CNCI urges govt. to immediately present future plans for crisis-struck country

As the ongoing economic crisis continues to take an unprecedented toll on the businesses and livelihoods of the people, the Ceylon National Chamber of Industries (CNCI) called on the government to present the vision it has for the nation, along with a structured short and long-term plan for recovery. 

CNCI Chairman Canisius Fernando, in a statement to the media, yesterday said it is essential for the government to urgently expedite the matters to receive the IMF concurrence to restructure the country’s debt.

He also asserted the need to take strategic moves to attract FDIs, promote tourism and encourage exporters by providing facilities to a conducive environment rather than disrupting their operations. 

“Unfortunately, the government is yet to extend policy responses/formulations and create plans for economic recovery,” Fernando pointed out.  
The CNCI cautioned that should the situation persist longer, there may be uncontrollable situations among groups of people in their struggle to seek essential needs of their daily life and survival. 

While the call for a plan has been highlighted on previous occasions, by different segments of the business community, instead of delivering the way forward, authorities continue to amplify the doubts and fears of the people every fortnight, saying that the future remain bleak, said Fernando. 

“Today’s industrialists are facing not the challenge of profit maximisation but the challenge of survival in the industry. Their processes are hampered and the operations are badly constrained. The situation makes it enormously difficult for the industrialists to plan their future, which is essential to reach their destinations,” he said. 
The gravest side effects brought about by the forex issue is the short supply of fuel, gas and electricity. Fuel is connected with every industrial activity and wherever there is a fuel/power shortage in the country, all operations get paralysed, which in turn increases cost, lower quality and drags the time against what has been planned.   
“This brings about a serious threat, especially to the export-oriented industries, as their global buyers tend to divert their orders to other countries.  

The constant power disruptions drastically reduce the production efficiency, making it difficult to meet the market demand, which creates opportunities for the competitors to grab the space in the market,” pointed out Fernando.