2023-12-05 03:42:47
“MP Harsha de Silva Expresses Concerns About Debt Restructuring in Sri Lanka”
During a press conference held in Colombo, Harsha de Silva, a Member of Parliament for the United People’s Shakti party, expressed concerns about potential problems in the debt restructuring process in Sri Lanka. He emphasized the need for structural economic reforms and said that the country cannot progress without proper debt restructuring.
De Silva stated that the United People’s Power party is focused on building a productive economy in Sri Lanka and implementing programs to compete in the global market. He also mentioned that discussions on the International Monetary Fund’s (IMF) second tranche of payments to Sri Lanka are scheduled to take place next week, and he expressed hope to receive the loan installment. However, he warned of potential challenges in the debt restructuring process, despite agreements made with creditors such as the Paris Club, India, and China’s Exim Bank.
The MP also referenced a historical decline in export earnings in 1994, following changes to the export policy initiated by former President Ranasinghe Premadasa, and urged the government to come to agreements that will help lift Sri Lanka out of its economic struggles.
De Silva emphasized the importance of connectivity with the world through exports and the need for massive economic reforms to build a productive economy that can compete in the global market. He also stressed the necessity of building the confidence of foreign investors in the country’s financial markets to attract foreign investments and create a productive economy.
The United People’s Power’s goal, according to De Silva, is to create a social market economy and to provide opportunities for citizens to thrive in the manufacturing economy. He cited the ‘Shakti Arasi Program’ initiated during the Nallakshi government as an example of their efforts to empower small and medium-sized rice mill owners and farmers to capture the market.
Overall, De Silva’s remarks highlight the urgency of addressing the country’s economic challenges and the need for transparent and effective debt restructuring agreements to ensure Sri Lanka’s progress in the global economy.
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