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IMF assistance should be seen as a temporary solution and must be accompanied by the implementation of sound and sustainable policies. Furthermore, the Chamber of Young Lankan Entrepreneurs (COYLE) said in a press release that all political parties need to adopt a moderate and sensible approach to ensure long-term recovery.
Press Release: ‘The Chamber of Young Lankan Entrepreneurs (COYLE) would like to take this opportunity to wish all Sri Lankans here and afar in Sinhala and Tamil a Happy and Prosperous New Year. Our current stance on the Sri Lankan economy is optimistic but cautious. Sri Lanka’s economy is showing tentative signs of recovery as the country begins to emerge from the turmoil of the recent political conflict. However, while COYLE acknowledged that Sri Lanka’s financial situation is improving, they urged the government and all political parties to adopt a moderate and sensible approach to ensure long-term recovery.
‘The recent International Monetary Fund (IMF) bailout package marked an important milestone in Sri Lanka’s economic recovery. Sri Lanka is expected to receive substantial financial and technical assistance in the form of loans, grants and investments through the agreement and through the Sri Lankan debt restructuring plan completed by its creditors. As Sri Lankans, we must take care to follow through and meet our obligations because the package is conditional.
‘The Chamber of Young Lankan Entrepreneurs believes that this aid should be used for both short-term and long-term economic and development strategies. Therefore, IMF assistance can only be considered as a temporary solution and must be accompanied by the implementation of sound and sustainable fiscal policies.
“Furthermore, the Chamber of Young Lankan Entrepreneurs has warned that if import restrictions are eased prematurely, the currency is expected to depreciate. Therefore, it is recommended that these restrictions be lifted by producing satisfactory economic indicator values only after the economy has further stabilized.
“It is also recommended that the Sri Lankan government take steps to create an enabling environment for entrepreneurship, including simplifying bureaucratic procedures and reducing redundant policies, bills and communiqués, as well as restructuring its tax system. It will be the right time to adjust for the future.
“For Sri Lanka’s economic growth, the current government and all political parties must work together to find lasting solutions rather than partisan political opportunities. The Young Entrepreneurs Chamber believes that the economic recovery process can only be undertaken in an honest, transparent and pragmatic manner, and This can only be achieved by taking into account the needs of Sri Lankan people and businesses.
“It is clear that although Sri Lanka has started to move towards economic recovery, there is still much work to be done. We hope that the coming years will witness the growth of the Sri Lankan economy and the continued well-being of our people.
