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Expedite debt restructuring to address forex shortage: Ceylon Chamber

1 April 2022 12:44 am - 0     - {{hitsCtrl.values.hits}}

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  • Says it will halt future principal and interest payment of debt and allow reserves available to meet immediate needs of people
  • Urges govt. to fast track the appointment of financial and legal advisors to negotiate debt restructuring process 
  • Says expediting of debt restructuring process would help 
  • Sri Lanka to regain access to dollar financing sources
  • Expresses serious concerns over continuous deterioration in fuel and electricity availability in the country

The Ceylon Chamber of Commerce yesterday reiterated the need for the government to address the foreign exchange shortage urgently by expediting the debt restructuring process as it will halt any future principal and interest payments of debt and allow the reserves available to meet immediate needs of the people.


The Chamber also insisted the government to appoint financial and legal advisors with a sense of urgency to negotiate the debt restructuring process with the debtors, as it will help the country to avoid a disorderly default.
The trade chamber further said the expediting of the debt restructuring process would also help Sri Lanka to regain access to dollar financing sources. 

Meanwhile, the Chamber expressed serious concerns over the continuous deterioration in fuel and electricity availability in the country, hampering daily operation of businesses and activities of the general public. 
“The Chamber believes there is a need to maintain a sufficient stock of fuel to balance both transport and power generation needs. 


Further, the public and the business community require clear and transparent communications on the availability of power along with the scheduled power cut arrangements being announced with adequate notice. Prolonged power cuts have caused serious issues to business continuity,” a Ceylon Chamber statement said. 


The Chamber also called on businesses and public at large to conserve the use of fuel and power at this crucial juncture.  “More people should use car pooling and reduce the use of power wherever possible,” the statement added.  

 


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