Sri Lanka in crisis, gloom and doom and a way forward

Monday, 25 July 2022 00:05 - - {{hitsCtrl.values.hits}}

TMC Founder and President Emeritus Fayaz Saleem presents a memento to SJB MP Dr. Harsha de Silva

SJB MP Dr. Harsha de Silva

TMC Founder and President Emeritus Fayaz Saleem

‘The Way Forward’ series organised by The Management Club was held on 12 July at 6 p.m. at the Galadari Hotel, inviting one of Sri Lanka’s eminent economists MP Dr. Harsha de Silva to speak.

The much looked forward to event began with the National Anthem and TMC Founder and President Emeritus Fayaz Saleem making a formal welcome address, and briefly introducing the vision of The Management Club. He also introduced the eminent Dr. Harsha de Silva MP to the large and enthusiastic audience, who attended in spite of restrictions on travel as a result of the fuel shortage. Fayaz was extremely appreciative of Dr. de Silva’s spontaneous agreement to speak at TMC’s ‘Way Forward’ series even during such challenging times. The presentation by Dr. Harsha de Silva MP was very timely and informative.

Dr. de Silva thanked TMC for the invite to speak and was enthusiastic in his talk amongst the gathering of professionals. Dr. de Silva opened his presentation with his plans and strategies to overcome the extremely challenging economic situation we were faced with.

He spoke of his strategies which he believes had the consensus of many relevant groups. He presented his plans, and discussed briefly under each subheading his approach with strategic direction and proposed certain action plans.

He delved into the much talked about assistance from the IMF, debt sustainability, foreign debt against domestic debt, and the need to restructure. He further elaborated various aspects of transparency and accountability. Several members of the enthusiastic audience questioned Dr. de Silva on this point which brought out discussions of social safety net, to the vulnerable population including matters pertaining to the proposal to substantial increases in electricity bills as envisaged at PUCSL.

Dr. de Silva’s explanation on fiscal deficits and public expenditure too drew many questions including public expenditure such as defence budget.

He patiently and indeed passionately engaged with them on that subject. Dr. de Silva further expanded on the question of the SOEs, how revenue may be consolidated, trade and industry legislations all of which he said was critical for economic recovery.

TMC Board of Management Vice President Roger Thalayratne proposed the Vote of Thanks, with sincere appreciation to Dr. de Silva, the members of TMC for organising the event, the members and guests who participated at the event and indeed the sponsors of TMC.

Pix by Ruwan Walpola