PM to make special statement on Economic situation in P’ment next week

• Sri Lanka will have to devise its revival plan TO get whatever assistance

By Yohan Perera   

Indicating that Sri Lanka needs to obtain much needed assistance from the international community to overcome its financial crisis without delay, the Prime Minister said he will reveal the real situation pertaining to the country’s economy in Parliament next week. 

 
“Several countries are expected to face financial crisis in the near future. Especially the Davos Economic Foundation conference has revealed that more than 70 nations will have to face financial issues in the future. At least 35 nations will have to face financial crisis if the present global scenario continue. USA and Europe allocates more funds for Ukraine war. This will result in the decline of assistance which we could get from these nations. Sri Lanka will have to devise its revival plan and get whatever assistance it could get. We cannot afford to postpone it and we are working on it. We are making an effort to obtain fuel, gas and fertilizer and funds we need at the moment. I will make a special statement in Parliament next week on the country’s economic situation,” the Prime Minister said.   

“I met members of the Banking sector today. We have had discussions with them and the other industrialists about the financial crisis. There are countries who are willing to assist us but Sri Lanka has to come up with an acceptable plan to get out of the crisis. We can obtain assistance if we come up with a plan. Firstly the G7 nations such as Japan and other Western nations have expressed their commitment to find a solution to Sri Lanka’s debt crisis. They have said other nations which do not belong to the G7 group such as India and China should assist us. In addition the World Bank and IMF have assured support. China has also informed that it is willing to help Sri Lanka. I met the members of Association of CEOS of Indian Entities in Sri Lanka. They are also ready to assist and in addition India has assured that new investors will start up entities in Sri Lanka once the economy becomes stable,” he said.   

“World Bank has diverted its assistance given for other purposes for the purpose of stabilizing the economy. IMF will provide us a large amount of funds once we finalize an agreement. We need this assistance. Myself and relevant government officers had a discussion with the IMF. We have come to agreements with the IMF on basic aspects. Sri Lanka will have to come up with a plan based on this initial agreement. It will take us two weeks to prepare it. A team from the IMF will visit Sri Lanka to monitor our plan. Final agreement could be reached thereafter. We are trying to get IMF assistance as soon as possible as we cannot afford to delay. This is important. We have focused on this due to the global situations such as the Ukraine war and global inflation situation,” he added. .    

“Several countries are expected to face financial crisis in the near future. Especially the Davos Economic Foundation conference has revealed that more than 70 nations will have to face financial issues in the future. At least 35 nations will have to face financial crisis if the present global scenario continue. USA and Europe allocates more funds for Ukraine war. This will result in the decline of assistance which we could get from these nations. Sri Lanka will have to devise its revival plan and get whatever assistance it could get. We cannot afford to postpone it and we are working on it. We are making an effort to obtain fuel, gas and fertilizer and funds we need at the moment. I will make a special statement in Parliament next week on the country’s economic situation,” the Prime Minister said.   

“I met members of the Banking sector today. We have had discussions with them and the other industrialists about the financial crisis. There are countries who are willing to assist us but Sri Lanka has to come up with an acceptable plan to get out of the crisis. We can obtain assistance if we come up with a plan. Firstly the G7 nations such as Japan and other Western nations have expressed their commitment to find a solution to Sri Lanka’s debt crisis. They have said other nations which do not belong to the G7 group such as India and China should assist us. In addition the World Bank and IMF have assured support. China has also informed that it is willing to help Sri Lanka. I met the members of Association of CEOS of Indian Entities in Sri Lanka. They are also ready to assist and in addition India has assured that new investors will start up entities in Sri Lanka once the economy becomes stable,” he said.   

“World Bank has diverted its assistance given for other purposes for the purpose of stabilizing the economy. IMF will provide us a large amount of funds once we finalize an agreement. We need this assistance. Myself and relevant government officers had a discussion with the IMF. We have come to agreements with the IMF on basic aspects. Sri Lanka will have to come up with a plan based on this initial agreement. It will take us two weeks to prepare it. A team from the IMF will visit Sri Lanka to monitor our plan. Final agreement could be reached thereafter.