Debt sustainability essential for fix; SJB supports right economic policy: Eran

The main Opposition SJB will extend support to the Government on its efforts to revive the country’s economy, said MP Eran Wickramaratne on Sunday and expressed confidence and hope at the Government’s early commitment to achieve debt sustainability.

Wickramaratne said it was imperative for Sri Lanka to achieve this before reaching out to donors and noted “standard prescriptions will not always work” given the state of the present predicament.

He averred it was imperative to avoid a banking crisis and underscored the importance of steering clear of solutions that could exacerbate such eventualities. He was referring to potential ‘haircuts’ for local debt.

“We cannot create another problem at the expense of solving an existing problem. We cannot afford to even give a signal about a banking crisis in the country when there is no such crisis and ‘ haircuts’ on local debt cannot be entertained,” he stated.

Addressing a media briefing the SJB MP said the party would support the Government when they follow right policy especially for economic and financial matters. However, this could be done without accepting positions in Government, he said. He enthused at the appointment of international advisors to assist with debt restructuring and added the President’s recent remarks on debt restructuring must be clarified further.

Wickramaratne expressed opposition to the prevailing State of Emergency and any attempts to suppress the freedom and rights of the public and protestors. Touching on the many economic hardships faced by the people and its impacts across segments, including students, the MP said the SJB had recognised the urgency to work together to alleviate the economic situation.

During his party’s meeting with the President, Wickramaratne said they had used the opportunity to express their displeasure and concerns with regards to the alleged use of force and intimidation to suppress protestors.

“We have to support every effort to strengthen and rebuild the economy. What we call for is not an allparty Government but all- party rule. Everyone needs to contribute to this effort,” the MP said.