Money should be set aside for social safety nets to protect low-income earners.
Imports should be restricted and essential things like petroleum, medicine, and gas should be purchased.
Government revenue should be increased to a 14/15% level.
The hardship caused by the economic crisis should be distributed not only to the low-income parties but also among the high-income parties.
Central Bank Governor (Dr.) Mr. Nandalal Weerasinghe said that in an economic crisis, the low-income earners should be protected first and, therefore, money should be allocated for social safety nets to protect them. He made these observations while making a presentation to the parliamentarians about the state of the country’s economy.
He pointed out that if the economic hardships of low income earners increase, poor people may take to the streets and therefore may cause unrest in the country. Therefore, he further pointed out that the economy should be stabilized by controlling the discomfort of the low-income parties by making the economic hardships between the high-income and low-income parties be divided.
He also pointed out the need to increase government revenue by controlling borrowing. He also said that the current inflation should be controlled and the export income should be increased and he emphasized that it is important to manage the government income and government expenditure.
Mr. Weerasinghe pointed out that by restricting imports, the cost of last year’s 2 billion was reduced to 1.3 billion this year. He explained that especially the current state income is about 1.2 billion and if it is possible to control the state expenditure by restricting the import of non-essential items, it will be important for the state income.
And he further pointed out that solving this crisis is something that cannot be done in two months and he believes that he will be able to bear these inconveniences at least until December this year. Also, Mr. Nandalal Weerasinghe explained that to avoid this crisis, the state revenue should be increased to at least 14/15%.
He mentioned this while participating in the dialogue held at the Parliament Complex yesterday (31) titled “Current Economic Status and Outlook of Sri Lanka”.
This program was organized by the General Secretariat of the Parliament in order to confirm the active participation of the members of Parliament in the parliamentary debates and to create an effective discourse on the current economic situation and the future economic path of the country.
Speaker of the Parliament Hon. Mahinda Yapa Abeywardena, Leader of the Opposition Hon. Sajith Premadasa, Chief Organizer of the Opposition Lakshman Kiriella and many other Ministers and Members of Parliament participated in this dialogue.
Also, a group of officials of the Parliament staff including Dhammika Dasanayake, Chief of Staff and Deputy Secretary General Kushani Rohanadeera were also present on this occasion.