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‘Be transparent with debt repayment plans’

18 Aug 2021

 
  • Ceylon Chamber under new chair requests Govt.
  • Meets Prez. and presents economic revival proposals
  • Particular attention on large export houses like Vietnam
  By Imsha Iqbal  The Ceylon Chamber of Commerce (CCC) has requested the Government to be transparent with regard to its plan in overcoming debt, since the Government does not plan to apply for the International Monetary Fund (IMF).  “Whether we (Sri Lanka) go to the IMF or not is the decision of the Government. If the Government has a plan on how to look at the debt, service the debt, and overcome it, we encourage the Government to make it (the plan) transparent. Then everybody is aware of what the plan is.” The newly-appointed Chairman, and Sunshine Group MD Vish Govindasamy made this statement as a response to a question that was raised yesterday (17) during a press briefing that was held for the introduction of the newly-elected office bearers of the CCC, who were elected in June. The Chamber Chairman added that the State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal has recently expressed earning a capital of approximately $ 2.5 billion, and said the transparency on the method of earning  would be much beneficial to the business community of Sri Lanka, as they make plans for a period of three to five years rather than short-term plans.   Further, on the grounds of successfully earning that capital, the country would be able to be financially stable, he explained, indicating that the transparency on these matters would also cease the inquiry on the decision of not applying for the IMF.    Govindasamy said that they expressed the point of view of the Chamber, along with some of the Board Directors of the Chamber, with regard to the IMF, where the Chamber requested the financial support of the IMF due to the forex crisis and debt when they met the Finance Minister Basil Rajapaksa.  Following the meeting that took place with the Finance Minister, the Chamber had presented both long-term and short-term suggestions to move the economy of the country forward.  The Chamber Chairman said that they suggested ensuring a consistent food supply, along with reducing the cost of living in Sri Lanka, while also prioritising the economic activities related to the tourism and the export sector. When it comes to the export sector, the Chamber has  emphasised the security of foreign currency for the importation of raw material for export goods production.   He added that the Chamber requested the implementation of a national Committee under President Gotabaya Rajapaksa with the purpose of policy development, to be  composed of a few members of the CCC. Govindasamy noted that the Chamber sees investing in pharmaceutical and technological projects as positive initiatives, since it creates financial opportunities. He also stated that Sri Lanka lacks large export houses, unlike countries such as Vietnam. Accordingly, he pointed out that Sri Lanka can proceed to increase the country’s export capacity on such a facility.  He elaborated that the country already has the literacy rate and productivity to reach towards it.  Govidasamy said that the Chamber assured continuous assistance to the Government, and as the largest private sector, the Chamber can provide their views on commercial matters. The CCC Vice Chairman Duminda Hulagamuwa, the Deputy Vice Chairman Kishan Balenda, and CEO and Secretary General Manjula De Silva were also among the participants at this media briefing.   


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