By Easwaran Rutnam
Energy Minister Udaya Gamanpilla has painted a bleak picture for Sri Lanka which he says will take time to be rectified.
The outspoken Minister refused to accept claims that Covid was to blame for the Forex crisis in Sri Lanka.
Gamanpilla asserted that debt and not Covid was the cause for the Dollar issue in Sri Lanka.
The Minister said that the Dollar issue will not be resolved even after the pandemic.
Speaking at the National Industry Exhibition held at the BMICH in Colombo yesterday (Sunday), Gamanpilla said that since 1955 Sri Lanka’s expenditure has been higher than its income.
He said that Sri Lanka obtained loans to close the gap between income and expenditure.
The Minister said that Sri Lanka needs to repay the loans with interest.
“The Government has obtained loans without thinking about how it will be repaid,” he said.
He also said that since 1978 Sri Lanka has focused more on imports than exports.
The Minister said that Sri Lanka is now in a situation where it cannot get more loans in Dollars.
Gamanpilla said that Sri Lanka is also finding it difficult to repay the debt.
“Our real issue is the debt crisis and not the Covid crisis,” he said.
The Energy Minister said that the coronavirus pandemic only expedited the Forex crisis for Sri Lanka.
He also rejected claims that once the tourism industry recovers the crisis will be resolved.
Gamanpilla said that statistics shared with him by the Central Bank shows that Sri Lanka has spent a lot on imports, including vegetables and rice.
He said the time has come for Sri Lanka to focus on its domestic market and exports as opposed to imports.
The Minister also said that Sri Lanka must admit that it is facing a crisis, look at how to address the issue, inform the public, put forward a program and make sacrifices. (Courtesy Daily Mirror)
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