• The IMF had stated that Sri Lanka is not qualified for such a package
• Around 30 percent of fertilizer comes from Russia, Sri Lanka is going to face an issue even during the next harvesting season. We are going to have a food shortage
• The value of funds held in fixed deposits and value of funds held by EPF and ETF  will decline by at least 59 percent

By Yohan Perera   

The Government will have to rethink its strategies to revive the economy in the wake of Sri Lanka not qualifying for the International Monetary Fund ( IMF) Rapid Financial Initiative and with Indian credit line coming to an end next month, Former Prime Minister Ranil Wickremesinghe said yesterday.   

Wickremesinghe who was speaking at a seminar organized by some Sri Lankan bankers in Colombo warned of a further deterioration of the economy.   

“ A Sri Lankan delegation led by Finance Ministry requested for rapid financial initiative assistance from IMF and the latter had stated that Sri Lanka is not qualified for such a package. The Indian credit line will be over next month. On top of that the supply of fertilizer also faces danger. Around 30 percent of fertilizer comes from Russia, Sri Lanka is going to face an issue even during the next harvesting season. We are going to have a food shortage,” he said.   

Also the value of funds held in fixed deposits and value of funds held by EPF and ETF funds will decline by at least 59 percent. A person who is 30 years old could cope up with this situation. However how could a person who is about to retire manage the situation? he added.   

“ We warned of this economic crisis in 2020. We also said that Sri Lanka should go to IMF in 2021. This did not happen. Therefore we have to rethink about our strategies to revive the economy and begin a new programme for survival,” Wickremesinghe stressed.