Sri Lanka should learn from India in tackling economic crisis

Colombo [Sri Lanka], April 19 (ANI): The ruling Rajapaksa government should learn from India in tackling the prevailing economic crisis, Sri Lanka's senior journalist J Sudath Jayasundra said.
Referring to India when it averted a major economic crisis and placed it on a high growth trajectory during 1991 when India faced an economic crisis and was on the brink of a sovereign default, he said,"India also went through the same crisis and at that time Prime Minister P V Narsimha Rao brought the financial advisor and later who became the PM of the country, Manmohan Singh."
He said that Singh did everything to overturn the situation. He also said, "We should learn from India to overcome such an economic situation."
He said that the ruling Rajapaksa government's negligence during the Covid period is the main reason behind the economic crisis in the country, adding that the government should learn from India in handling such challenges.
"This crisis has to happen as the government didn't take an adequate precaution during the Covid period. If we have negotiated during the time when the world was willing to give us the relief then we won't be suffering this situation. There was total neglect from the ruling side," Jayasundra told ANI.
Referring to loans taken by Sri Lankan in the past years, Jayasundra said, "The government has taken the loan from the ISBs and other different institutions and countries. But they don't have the proper strategy to repay the loans and from there the series of problems started in the country."
He further added that after repaying the entire amount, the island nation start facing a shortage of food, fuel, medicine and gas.
Sri Lanka is battling its worst economic crisis in decades, as high foreign debt repayments and a massive trade deficit has left the country unable to import basic goods such as milk powder and cooking gas, and protesters have taken to the streets demanding the resignation of the country's President, Gotabaya Rajapaksa, who has refused to step down.
Sri Lanka has suspended its external debt repayments while it works with the International Monetary Fund on a bailout package.
Referring to Sri Lanka's situation, Jayasundra said that the politician here doesn't know how to handle the crisis. He further said that even the fiscal policy of the country is not proper.
He urged the youth to come forward and take the situation into their hands and request the government to stop the mismanagement in the country. (ANI)