News
Ranil says UNP can garner IMF support for immediate economic take-off
by Sanath Nanayakkare
A future UNP government could garner the support of the International Monetary Fund (IMF) to raise funds to honour the country’s debt repayment commitments, without causing any disruption to the economy, UNP leader Ranil Wickremesinghe said, at Mattegoda, last Saturday (01).
“The IMF has helped the UNP governments in the past to resolve balance of payment issues and effectively restore Sri Lanka’s economy during dire times, including the Easter Sunday bomb attacks. I am confident that the international lender will provide its much needed support to a UNP government, with loans on affordable terms because it knows that we do not compromise our sound economic policies and revenue-based fiscal consolidation programmes.”
The UNP leader said: “Our priority will be mitigating the negative impact of Covid-19 on diverse segments of the economy; from three-wheeler drivers to wage-earning workforce to self-employed people and small and medium entrepreneurs. The Covid-19 public health crisis has weighed heavily on economic activity, employment and inflation and poses considerable risks to the economic outlook in the near-to-medium term. The level of economic activity has drastically slowed down as consumers fear for their future. Due to the Covid-19 pandemic, about five million people have lost their jobs and a similar number of jobs are at risk. Thousands of people have experienced pay-cuts and reduction of their allowances. Employers are not hireing job seekers. Many people can’t pay their house rents, utility bills and payback their loans.
“Hence today everyone is thinking about their financial problems more than the parliamentary election because that’s very important to them. When I was Prime Minister I adopted a revenue-based fiscal consolidation strategy to increase government income at the risk of growing public displeasure. At that time, the government earned Rs 150,000 million as revenue. In July 2020, it declined to Rs. 50,000 million. Our public servants’ pensions alone require Rs. 90,000 million and the government had to borrow to meet pension payments among other things. How long can we go on like this?
“During the Yahapalana government, we struck a certain balance between our income and expenditure and obtained support from bilateral and multilateral lending agencies for economic development. In 2018/19 we were able to have a surplus in our primary account.
“Today, the country’s stressed external liquidity position remains a credit weakness. Sri Lanka has not been able to get IMF funds despite having made three requests to them. Pakistan and Bangladesh have received funds from the IMF, and there should be no reason why Sri Lanka can’t access their funds. The UNP has presented a new three-year economic framework to face the challenges in the future which would boost confidence of the international lending agencies in our macroeconomic prudence and post-pandemic recovery path going forward. International funding will help strengthen the rupee. More exports and foreign remittances will bring in more money into the country. Through that strategy we will put more money into consumers’ wallets and increase their spending power. If current liquidity issues continue, the exchange rate of the rupee will hover around Rs. 195-Rs. 200 by October. In such a context, there will be more severe import controls and smartphones, electric and electronic goods will not be available in the market. Commodity prices will go up and life will be more difficult six months from now. Our new economic programme is capable of addressing such fiscal and external challenges. I urge you to consider the looming threats of these issues as you go to cast your vote on August 5.”
The Sri Lanka Navy rendered assistance to bring ashore an ill fisherman, who was aboard a local multi day fishing trawler on the high seas south-west of Sri Lanka, about 881 nautical miles (1631km) off Dondra. Initially, the fisherman was taken aboard a Merchant Vessel in the sea area, on being coordinated by the Maritime Rescue Coordination Centre (MRCC) Colombo. After being brought ashore today (15th October 2024), he was rushed to the National Hospital of Colombo, for medical attention.
The local multi day fishing trawler “Sun City 02” (Reg No. IMUL-A- 1671 MTR) was reported to have left the Dikkowita Fisheries Harbour with 06 fishermen on 29th August 2024 on a fishing voyage. Meanwhile, the Department of Fisheries and Aquatic Resources (DFAR) alerted MRCC Colombo established in the Navy Headquarters that a crew member onboard the fishing trawler has developed an abdominal illness, and requested Navy’s assistance to transfer him ashore for treatment.
In the meantime, a nearby Merchant Vessel named ‘MV – CCNI Andes’ was directed to the trawler’s location to provide assistance, through the coordination of MRCC Colombo.
With the assistance of MRCC Colombo, the Merchant Vessel managed to retrieve the fisherman and he was brought to the Colombo Offshore Patrol Limit (OPL) by this morning, while administering first aid.
Following this, the Sri Lanka Navy dispatched a Fast Attack Craft (FAC), attached to the Western Naval Command, to the Colombo Offshore Patrol Limit (OPL), where they took on board the ill fisherman and brought him ashore.
The Sri Lanka Navy in coordination with MRCC Colombo continues to exemplify its dedication and unwavering commitment to safeguarding lives within Sri Lanka’s search and rescue jurisdiction, serving as a beacon of hope and security for seafarers and the fishing community.
Although, approval had been granted at the cabinet meeting held on 21-08-2024 to make remedial measures for the unfavorable effects to the fishing industry due to the considerable increase of the price of fuel, the said decision has not been implemented so far.
Therefore, the Cabinet of Ministers approved the proposal presented by the President in his capacity as the Minister of Agriculture, Land, Livestock , Irrigation, Fisheries and Water Resources to provide following concessions for a period of six (6) months with effect from 01-10-2024 with the objective of uplifting the economic condition of the fisheries community.
• To grant an allowance of Rs.25 per liter of diesel, subject to the maximum of rupees 300,000 per month for fishing vessel owners who utilise diesel.
• To provide “fishing industry recovery allowance” of Rs 25/- per liter of kerosene for vessel owners who obtain kerosene as a fuel, subject to a maximum of 15 liters of kerosene per day and 25 days per month.
The Cabinet of Ministers has approved the proposal presented by the President to reestablish the Food Policy Committee comprising of the following officers.
• Secretary to the President
• Secretary to the Prime Minister
• Secretary, Ministry of Finance, Economic Development, Policy Compilation, Planning and Tourism
• Secretary, Ministry of Power and Energy
• Secretary, Ministry of Agriculture, Land, livestock, Irrigation, Fishery and Water Resources
• Secretary, Ministry of Justice, Public Administration, Home Affairs, Provincial Council, Local Government and Labour
• Secretary, Ministry of Trade, Commercial, Food Protection\, Cooperative
Development, Industry and Entrepreneurship, Development
• Ministry of Health
• Secretary, Ministry of Transport, Highways, Ports and Civil Aviation
• Secretary, Ministry of Environment, Wildlife, Forest Resources, Water Supply, Plantation and Community Infrastructure Facilities
The food policy committee had been established as per the cabinet decision dated 03-10- 2022.
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