Economic Association unveils nine short-term measures to resolve crisis

The Sri Lanka Economic Association (SLEA) yesterday unveiled nine short term measures for urgent implementation for recovery from the on-going crisis.

The nine identified areas are External Sector, Fiscal and Monetary Policies, Resolving Supply Related Issues, Promoting Alternative Methods of Development, Financing Poverty Alleviation and Social Safety Nets, Revival of the Tourism Sector, Revitalisation of State-Owned Enterprises, Sealing Seepages and Leakages of Public Resources and the Management of the Economy. 

Section on Resolving Supply Related Issues provides measures under key areas of Electricity, Fuel and LP Gas Scarcity, Food Scarcity, Response to Medicine Shortages and Shortage of Agricultural and Industrial Inputs.

In a statement issued by President Rev. Prof. W. Wimalaratana and General Secretary Dr. Maringa Sumanadasa the SLEA said aligning to its key general object of assisting formulation of effective economic policies, has developed a set of proposals after considering the current state of the economy and the global context, as well as the feasibility of each action.

“These proposals highlight viable short-term strategic actions to stimulate recovery from the economic crisis as well as bringing relief to the citizenry,” SLEA said earnestly requesting those responsible for taking remedial action to consider these proposals.

SLEA noted that Sri Lanka is currently undergoing an unprecedented economic crisis caused by the depletion of foreign exchange reserves and Government revenue, and by a sovereign debt crisis. This has inflicted a devastating impact on people’s lives and the economy’s operation.

“The magnitude of the crisis insists on immediate remedial action to alleviate the burden placed on the general public and to lay the foundation for short, medium, and long-term actions to boost economic development,” SLEA added.