Sri Lanka is facing a drastic economic downturn, and the country is on the ebb of a further collapse. To get financial assistance under these circumstances in the form of a loan, we have to get another country to underwrite our ability to repay. Dr Harsha de Silva said.
The World Bank has indicated that we have to have another country underwriting our loans if the World Bank is to disburse a loan facility. He said. Hence, we need an all-party Cabinet to face this challenge successfully.
Dr de Silva said that he had already discussed this matter with the President and the Prime Minister.
“We are facing a precarious situation although discussions with the IMF
are underway, the daunting task is finding bridging finance until the IMF comes to our rescue”.
“We have not had any recognition globally for the financial and political reforms presented so far in the circumstances we must forward a comprehensive policy framework, financially and politically”. Dr De Silva said.
“The sole responsibility of navigating the country in the right direction lies with the President. The need of the hour is an all-party crisis cabinet, but this isn’t happening now. President Rajapaksa should take the initiative to bring in reforms with specific timelines. If the President could make it happen, I am ready to accept the Finance portfolio. On the contrary, Parliament should have the power to handle all financial matters as was proposed by the Prime Minister. I agreed to chair the Parliamentary finance committee on this premise.” Dr De Silva stressed.
He also said the only way to rescue the country is by introducing serious reforms and not financial first aid.
