Economic crisis: ‘Light at end of tunnel far from visible’

Sri Lanka is at a crossroads, and the light at the end of the tunnel is far from visible because the economic crisis the country is facing at present is something vastly different from what Sri Lanka has faced in the past.

This was opined by President of CA Sri Lanka Sanjaya Bandara at the launch of their 43rd National Conference from October 12 to 14, at the Monarch Imperial, Colombo on the inspiring theme ‘Transform’.

“Many of us in Sri Lanka have faced our fair share of crises ranging from a war to a tsunami to the Easter Sunday Attack. But the ongoing economic crisis is something unique to us all, as it has affected everyone, rich and poor, as well as big and small,” he said. He also emphasised that the country cannot come out of this crisis without embracing true transformation, some of which may be unpopular changes among the masses, but without change, Sri Lanka will continue to remain stagnant as a nation. He said Chartered Accountants are no longer restricted to traditional number crunching roles. Instead, today, they are identified as co-pilots of a business because they bring a multitude of critical skills to the table ranging from technical to leadership as well as strategic thinking. “Therefore, this time, instead of only being a co-pilot for our company, we need to take one step further and help fly Sri Lanka out of this crisis,” Bandara said.

Chairman of the Technical Committee Anura Perera reiterated that Sri Lanka has plunged into an unprecedented economic and humanitarian crisis, and while the dynamics are very fluid, the fact of the matter is that the end to this crisis appears to be very blurred. “While we engage in dissecting and analyzing the root causes of this crisis, the Technical Committee of the National Conference thought that we should focus and discuss the way forward in resolving and coming out of this crisis,” he said.

According to Anura Perera the magnitude of the crisis compels everyone to ‘transform’ and not to merely change, and as such everyone must start by taking a critical look at our own perceptions, views, attitudes and comfort zones.

“Although there are a number of critical areas where we can look at the country level transformation, we have selected four broad areas that have near consensus from the policymakers, private sector think-tanks and society in general. The courage to map out the strategies and convince the stakeholders for transformation is the biggest barrier we face,” he added.

Chairperson of the National Conference Committee Anoji de Silva said that for many decades CA Sri Lanka has always strived to promote thought leadership amongst the business community. “This year’s conference is even more significant as we feel we are in sync with what we as Sri Lankans believe. We are ready for real transformation, a transformation that will change the country for the better.”

The three-day event is expected to attract over 2,000 delegates, business leaders, entrepreneurs with over 20 speakers expected to share their insights.