The Sri Lankan Association of Rubber Products Manufacturers and Exporters (SLAMERP) yesterday called on the government to urgently resolve the current currency and debt crisis as the industry suffers and faces unprecedented pressure due to economic problems arising from several supply fronts. chain.
“We are also now seeing the hardships faced by people which translate into social issues affecting the overall business environment and the image of the country in general,” SLAMERP said.
He said the debt and foreign exchange situation now affected day-to-day operations and international supply chains on which the export industry was directly dependent and linked.
“We are also concerned that the livelihoods of our employees and citizens are seriously affected,” the statement said.
SLAMERP said the most critical factor was that the government should allow the market to correct itself and take steps to bring stability, suppressing black markets and runaway inflation. Confidence in the business community also varies, and in the eyes of the international community Sri Lanka is now seen as an unstable economy.
The current negative feelings about shortages, power cuts, the uncertainty of fuel and gas supply, and middlemen and importers having difficulty obtaining foreign exchange, are sending shock waves and further damaging the economy. image of the country.
“Unless Sri Lanka resolves the currency crisis through debt restructuring, we will achieve unprecedented economic and social consequences. SLAMERP further believes that short-term measures will not strengthen our country’s credibility until we put macroeconomic fundamentals in an acceptable position.
“The rubber industry calls on the government to achieve national consensus and resolve the serious economic situation to get out of the current situation. Now is the time to consider the needs of the citizens of Sri Lanka, as the last thing the country needs is social instability.
“We cannot afford to deprive people of most of the daily life of the population, which is currently being experienced in many areas and which will certainly turn into a further deterioration of the situation. This will have an impact on productivity and unrest within the export and production sector if the situation worsens.
“SLAMERP calls on the government to take a broader industrial perspective and consider debt rescheduling to handle the emerging situation and to work with organizations such as the IMF and the World Bank created by the international community to resolve the difficulties encountered by countries. ”