PIM Alumni calls for end of political, economic chaos

Wednesday, 20 July 2022 01:39 - - {{hitsCtrl.values.hits}}

The Alumni Association of the Postgraduate Institute of Management (PIMA) in a statement expressed its concern over the current state of affairs in the country, highlighting the importance of establishing political stability in the country soon, by following a democratic and constitutional path.

The adverse impact of the prevailing situation as reflected on the ease-of-doing-business-index, leaves little choice to investors (both local and foreign), other than exiting the business or exiting the country. Many export-oriented organisations that have faced the risk of sourcing raw materials, fuel and electricity have left for better shores, or are in the process of shifting their operations, depriving Sri Lanka of the much-needed foreign income earning, which is the need of the hour.

The tourism industry too is experiencing a sharp decline in tourist arrivals due to the current atmosphere of uncertainty and the perceived lack of security in Sri Lanka amplified by the negative airtime on foreign media. This slowdown in the tourists’ arrivals worsened Sri Lanka’s foreign earnings exacerbating the path to economic recovery.

The Executive Committee of PIMA wishes to re-emphasise the criticality in establishing political stability as an immediate requirement. Further political turmoil will only hasten the economic deterioration and hamper any quick economic recovery efforts. Establishing political stability will provide investor confidence as well as confidence to overseas buyers and potential tourists to continue to treat Sri Lanka as a preferred destination for business and pleasure.

This will also encourage our fellow Sri Lankans abroad to increase their remittances to the country. Further, this is essential to expedite the financial assistance under an IMF program which at the current juncture should be the priority item in the country’s agenda.

The Executive Committee of PIMA, further emphasises the importance of appropriate planning, designing, implementing and evaluating the impact of a National Strategic Plan (NSP), which is essential to turn-around the country from its current crisis. On behalf of the corporate fraternity, PIMA urges all political leaders to establish political stability through a democratic process that can be followed within the parliamentary system without any further delay.

Establishing a short, medium and long-term policy and governance framework in line with the National Strategic Plan is paramount in this process. Key mega development projects, based on the country’s need and expected value delivery, especially renewable energy, should be a policy priority.

Delivering public services in a professional, efficient, customer centric and transparent manner is of utmost importance in building investor confidence, thus improving the ease-of-doing-business-index in the country again.

To overcome the current crisis, PIMA executive committee and their members are willing to pledge their contribution towards economic revival and fast track the development activities in Sri Lanka, by providing necessary knowledge, skills, experience and guidance for the next legitimate Gfovernment to be established.

PIMA is the largest and the strongest MBA Alumni network in Sri Lanka, with a professional strength that is widely spread, representing multi-disciplines which goes beyond 5,000 members.