• “Government should not turn a blind eye towards this situation”

While highlighting that the whole globe is being pushed into a recession by the Russia-Ukraine war, UNP Deputy Leader Ruwan Wijewardene yesterday said Sri Lanka too should prepare itself to face such a situation.   

“Government should not turn a blind eye towards this situation but should prepare the nation to face a global recession that might come up,” Mr. Wijewardene told a youth gathering held at UNP headquarters Sirikotha.  

“The World is being pushed into a recession which could be the worst in history. There are signs of a global recession after Russia started invading Ukraine. Russia is said to be spending US $ 15 billion a day for the war. The USA and other countries provide military equipment to Ukraine. Accordingly, the financial strength of the whole world is used in this process. Many countries demand more oil and gas from the Arab region as Russian oil and gas is not flowing into the global market. The excess demand could result in further price hikes,” he added.  
“The highest price for crude oil after 2014 was recorded recently and exceeded US$ 100. The price of a barrel is expected to reach US$ 120 by mid March 2022 according to global experts. Price of all other goods will go up with the oil price hike. Many countries seem to be preparing themselves for a recession but we cannot see such a readiness from Sri Lanka,” he also said.  

Mr. Wijewardene said the government’s decision to seek IMF assistance to resolve the FOREX issue came late. “Government has shut the stable after the horse has fled,” he said. 

• Mr. Wijewardene said the Govt’s decision to seek IMF assistance to resolve the FOREX issue came late