A working majority in Parliament will not help tackle crisis – Ranil

Urgent action needed to prevent collapse of banking system

By Chaminda Silva

A working majority in Parliament would not help solve the present crisis and therefore the leaders of political parties should not worry about securing 113 seats there, UNP leader Ranil Wickremesinghe said yesterday.

Addressing the UNP’s Jathika Sevaka Sangamaya May Day ceremony at New Town Hall in Colombo Wickremesinghe said that the rulers, instead of worrying to secure numbers in Parliament, must talk to the international community and seek its assistance to get the country out of the present crisis. “Having 113 MPs in Parliament is no longer the solution for the present problem. The country is facing an economic crisis of unprecedented proportion. The national economy has almost collapsed. Agriculture is in death throes without fertilisers. Fishers have no diesel. Many have lost their jobs. Companies are downsizing at the expense of their workers. Some have already been closed down. Thousands of more jobs are likely to be lost. Medium scale enterprises have collapsed and small-scale enterprises are facing the same predicament. The value of money deposited in the banks has been lost by around 50 percent. The value of the savings in the EPF and ETF has decreased by around 50 percent. There are protests and demonstrations all over the country. People are asking the government to go home. The government has lost its mandates received at the 2019 and 2020 elections.

The government is divided on who should go—whether it is the President or the Prime Minister. Priority should be given to solve the economic crisis.

“The prevailing problems cannot be solved by mustering 113 seats in Parliament. The problem, however, could be solved. For that purpose, income taxes have to be increased. Fuel prices and electricity prices would have to be increased. The value of the US dollar which was at Rs. 185 rupees is likely to reach Rs 400. Therefore, the government expenses have to be cut down. In the meantime, the government should talk to the international community to secure its assistance.

“The government should take immediate action to control the prices of essential goods. It should pay attention to saving the banking system from collapse. We saw how the banking sector collapsed in Greece and the same happened in Indonesia in 1998. The government should speak to India, China, Japan and South Korea to seek help,” Wickremesinghe said.