Sri Lanka’s economy needs to maximize its exports in order to come out of its low, said former finance minister Ravi Karunanayake.
He was responding to questions raised by journalists yesterday (29).
Karunanayake said, “Considering the low to which the country’s economy and debt have fallen into, the easiest way out is to enter into an agreement with the IMF. That will not be the full solution, but what we need is to take to the correct path and go forward with fiscal discipline.”
“It is not an easy journey. Commitment is needed. More than that, all of us have to work hard,” he said.
“Confidence should be built among people today. They need to know that ruling politicians too, are on the correct path.”
“Today, the country is with people who borrow at 30 per cent to live.”
The ex-finance minister said further, “Not only that, we import everything, but we did not expand exports. We need to export as much as we can.”
“What do state sector servants do? Do we see any returns from the Rs. 1,400 billion spent on them?” he asked.
“Therefore, we have to export as much as we can because all of us are of the view that we have to close the balance of payment gap through exports. I said this then. It was unpleasant to hear that then, but today that has become the reality," Karunanayake added.
