There are no political solutions to an economic crisis – Dr. Bandula Gunawardhana

Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana said in Parliament yesterday (09) that there are no political solutions to an economic crisis, and to prevent the country from falling into a terrible situation again, all parties and Opposition should come together for a versatile discussion.

The Minister said this while joining adjournment debate on the government’s policy statement presented by President Ranil Wickremesinghe at the opening of the fifth session of the Ninth Parliament.

“As a government, we have signed an agreement with the International Monetary Fund. We have gone to foreign countries and negotiated and agreed. But if someone thinks that they will come and do this, it cannot be done.” said the Minister.

There is no alternative programme other than this programme to create a national unity in order to get out of here as a country by leaving aside all the personal wishes and personal desires that exist politically. President Ranil Wickremesinghe’s speech drew our attention to the tragedy the country is facing in the 76-year history after independence and the plan to recover from it. In the 76 years since independence, we have been able to run a primary account surplus only in six years. The main reasons for the crisis are twofold. These crises have arisen because of the long-term unsustainable budget gap and the deficit in the current account of the balance of payments. The total revenue from direct and indirect taxes in 2022 is Rs. 1,751 billion. Of that, 1,260.72 billion which is 72 percent was spent on the payment of salaries and pensions of public servants. Rs. 490.28 billion has been spent on Samurdhi and other subsidies, which again is 28 percent of tax revenue.

The total tax revenue of the year 2022 has been spent for that purpose, Rs. 1,565 billion in public debt interest. All expenses including all other development activities have been covered by borrowing both domestically and abroad. There are no political solutions for this economic crisis. Answers cannot be found by changing political theories. There is only an economic solution for this. Therefore, teachers, professors, academics and all responsible citizens are invited to come together and join an enlightened dialogue to prevent this country from falling into a terrible situation like it did last year.

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