Economic and structural reforms, key to address economic crisis - CB Executive Officers’ Union | Sunday Observer

Economic and structural reforms, key to address economic crisis - CB Executive Officers’ Union

15 May, 2022

The Central Bank Executive Officers’ Union (CBEOU) which  represents all levels of staff officers in the Central Bank of Sri Lanka (CBSL), issuing a statement on the situation in the country emphasised the importance of conducting an independent investigation to identify the perpetrators of the attack on peaceful protests and bringing them before the court of law without delay.

“After consistently ignoring the recommendations of the professionals at the Central Bank of Sri Lanka (CBSL), the responsible parties have taken the initial step to enter into a program with the International Monetary Fund (IMF). We firmly emphasise the importance of formulating and implementing medium and long-term economic and structural reforms to address the acute economic crisis and to reduce the risk of recurrence. In the short-run, the governing political authority has the responsibility for providing the basic necessities of life for the people and maintaining social stability.

“Further, endorsement of effective measures, as soon as possible such as working with the IMF and the World Bank, entering into bilateral or multilateral agreements with allied countries is quintessential.

However, engaging in activities that violate the freedom of the peaceful assembly, freedom of expression, etc., and enforcing repressive laws that encourage such violations may adversely affect international cooperation.

“Representing the executive officers of CBSL exclusively, our Union continues to extend its technical assistance in taking all the progressive measures to strengthen the entire financial system and the already weakened economy. In such a situation, the Parliament has a greater responsibility, including restoring political stability and enacting legislation to implement required reforms.

“Under this, it is imperative that, procedures for appointing the heads of independent public institutions which should essentially be depoliticised, including the CBSL Governor, and members of the Monetary Board, must be properly in place as well as the enactment of the proposed ‹Central Bank Act› (Draft).

“As the Central Bank Executive Officers› Union, we urge all political parties and groups to make an active and genuine contribution to resolving the current economic crisis as attaining economic stability would be impossible without having political and social stability,” the statement added.