Ceylon Chamber reiterates the need to fast-track the process of debt restructuring

The Ceylon Chamber of Commerce notes with serious concern the continuous deterioration in the fuel and electricity availability in the country, hampering daily operations of businesses and activities of the general public. The Chamber believes there is a need to maintain a sufficient stock of fuel to balance both transport and power generation needs. Further, the public and the business community require clear and transparent communications on the availability of power along with the scheduled power cut arrangements being announced with adequate notice. Prolonged power cuts have caused serious issues to business continuity.

CCC is also of the view that the need of the hour is to address the forex shortage urgently by fast tracking the process of debt restructuring and regaining access to dollar financing sources. While welcoming the steps taken in the correct direction such as going to the IMF for assistance, the Chamber urges that the process of appointing financial and legal advisors is commenced with a sense of urgency as this will halt any future principal and interest payments of debt and allow the reserves available to meet the immediate needs of the people. This will help in the process of avoiding a disorderly default.

The Chamber also calls on businesses and public at large to conserve the use of fuel and power at this crucial juncture.  More people should use car pooling and reduce the use of power wherever possible. 

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