.
“The chamber is of the view that these points are all ramifications of the scarcity of international alternate skilled by the nation and believes urgently addressing the foreign money situation is the quickest method wherein the ability and vitality points might be tackled within the brief time period,” a CCC assertion stated.
The CCC stated it will quickly present additional suggestions on what different actions are wanted particularly on the ability and vitality sectors within the medium to long run in session with the related consultants.
As a primary step on this path, the CCC urged the federal government to start a strategy of engagement with the Worldwide Financial Fund (IMF) with none additional delay to acquire its technical recommendation in managing the debt servicing in addition to boosting international reserves.
The CCC hopes that this engagement ought to lead to a debt sustainability evaluation being carried out by the IMF, which may pave the way in which for a pre-emptive debt restructuring programme. “It’s the chamber’s perception {that a} systematic and methodical method to restructure debt with the help of the IMF will assist the federal government to efficiently handle its exterior debt obligations whereas making certain the supply of the much-needed international alternate to help very important financial exercise.
This might make sure the allocation of scarce international alternate reserves in the direction of the acquisition of important provides equivalent to gas for electrical energy technology, transport of products and individuals and different industrial functions with out holding it again for debt servicing,” the assertion famous.
The CCC additionally expressed fears that the restoration seen not too long ago within the tourism and export sectors could possibly be significantly hampered and financial progress slowed down until pressing motion is taken to remove the disruptions to the provision of electrical energy and gas, which is threatening to cripple all sectors of the economic system. The CCC, by itself and along with different chambers, has on quite a few events persistently advocated an engagement with the IMF for the reason that starting of the COVID-19 pandemic in March 2020.
