CCC urged Govt. as far back as March ‘20 to seek help from the IMF
View(s):It was the Ceylon Chamber of Commerce (CCC) which first urged the government in March 2020 to seek assistance from the International Monetary Fund (IMF) through the Rapid Financing Instrument but that was not pursued, said Vish Govindasamy, Chairman of the chamber, speaking at the chamber AGM held on Thursday where he was duly re-elected for a second 2022-2023 term in office.
He said the chamber, along with several other reputed economists and research institutions continued to call for the Government to seek IMF assistance to resolve the emerging Balance of Payments crisis. “Having been convinced the crisis was beyond a mere liquidity crisis but also one of solvency we urged the government to consider a debt restructuring process,” he said in comments released to the media by the chamber.
The Chief Guest at the AGM was US Ambassador Julie Chung. In his capacity as the Group Managing Director of Sunshine Holdings PLC Mr. Govindasamy heads a diversified conglomerate that operates in the healthcare, agribusiness, consumer goods, investment and energy sectors.
Mr. Govindasamy spoke about the concerted role the chamber has played and continues to play in the national economic reform agenda at this time of unprecedented crisis.
He added that through the Joint Chambers Forum and in collaboration with other like-minded institutions such as the Bar Association of Sri Lanka and the Institute of Chartered Accountants, the chamber continued to advocate for policy corrections to maintain stability in Sri Lanka.
“The chamber continues to highlight and communicate to government the enormous hit on the economy due to the lack of foreign exchange and the resulting shortage of fuel, food and medicine. We have proposed several mechanisms to correct the situation and use every opportunity to push the government to consider our solutions,” he said.
The chamber’s 9-member board, including the Chairman, was re-elected for the year 2022/23. Duminda Hulangamuwa – Senior Partner, Ernst & Young and Krishan Balendra – Chairman, John Keells Holdings PLC will continue to serve as Deputy Chairman and Deputy Vice-Chairman respectively.
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