- Wednesday, November 27, 2024
By: Shubham Ghosh
A British parliamentarian has called on the government to provide more economic support to Sri Lanka which has been going through a crisis for a while.
Dr Matthew Offord, MP from Hendon, spoke about the South Asian island-nation’s economic situation in a debate in the House of Commons and asked the UK government to invest more in that country, a press release said.
“We are fortunate that the UK is already heavily involved in, and a large contributor to, many of the organisations assisting in Sri Lanka… It is increasingly vital that the UK uses its global influence in these organisations to assist in securing the best possible economic support for Sri Lanka and to provide debt sustainability,” Offord said in the debate.
The 53-year-old Conservative leader also sought investment in Sri Lankan energy, particularly green and renewable energy sources that can help improve the island’s ecosystem and tackle effects of climate change.
Offord also mentioned in the debate about the large Sri Lankan diaspora in London and his chairmanship of the All Party Parliamentary Group on Sri Lanka.
Through his work on the group, Offord meets with Sri Lankan charities and community groups to further Anglo-Sri Lankan relations.
Responding to the debate, foreign office minister for development Andrew Mitchell said the UK and Sri Lanka have a long and shared history, noting the 75th anniversary of their diplomatic relations.
“We will also continue to play a committed role in supporting Sri Lanka towards an inclusive, democratic and a prosperous future,” he added.
Speaking after the debate, Dr Offord said, “I was pleased to be able to secure this important and timely debate on the economic situation in Sri Lanka.
“Although I am reassured that the UK has taken great strides in assisting Sri Lanka, we must use our global influence to make a success of the IMF (International Monetary Fund) deal.
“This is just the beginning of the story of recovery for Sri Lanka and the UK can play an important role in achieving that. I look forward to visiting again someday soon.”
Sri Lanka’s politics witnessed a major turmoil last year as soaring prices, shortages of essential goods and tough international debts sparked nationwide protests that even saw its former president flee the country.
Early last year, ordinary Sri Lankans started facing power cuts and shortage of basic commodities such as fuel. The rate of inflation shot up to an annual 50 per cent.
The country also experienced shortage of fuel for essential transport and medical services since it did not have enough foreign reserves to import fuel. The shortage led to a dramatic rise in prices of petrol and diesel, which severely crippled economic and other activities across the island-nation.
In May last year, Sri Lanka also failed to make an interest payment on its foreign debt — for the first time in history.
This hurt its reputation with lenders and made it even more challenging to borrow money from international markets.
