CA Sri Lanka calls for smooth transition of power; cautions not to derail IMF talks

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), yesterday called for a smooth transition of power and cautioned new authorities not to derail talks with the International Monetary Fund (IMF) on a support program.

Following is the statement issued by CA Sri Lanka President Sanjaya Bandara:

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), in its standing as the National Body of Accountants, welcomes the announcement of President Gotabaya Rajapaksa to step down on 13 July, which was conveyed to the people by the Speaker of Parliament Mahinda Yapa Abeywardena, on the eve of 9 July.

CA Sri Lanka also welcomes the announcement by Prime Minister Ranil Wickremesinghe that he too will resign. Therefore, CA Sri Lanka calls on both the President and Prime Minister to ensure a smooth transition of power for the sake of the country while respecting the demands of the people.

Furthermore, CA Sri Lanka also urges all political parties and political leaders to set aside their differences and join hands for the sake of Sri Lanka by forming an interim all-party Government to address the urgent issues at hand right now due to the ongoing economic crisis.

We also call on the interim Government to ensure law and order is maintained across the country while taking steps to restore peace amongst the people. Furthermore, the ongoing negotiations with the International Monetary Fund (IMF) should not be derailed, and the new interim Government must focus and ensure that the negotiations with the IMF continue, and an agreement is reached soon.

We hope that the new interim Government will also take speedy steps to address the burning issues of the people, such as the massive shortage of fuel and gas and the escalating inflation, without further inconveniencing the public while ensuring the economic stability of the country.

Sri Lanka is in need of political reforms, and as the National Body of Accountants, we reiterate the need for the interim Government to ensure this as early as possible by submitting the relevant legalisations to Parliament.

In May, CA Sri Lanka submitted a comprehensive set of medium-term, and long-term solutions to the Ministry of Finance and other relevant authorities, focusing on reviving the country’s economy, including on how to improve the balance of payment and increase foreign reserves, as well as how to improve the Sri Lanka’s fiscal situation. 

In our standing as the National Body of Accountants, CA Sri Lanka is ready to offer our services and support as required to the interim Government to assist in formulating the required plans and processes to mitigate the effects of the current economic and financial crisis facing Sri Lanka.