CCC calls on govt. to address pressing issues

The relatively high government debt burden and under performance of the public investment programme has resulted in increasing inflation, which has hindered our economy, pointed out the Ceylon Chamber of Commerce (CCC), in its report presented at its 169th Annual General Meeting (AGM).

Increases in the prices of oil and the rising costs of food are factors that also contributed to rising inflation and the CCC urged the government to address these factors on an urgent and immediate basis.

It further stated that the cost of money in today’s context could be in the range of 18%-24% or even higher depending on specific circumstances and that this situation would have a harsh impact on overall investment and a host of business decisions.

Since the country can no longer rely exclusively on fossil fuel and hydropower for the generation of energy, the CCC proposes to focus on solar and wind power as a matter of great urgency.

It also drew attention to the fact that the efforts to appoint the Constitutional Council were not successful. Pointing out that this issue was of high importance for good governance and to ensure law and order in the country, the CCC requested the government to address this issue without delay.