TRACE City emphasises need for urgent solutions to current crisis

Monday, 2 May 2022 00:22 - - {{hitsCtrl.values.hits}}

Scorns at lethargic response of Executive and Legislature, and continued failure to listen to demands of populace reeling from effects of ill-advised policies

TRACE Expert City in a statement yesterday said it is extremely concerned about the current economic crisis, the lethargic response of the executive and the legislature, and the continued failure to listen to the demands of a populace reeling from the effects of ill-advised policies.

“Steering Sri Lanka out of the current crisis requires courage, ethics, pragmatic decision making, and the ability to make unpopular, but much-needed reforms with complete transparency.

It is regretful that the nation’s public representatives have failed to understand this fundamental truth so far,” said TRACE Expert City, which contributes to the GDP and employment of highly skilled professionals in Sri Lanka while being a catalyst for entrepreneurship, innovation, growth, and sustainability.

It said the global technology sector is undergoing a period of rapid growth and Sri Lanka has the potential to be a part of it too. However, doing so requires a stable operating environment with a clear path towards sustainable growth underpinned by well-planned reforms, thus allowing our fellow Sri Lankans to harness their talents to the maximum.

“The only way for Sri Lanka to vault itself into the league of the rich economies in the world, is to pursue policies which align the country’s growth to that of the global economy. As a nation with a rich history of innovation, trade, and openness, it is vital that we leverage upon emerging trends in the global economy instead of insulating ourselves from it,” TRACE City said.

In that context TRACE is urging the people’s representatives and policymakers to:

1.Immediately chart a course to stabilise the volatile domestic economy, by fast tracking debt restructuring and negotiating bridge financing. This will provide the economy with some breathing space and enable the continuous supply of vital essentials such as food, fuel, and medicines

2.Embark on a plan of accelerated reforms, particularly in the energy, transportation, agriculture, and education sectors

3.Enact a long-term policy framework with buy-in from representatives across the entire political spectrum, so that Sri Lanka will be well positioned to benefit from the fourth industrial revolution

4.Encourage and embrace collaboration with the private sector, and provide a level playing field for all, free of corruption and political interference

“We at TRACE believe that it is our generation’s duty to not leave our children with the same ‘developing country’ we inherited. Instead, let’s bequeath them with a developed, prosperous nation they would be proud to call home. TRACE will readily support any national initiatives which share this vision,” said the statement issued by Trace Board of Directors, members, and management.