A month ago, the industry collectively warned the government and all parliamentarians of the severe economic consequences that Sri Lanka would face if swift action was not taken to stabilize the macroeconomy. It is disappointing that very little progress has been made in bringing about this stability, says the Sri Lanka Association of Rubber Products Manufacturers and Exporters (SLAMERP).
In a statement, SLAMERP said it believes prudent policy decisions to bring stability in the political economy are the only way forward to correct the macro-economic catastrophe facing the country.
“If we ever lose exports, the cost would be around $50 million to the country and the stability of the workforce is also going to be affected, we cannot afford strikes and hartals for further cripple the economy and call on the government and parliament to act quickly to bring about political stability.
As Finance Minister Ali Sabry revealed, the country’s usable reserves are less than $50 million and with IMF support they will only pay off later, the economy will fall into an abyss in the coming months. weeks if still disturbed.
“Without energy or power, SLAMERP thinks it’s like trying to revive a dying patient without oxygen. The export sector, which has held up well and done its part, is waiting for politicians in power and opposition to find a quick fix before industry and exports come to a screeching halt.
“We need the exchange rate, interest rates and inflation brought down to some level of reason. We appreciate the measures taken by the Central Bank and the proposals made by the Minister of Finance in Parliament. We need these reforms from the Department of Finance today. Without this confidence in macro-economic policy, no international organization or investor will take Sri Lanka seriously. SLAMERP would like to remind the government that stability and confidence are the key to rekindling economic sentiment.
“Therefore, we call on all decision-makers at the political level to take the critical decisions both politically and economically if they are to save the national interest of Sri Lanka and its people. Otherwise, the country will be plunged into a spiral of social unrest that will lead to unbelievable and unpresidential consequences and suffering for every citizen.