Sunday 3rd of March 2024

English Tamil

It is not difficult to find dollars

2022-05-04 7700


Instant dollars can be found in import bags


With the development of migration




(By Professor Milton Rajaratne-Translated by Rumi Speelberg)


Economic devastation has emerged with difficulty to find dollars and the government has reiterated that finding dollars is difficult.

As payment of old debts has come to a standstill all that is left is to find dollars for imports. Sri Lanka earns about $ 1,000 million a month from exports and about $ 500 million a month from migration. Bringing imports to that limit solves the problem.

But migrant revenues are said to have dropped to about $ 250 million. Sri Lanka's dollar receipts have fallen as a result of trading on Undial and Hawala systems. But the government let the rupee float to rectify the situation. That, too, did not solve the problem.

Accordingly, the current solution is to increase migrant revenue by providing insurance, special benefits, immigration quotas as a percentage of migrants, etc. to migrants and their families. For that, an economic and statistical analysis should be done and a policy should be formulated. This writer can assist if advice on this regard is required.

On the other hand, tens of thousands of items imported into Sri Lanka should be systematically re-examined and steps should be taken to remove thousands of items considered unnecessary and not as needed as well as in this situation. If not, steps should be taken to limit those unnecessary items. The aim should be to save about $ 250 million a month through this scheme. Then exchange can be generated for the importation of medicines, gas and fuel.

But the problem at the moment is that neither the government nor the Central Bank is thinking of other things without looking at this list of imports. First this imported list should be studied and removed most of the items in it. Then dollars can be found to import essential items. This list has not been thoroughly checked yet.

Payment of debts is a difficult task. Since over 50 million dollars are required for this purpose. Hence the exchange issue and importation crisis will be worse as the Central Bank and Finance Ministry without making due efforts.   If the Central Bank of Sri Lanka wants to check this list of imported items the author of this article can assist. Finding dollars for imports is not such a difficult task. Debt settlement can make the difference between life and death. That's because more than $ 50 billion has to be paid.

FDI Company has planned to withdraw its investments and factories. PORTFOLIO’s plans to withdraw its investments too. If the prominent companies which facilitate countries' importation withdraw from operating in the country, imports revenue will further go down.

Either the Central Bank or the government has no regard for these economic consequences. At the moment, the government is only looking at the IMF. There is no thought in managing the economy strategically. That's why people say "GOTA GO" and "Gota Poda". It’s true that this government failed. But they prefer to remain silent towards these burning issues. Not taking instant economic reforms and the relinquishment of power both are oppressive to the masses.

Instant dollars can be found in the bag of imports and through the development of migrant revenue. This writer's support is not for the government but only for the oppressed society. The government should immediately withdraw for the crime committed.