Export vital for IMF bailout – NCE

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The National Chamber of Exporters of Sri Lanka (NCE) urged President Ranil Wickremesinghe to activate the National Exports Strategy (NES) of Sri Lanka and the Export Development Council (EDC) of Ministers, which was introduced in alliance with the National Trade Policy as exports are vital to save the economy.

In a statement they said, managing the shortage of foreign exchange within the shortest possible time and restoring the supply of goods and services has become the priority, in a bid to bring solutions, to complete crucial talks with the International Monetary Fund (IMF) for a bailout programme and with the World Food Program to prepare for a predicted food crisis.

They also said importantly, the Government must ensure the entire system is resurrected, supported and strengthened within a short period of time to guarantee important functions are carried out without any interruptions which include the Customs, Ports and Public Transport etc. the Chamber said.

The statement also cited that the exporter fraternity expects an immediate introduction of a system of reforms for economic recovery under his leadership.

“It is the utmost duty of the newly elected President to stabilise the socio-economic and political system of the country which is in a dire straits, ” the Chamber said. Forming an All-Party National Government as voiced by the common people, and appointing a Cabinet with competent individuals to meet the challenges with prudential policies will help to recover our crumbling economy. The Interim Government must take all steps to prevent corruption, wastage and mismanagement on all sides,” they said.

They also noted that despite a set target to reach USD 20 billion export revenue in 2022, as of today the previous rulers have failed to maintain a regular supply of power and energy, completely disrupting the production process.

Moreover, a lack of foreign currency has further distressed Sri Lankan Exporters who are facing extreme difficulties to continue with their daily operation, the statement further read.