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Business community and govt. differ on required medicine to solve economic crisis

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The government’s decision to make the economy contract has adversely impacted the small and medium enterprises (SME), Chairperson of Sri Lanka United National Businesses Alliance (SLUNBA), Tania Abeysundara said on Thursday evening, following a meeting with MPs in Parliament.

She said that all countries had achieved development by promoting SMEs, and that the Asian Tigers, and even China, had promoted SMEs to ensure that their economies could provide jobs to people.

Abeysundara said the bank interest rates had gone up from nine percent to over 30 percent.

Vehicle Importer’s Association of Sri Lanka, President Indika Sampath Merenchige, said that all the economic decisions were taken by a few people who do not listen to the views of others.

“The government does not think of the SMEs, at all,” he said.

Central Bank Governor, Dr. Nandalal Weerasinghe, addressing an event organised by the ILO and Employers’ Federation, in Colombo, on Thursday, said that they had been compelled to take painful decisions to control inflation.

Dr. Weerasinghe said that the inflation, which rose to 70 percent last year had come down to 30 percent.

“By the last quarter of this year, inflation will drop to a single digit. The decisions we took are correct but painful. High interest rates are tough on businesses. However, we need to take such decisions to ensure that there is no hyperinflation. We are reaching stability and this is needed to ensure that there is recovery,” he said.

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