We can resolve this crisis. For that we need a national policy, says former PM – Ranil Wickremesinghe.
The decision to default on the country’s external debt will place further pressure on the banking sector in the country and is an announcement by the Government that the country is bankrupt, he said.
In a special statement made on social media, Mr. Wickremesinghe said that the responsibility of going to Washington to discuss the prevailing situation with the IMF, now falls on the Finance Minister.
In his statement, Mr. Wickremesinghe further said :
“By mid-May the Indian Line of Credit bringing in fuel will be finished and there will be no fuel in the country. The economy will face a standstill. By June, the private sector will be unable to operate… What was this government doing until the new Finance minister declared bankruptcy?… This Government must take full responsibility for the bankruptcy of the country and apologize to the nation,” he said.
“Then they must now engage all other political parties without any conditions. We, as the opposition, need to apologize to the public for the lapse of conduct in parliament. Also, conventional measures of the opposition will not work here. Nor will elections or constitutional amendments at this point be able to solve the bankruptcy situation in the country.”
After discussions are started with the Government and a plan is formulated conditions can be laid down. All of us need to face the bitter truth. We cannot elude it. If we do, we will become a failed state.”
“In Lebanon, the IMF agreement was reliant on it being tabled in Parliament for their approval. We will also have to face this. We are in a very difficult situation. We are ending the old year in a state of bankruptcy.”
“However, there are solutions for this crisis. We can solve this. We need international cooperation. We cannot do this by rebuking the international community. We will face a tough period, but we must face it. In truth, what we should do is overcome this crisis as soon as possible and to further strengthen our economy. But this can only be done if we take the right decisions and take the correct path.”
“We are ending this year in a state of bankruptcy, but let us all be determined to salvage the economy and create a better situation in the new year. I wish everyone a very happy Sinhala and Tamil New Year.”