President seeks international assistance to overcome economic crisis

President Gotabaya Rajapaksa yesterday sought assistance from the international community to ensure that Sri Lanka’s immediate needs in  terms of the importation of essential medicines, food supplies, and fuel  are met.  
“We are presently undergoing a severe economic crisis that  has profoundly impacted the lives of all Sri Lankans, resulting in  social unrest,” the President said adding that “we urgently require the  assistance of our friends in the international community and I appeal to  the other friends of Sri Lanka .., to also explore the possibility of  extending support and solidarity to my country at this very difficult  time.”  

The President made these remarks addressing the 27th  International Conference on the Future of Asia (Nikkei) held in Tokyo,  Japan, via video call.   

Japan’s Nikkei newspaper has been organising the conference  annually since 1995. The theme of this year’s two-day conference is  “Redefining Asia’s Role in a Divided World”.  
The President pointed out that as Sri Lanka is Asia’s  oldest democracy. It is crucial that the solutions to our present  national crisis are supported through our nation’s democratic framework.  
‘The virtual shutting down of the tourism industry and the  sharp decline in inward remittances from expatriate workers due to  COVID-19 in the past two years and increasing inflation due to other  events combined with Sri Lanka’s high outstanding debt obligations to  cause a severe financial crisis,’ the President said.   

In April, Sri Lanka announced a ‘Debt Standstill’ with the  intention of restructuring this external public debt through  negotiations with our creditors, whilst simultaneously approaching the  International Monetary Fund for a suitable programme.  

‘As we work through such solutions, however, we urgently  require the assistance of our friends in the international community to  ensure that our immediate needs in terms of the importation of essential  medicines, food supplies, and fuel are met’, President Rajapaksa added.  

‘Japan remains one of Sri Lanka’s key development partners,  and we hope that the negotiations now underway regarding bridging funds  from Japan will conclude soon, and support Sri Lanka as we try to  stabilise our economy and our nation’, the President said.  

President Rajapaksa appealed to the other friends of Sri  Lanka, to also explore the possibility of extending support and  solidarity to our country at this very difficult time.  

‘The grave difficulties facing Sri Lanka are an early  indication of the long-tail effects of the COVID-19 pandemic, made worse  by the ongoing conflict in Europe that may affect other vulnerable  nations too. Supporting such vulnerable nations through these  difficulties is essential for regional as well as global stability the  President said.  
‘An even more widespread problem that the world will face  in future concerns food security. The shortages of food items and sharp  increases in food prices likely to occur in the months ahead will place  considerable strain on many countries, the President further said.