Former Speaker and the National Movement of Social Justice (NMSJ) Chairperson Karu Jayasuriya, yesterday stressed the critical importance of effectively utilising the third tranche of the International Monetary Fund (IMF) bailout package.

Jayasuriya has, in a media statement, said steps must be taken to ensure proper use of the funds. The IMF released the third tranche of $ 336 million from its $ 2.9 billion bailout package.

Full text of the statement: “We believe that the release of the third tranche by the International Monetary Fund (IMF) is crucial for Sri Lanka’s restructuring programme and is in the nation’s best interest. It is our national responsibility to allocate and manage these funds towards the country’s development. Given the current economic challenges and the significant sacrifices made by the people, it is imperative that every penny received is used responsibly and effectively.

“Our foremost concern is the urgent need to combat waste and corruption, consistently highlighted by the IMF.

“Additionally, rehabilitating neglected ancient tanks, totaling approximately 15,000, for modern agricultural use is essential. This initiative can be supported by international funds, friendly nations, the private sector, and the military, promising transformative outcomes.

“Another major task is to immediately accelerate the export sector. In the 1990s, a significant programme under the theme “Export or Perish” was launched, including the highly successful international trade fair “Expo 92,” which attracted 5,600 foreign buyers. The concept of Export Villages was successfully implemented, resulting in high incomes for people in selected villages. Given the current situation, we can establish special export villages by leveraging the support of the supermarket chains that are currently operating successfully.

“The Export Development Board (EDB) should be given the necessary resources and powers to strengthen its capabilities. With advanced communication technology, Sri Lanka can be promoted as a country with rapidly increasing exports, even without the need for traditional exhibitions.

“At the same time, it is crucial to support the development of small and medium-scale entrepreneurs (SMEs). This can be achieved by providing subsidized interest rates and basic infrastructure facilities. We should take inspiration from the former Indian Prime Minister Manmohan Singh, who created new opportunities for India’s youth through the development of the IT/BPO sector. This concept can be easily popularized in Sri Lanka, offering similar benefits.

“The National Movement for Social Justice (NMSJ) urges immediate action on these fronts, expecting responsible leadership to address these pressing issues.”