Cyclone Debt in Sri Lanka

A group of economic experts have called for debt restructuring for Sri Lanka after the cyclone. The cyclone that hit Sri Lanka a few weeks ago, has killed over 600, and caused irreparable damage to the life and property. Sri Lanka should be given more time to fulfil its loan repayment. The move, if accepted, should come as a welcome respite to the government amid the chaos that it finds itself in. Environmental destruction has led to irreversible damage in the island nation that has led to considerable burden on the exchequer. Sri Lanka must find new and efficient ways to deal with the environmental catastrophe that might come periodically. Climate change and other environmental problems should be dealt with appropriate policy measures, and all care must be exercised to minimize the damages caused. Sri Lanka along with other nations that are environmentally vulnerable should seek better policy measures and make a disaster management strategy to deal with the environmental problems.

More investments in disaster management would eventually safeguard the interests of its citizens and protect their life and property. Environmental problems should be given the attention that it duly deserves, and new measures should be considered and implemented. The present loan repayment should be relieved, and the Sri Lankan government, including the debt agency would be well-advised to pay heed to the economists’ advice. Most of the finances must be used for betterment of the Sri Lankan population, and undue stresses on the government must be avoided. Most nations that are environmentally vulnerable might also be economically weak. The same could be applicable to Sri Lanka. Sri Lanka must get its policy measures right and create a new agency that can assist its vulnerable citizens. Better policy measures would be one way to manage the environmental problem. The international community must provide technical know-how to the isolated island battling the environmental catastrophe. On the other hand, the Sri Lankan government must make its stand clear on international platforms that it is serious in its intent to deal with the environmental problems.

Yuvraj Saharan

Capital Report