17 June 2021 08:40 am Views - 126
By Yohan Perera
The main opposition SJB charged that Sri Lanka’s foreign reserves are down to $3.5 billion and it will further erode with the possible loss of GSP plus. The government is of the opinion that things would not be bleak as measures have been taken to boost exports to $12 billion this year.
SJB MP Eran Wickramaratne told Daily Mirror that Sri Lanka’s foreign reserves stood at $3.5 billion as of June 11, 2021 and it will decline further as and when the European Parliament resorts to implement the suspension of GSP plus for Sri Lanka.
It will take time for the European Parliament to suspend the facility to Sri Lanka while it will also take time for them to restore it. Sri Lanka is going to suffer in such a scenario,” he said
“Sri Lanka will suffer as nearly 50 percent of its imports go to Europe. There will be a problem when it comes to foreign remittance as well as people no longer want to send their children to the Middle East,” he added.
“One cannot see a silver lining on the horizon,” he also said.
However, the government has officially stated that steps have been taken to boost exports to $12 billion this year. This the government had claimed will ease the economic challenges.