Ceylon Chamber calls for urgent action by Govt. to resolve crisis

Friday, 1 April 2022 00:25 - - {{hitsCtrl.values.hits}}

Serious shortage of fuel and electricity hampering daily operations of biz and activities of public
Urges for clear and transparent communications on availability of power
Wants Govt. to urgently fix forex shortage by fast-tracking debt restructuring and regaining access to dollar financing sources
Welcomes seeking of IMF support; looks for early appointment of financial and legal advisors

The country’s premier private sector lobby group, the Ceylon Chamber of Commerce yesterday

Ceylon Chamber of Commerce Chairman Vish Govindasamy

renewed its call for urgent action from the Government to resolve serious shortage of fuel and electricity.

It said the deterioration in the fuel and electricity availability in the country of serious concern as it is hampering daily operations of businesses and activities of the general public.

The Chamber believes there is a need to maintain a sufficient stock of fuel to balance both transport and power generation needs. Further, the public and the business community require clear and transparent communications on the availability of power along with the scheduled power cut arrangements being announced with adequate notice.

“Prolonged power cuts have caused serious issues to business continuity,” the Ceylon Chamber said in a statement as the country faced an unprecedented 13-hour power cut yesterday with more feared to be in the offing.

The Ceylon Chamber is also of the view that the need of the hour is to address the forex shortage urgently by fast-tracking the process of debt restructuring and regaining access to dollar financing sources.

While welcoming the steps taken in the correct direction such as going to the IMF for assistance, the Chamber urged that the process of appointing financial and legal advisors is commenced with a sense of urgency as this will halt any future principal and interest payments of debt and allow the reserves available to meet the immediate needs of the people. This will help in the process of avoiding a disorderly default.

The Chamber also called on businesses and public at large to conserve the use of fuel and power at this crucial juncture. More people should use car-pooling and reduce the use of power wherever possible.

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