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President urges public to cut fuel use and imports to control dollar ...
President Anura Kumara Dissanayake announced that Sri Lanka faces a severe crisis concerning the United States dollar, noting that the strengthening of the currency against other foreign units directly affected the value of the Sri Lankan rupee. Speaking at the "Ratama Ekata" national anti-narcotics programme in the Batticaloa district today, the President stated that the tourism industry, a primary source of dollar revenue, experienced a 29% decline in arrivals compared to April last year, significantly affecting foreign exchange earnings. He explained that the ongoing global economic crisis adversely impacted demand for Sri Lankan exports, reducing foreign exchange inflows, while overseas worker remittances also showed a decline this month.The President pointed out that the appreciation of the United States dollar substantially increased monthly expenditure on fuel imports, exerting additional pressure on the national economy. He stated that several measures are scheduled for implementation to address the crisis, emphasizing that the economy currently operates under management in accordance with the Extended Fund Facility programme established with the International Monetary Fund. According to the President, the Government continuously engages with the International Monetary Fund by presenting and discussing proposals aimed at stabilizing the economy and mitigating financial pressures. Highlighting the urgent need to manage the growing pressure on the dollar, President Dissanayake stressed that fuel consumption must be reduced and that the public should exercise greater caution regarding the consumption of imported goods, calling upon citizens to act responsibly at an individual level to minimize foreign currency outflows.
Sri Lanka President calls for less consumption of imported goods and ...
President Anura Kumara Dissanayake on Wednesday called for less use of fuel and reduced consumption of imported goods as a measure to check the Rupee's slide against the USD.Speaking at the eastern district of Batticaloa, Dissanayake said all countries are adversely affected by the ongoing war in West Asia.''We have managed the economy well so that we can face this crisis. We have rupees in the treasury to face it.''.''We are facing a crisis with a depleting rupee against the dollar. The dollar has gained, putting pressure on the rupee,'' Dissanayake, who is also the finance minister, said.The government told parliament on Tuesday that the local rupee had depreciated by over 4.8 per cent since the beginning of the year.The rupee par value to the USD stood at 309.98 in January. Today's Central Bank rates saw a buying rate at 332.08 and a selling rate of 342.07.This was due to the external shock in the form of rising energy costs due to the US attacks against Iran, the government claimed.''Tourism, one of our main sources for USD inflows, has been hit. Tourist arrivals have dropped by 29 per cent compared with April,'' Dissanayake said.He added that remittances from Sri Lankan expats overseas had also dropped in a worsening situation where the fuel bill had risen due to rupee depreciation.''We must, in the short term, control this pressure from the rising dollar. For this, we must reduce fuel consumption''.Dissanayake said attention must be given to minimize imports volume in order to stop the dollar outflow. (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
President calls for reduced fuel and imported goods consumption amid ...
President Anura Kumara Dissanayake stated that Sri Lanka is facing pressure due to the strengthening of the US Dollar against other currencies.Addressing the “Ratama Ekata” national anti-narcotics programme in Batticaloa today (20), the President noted that fuel import costs, export earnings, tourism revenue and foreign remittances have all been affected.He urged the public to reduce fuel consumption and be cautious in the use of imported goods to minimise the outflow of US Dollars.The President also stated that the government is continuing discussions with the International Monetary Fund under the Extended Fund Facility programme to stabilise the economy
President urges reduced consumption of fuel and imported goods amidst ...
President Anura Kumara Dissanayake stated that Sri Lanka is currently facing a severe crisis concerning the US Dollar, noting that the strengthening of the US Dollar against other foreign currencies has directly affected the value of the Sri Lankan Rupee. The President made these remarks while addressing the “Ratama Ekata” national anti-narcotics programme held in the Batticaloa District today (20). Addressing the prevailing economic situation, President Dissanayake observed that the tourism industry in Sri Lanka, which remains one of the country’s primary sources of dollar revenue, has experienced a 29 percent decline in tourist arrivals compared to the corresponding period in April last year. He stated that this decline has significantly affected the country’s foreign exchange earnings. The President further explained that the ongoing global economic crisis has adversely impacted demand for Sri Lankan exports, resulting in a reduction in export-generated foreign exchange inflows. In addition, he noted that remittances from Sri Lankan workers employed overseas had also shown a decline during the month. President Dissanayake also pointed out that the appreciation of the US Dollar has substantially increased the monthly expenditure incurred on fuel imports, thereby exerting additional pressure on the national economy. He stated that several measures are scheduled to be implemented in order to address the crisis and emphasized that the country’s economy is currently being managed in accordance with the Extended Fund Facility (EFF) programme established with the International Monetary Fund (IMF). According to the President, the Government is continuously engaging with the IMF by presenting and discussing proposals aimed at stabilizing the economy and mitigating the prevailing financial pressures. Highlighting the urgent need to manage the growing pressure on the US Dollar, President Dissanayake stressed that fuel consumption must be reduced and that the public should exercise greater caution regarding the consumption of imported goods. He further called upon citizens to act responsibly at an individual level in order to minimize the outflow of US Dollars from the country. “This difficult period will persist for some time longer. However, let us all unite and face this resiliently,” the President stated, assuring the public that the Government would not permit a destructive economic situation similar to that experienced previously to recur within the ...
