NCE anticipates economic stability under newly elected President

Friday, 22 July 2022 00:00 - - {{hitsCtrl.values.hits}}

The National Chamber of Exporters of Sri Lanka (NCE) said yesterday in a statement whilst wishing the newly elected President by the Parliament the exporter fraternity also expects an immediate introduction of a system of reforms for economic recovery under his leadership.

It is the utmost duty of the newly elected President to stabilise the socio-economic and political system of the country, which is in a dire state, the Chamber affirms. Forming an All-Party National Government as voiced out by the common people and appointing a Cabinet with competent individuals to meet the challenges with prudential policies will help to recover our crumbling economy. The interim Government must take all steps to prevent corruption, wastage and mismanagement from all sides.

Despite a set target to reach $ 20 billion export revenue in 2022, as of today the previous rulers have failed to maintain a regular supply of power and energy, completely disrupting the production process. Moreover, lack of foreign currency has further distressed Sri Lankan Exporters who are facing extreme difficulties to continue with their daily operation.

We expect the new President to activate the National Exports Strategy (NES) of Sri Lanka and The Export Development Council of Ministers, which was introduced, in alliance with the National Trade Policy as exports are vital to save the economy,” the NCE said.

Managing the shortage of foreign exchange within the shortest possible time and restore the supply of goods and services has become the priority. In order to bring solutions, to complete crucial talks with the International Monetary Fund for a bailout program and with the World Food Program to prepare for a predicted food crisis.

Importantly, the Government must ensure the entire system is resurrected, supported and strengthened within a short period of time to guarantee important functions are carried out without any interruptions which include Customs, Ports and Public Transport etc., the NCE added.