Doubt if Sri Lankan govt is aware of what price profit evaluation means: Oppn chief Sajith Premadasa | Exclusive

Sri Lanka’s Opposition chief, Sajith Premadasa, on Sunday stated he doubts the Sri Lankan authorities understands what cost-benefit evaluation entails.

“The basic cost-benefit analysis approach must be used in decision-making, but I doubt the government is aware of what that entails,” he stated.

Slamming the Sri Lankan authorities for its dealing with of the financial disaster, Premadasa stated that the federal government is incompetent and lacks an intensive understanding of financial fundamentals.

“They have so far refused to accept economic principles as guiding principles for the Sri Lankan economy,” he stated.

Concerning the disaster’ decision, he said, “We must take a multifaceted approach and approach international monetary institutions to ensure that we reach an agreement that does not impose hardship on the people of the country.”

“This approach will have several advantages, including a moratorium on benefit payments and debt haircuts, as well as a reduction in our debt obligations, and it will help to stabilise our currency,” stated the chief.

Sajith Premadasa added, “The country needs to bridge finance both bilaterally and multilaterally, including through the World Bank and the Asian Development Bank, as well as bilaterally with countries such as India, Japan, and others who will assist us in bridging financing.”

READ | Refugees, inflation and energy cuts: How Sri Lanka walked itself into a multitude

Not how you must deal with exterior relations

Further hitting out on the Rajapaksa-led authorities, he stated, “Alliances with India and other countries should not be handled haphazardly, but I believe we need broad policies in place to establish good relationships with friendly countries while protecting their integrity, political independence, and serenity.”

“It should not be the case that one day you realise you only have 52 billion US dollars in foreign reserves and you have to be friendly with a, b, c, and d countries. That is extremely unprofessional, and it is not how you should handle your external relations,” stated Premadasa.

READ | No gasoline, no medication, no meals: Life in crisis-hit Sri Lanka | Exclusive

What is happening in Sri Lanka?

Sri Lanka is at present experiencing one in every of its worst financial crises in many years, with the nation grappling with points comparable to meals shortages and hovering inflation, amongst others.

The authorities of Sri Lankan President Gotabaya Rajapaksa has been closely chastised for its dealing with of the disaster, as folks proceed to battle to make ends meet each day.

Food and gas are briefly provide within the nation as Sri Lanka has run out of international foreign money to pay for imports. People have additionally been experiencing four-hour each day energy outages and have run out of provides.

READ | Rice Rs 220/kg, milk powder Rs 1900/kg: Skyrocketing charges at grocery store in crisis-hit Sri Lanka