Ceylon Chamber Congratulates the New President of Sri Lanka and Highlights Key Priorities

The Chairman of the Ceylon Chamber of Commerce, Vish Govindasamy behalf of the Chamber congratulated the new President of Sri Lanka while highlighting key areas that require priority attention for the economic recovery.

The Chamber expects to see a strong multi-party administration be formed soon that will be
acceptable to all sections of the public including those who have been demanding a system
change. It stressed on the need of an effective cabinet appointed with a clear and rational allocation
of subjects.

Following are the key priorities highlighted by the chamber:

-Resuming discussions with the IMF urgently to reach a staff-level agreement soon.

– Expediting the negotiations with creditors to successfully conclude the debt restructuring
process

-Taking immediate steps to secure adequate supplies of fuel and other essential items
while streamlining their distribution.

– Accessing adequate bridging finance to manage immediate cash-flow needs

-Designing a well targeted safety net to take care of vulnerable sections of society while
addressing concerns relating to food security

– Embarking on the necessary economic reforms that will provide comfort and assurance
to donors and creditors that the country will be steered towards a position of strength and
stability

Further, it noted that other areas of focus must be addressed ideally through a 100-day plan would be reviving tourism, promoting foreign direct investment and attracting more remittances through official
banking channels.