National responsibility to use IMF third tranche effectively – Karu

Saturday, 15 June 2024 01:18 - - {{hitsCtrl.values.hits}}

Former Speaker and the National Movement of Social Justice (NMSJ) Chairperson Karu Jayasuriya, yesterday emphasised the critical importance of effectively utilising the third tranche of the International Monetary Fund (IMF) bailout package.

In a statement, Jayasuriya underscored that it is a national responsibility to ensure proper use of the funds. The IMF released the third tranche of $ 336 million from its $ 2.9 billion bailout package to Sri Lanka, while cautioning that the country’s economy remains vulnerable and that the path to debt sustainability is “knife-edged.”

“Utilising the funds for the betterment of our country is a national responsibility. Given the sacrifices made by citizens during this challenging period, it is crucial to use every cent responsibly and effectively,” he said.

Therefore Jyasuriya said that the authorities must firstly take steps to combat corruption and waste as stressed by the IMF on many occasions.

He also urged the Government to restore Sri Lanka’s tank system with international and military support, believing that this would spark a revolution in the country.

The former Speaker emphasised the importance of revitalising the country’s export sector, recalling the formation of export villages in Sri Lanka during the 1990s. He urged the Government to revisit this policy and re-establish specialised export villages.

Jayasuriya also called on the Government to provide necessary funding and facilities to the Export Development Board (EDB). He stressed the importance of strengthening Sri Lanka’s SME sector and providing them with loan facilities to develop their businesses.