Sri Lanka was deprived of over USD 15 billion in anticipated revenue from tourism and foreign remittances from 2018 to 2022, said Group Chairman, alms Holdings, Imitiaz Buhardeen.
He said the main reasons for this was the Easter Sunday attacks, the political coup, the Covid-19 pandemic and the economic and political unrest that followed. He said as the country is now limping back to normalcy and the business community appreciates this.
“We see countries economic fundamentals now failing into place and the country is also making rapid progress by implementing the IMF reform programs unlike in the previous 16 occasions.” We are now very bullish of Sri Lanka’s economic future.”
He also said that the Government is very serious on implementing the state-owned enterprises reform program which he said should go ahead.
“Not only the loss making but identified profit making SOEs too should be delisted.”
“By delisting profit making SOEs to the private sector they could double their current profits.”
However, said that the Sri Lankan airlines should not be dismantled but should remain but under a foreign airline management.
“We have observed that the airline is now making operational profits but due to their huge loans and high interest they are not able to turn around immediately.
“However, the Government cannot be giving them handouts every time.”
He said that only 1% of the Sri Lankan population are engaged in the stock market and more education program should be held to woo more to the the stock market. “As the interest rates are coming down rapidly moving and investing in the stock market will be the best option for people.”
“Investing in the stock market is more accountable and transparent than investing in other sources.”
He stressed that though there is a much talked about topic that the Domestic Debt Restructuring will have a major negative impact on the EPF but that is totally false.