Sri Lanka
Catholic leader’s call comes amid the island nation’s worst economic crisis since independence
People stand in a queue to buy liquefied petroleum gas (LPG) cylinders in Rathgama, Sri Lanka, on March 27. (Photo: Ishara Kodikara/AFP)
Outspoken prelate Cardinal Malcom Ranjith has called for a national transformation as Sri Lanka faces an unprecedented economic crisis.
“We need a national transformation or a new beginning in the country. It has been 74 years since our independence and Sri Lankans need to answer the question of whether the path they have chosen for prosperity is real,” Cardinal Ranjith said during a service at the Cathedral of Christ the Living Saviour in Colombo on March 27.
“The country today is in a hopeless situation and it is the result of a series of wrong choices made not only by politicians but also by citizens who have allowed themselves to be exploited by the political and cultural forces that handed down our destiny.”
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The country of 22 million people is facing its worst economic crisis since independence from Britain in 1948. It is trying to tackle a severe foreign exchange crisis with falling reserves, rising prices of essential goods, a debt crisis and shortage of goods.
Long queues can be seen in front of gas outlets and filling stations and the country faces hours of daily power cuts.
Sri Lanka’s inflation rate has touched 17.5 percent, the highest ever recorded in the history of the island nation.
“The comprehensive strategy should comprise macroeconomic policy adjustments and measures to mitigate adverse impacts on the vulnerable and the poor”
“One of the reasons for the crisis is the longstanding corruption and fraud. The nation borrows money from other countries to buy essentials, including food and medicines,” Gnanartha Pradeepaya, a Catholic weekly, noted in its editorial on March 27.
“We must not forget that the debt is already unbearable. And the loan agreements with other countries should be presented to parliament and the people as soon as possible because the country belongs to the people, not to the government.”
The International Monetary Fund (IMF) has informed the government that the country needs to urgently implement a credible and coherent strategy covering both the near and medium terms to avert a full-fledged balance of payment and debt crisis and to restore macroeconomic stability and debt sustainability.
“The comprehensive strategy should comprise macroeconomic policy adjustments and measures to mitigate adverse impacts on the vulnerable and the poor,” the IMF said.
President Gotabaya Rajapaksa has appointed a special committee to select an international law firm to work with the IMF. The country needs nearly US$7 billion to service its external debt this year.
Ven. Omalpe Sobhitha Thera, a prominent Buddhist monk, recently called on all religious leaders to donate some of the treasuries from places of worship to the state treasury to help the country recover from the economic crisis.
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