Top CBSL Union backs fiscal reforms and propose CBSL Act

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Political stability is essential to achieve economic stability, and there should be a guiding economic and political programme that could be agreed upon by all political parties in the existing Parliament, Central Bank Executive Officers’ Union stated in a letter to Party Leaders representing Parliament.

“For that, it is necessary to appoint a President and a Prime Minister who would have public recognition. Therefore, we insist that all political parties representing Parliament actively engage to find a viable solution to the existing problem deprioritising party politics and personal agendas”.

“The primary demand of the people’s movement held on 9 July 2022 was to compel then President Gotabhaya Rajapaksa and Prime Minister Ranil Wickremesinghe to step down. Premier Wickremesinghe has been appointed to fill the vacant position due to the resignation of the President who left the country in the face of intense public pressure and Parliament is expected to elect a new President on 20  July 2022.

We are of the opinion that there is no need for a detailed explanation about the current economic crisis faced by the country thus we believe that the House of Representatives also understands the gravity of the catastrophe. The most practical solution at the moment to get out of the crisis is to get involved in a programme with the International Monetary Fund (IMF) as soon as possible, which even the outgoing regime had recognised though it was too late.

Even though it has been more than two months since a new Cabinet was appointed after the political upheaval on 9 May 2022, the continued delay in the implementation of the necessary reforms in the fiscal sector is not at all beneficial to the aforementioned programme. On the other hand, the ‘Central Bank Act’ drafted in 2019 for a more independent Central Bank which will support the stability of the country is yet to be passed in Parliament and the IMF too has insisted that the Central Bank should be made more independent.

We are of the view that the opinion of the general public is not reflected through the existing Parliament majority, as a result of the wrong and ill-timed decisions taken by the ruling party especially during the past two-and-a-half years. In this background, it is doubtful that an Executive President who will be elected by the current Parliament will have the social acceptance to stay in power for a longer period of time.

In such a situation, it would be prudent to give an opportunity for the people to express their opinion at the very first instance when the basic level of stability of the country is fulfilled, and we hope that the incoming President and Prime Minister will attend to this matter with due consideration, “ the letter concluded.