Former President Ranil Wickremesinghe says Sri Lanka has many issues to address regarding the US tariffs, despite President Donald Trump having postponed imposing tariffs for three months.
Delivering a special statement, Ranil Wickremesinghe said the government must consider this an urgent matter and brief the nation on what measures are being taken by the authorities in this regard.
The former President said even though the imposition of tariffs has been postponed now, it will become effective as this period ends, pointing out that it is a major issue if Sri Lanka is paying between 25%-30% in tariffs.
“One main impact is the loss of jobs, which some say could be around 100,000. This will also have an impact on Sri Lanka’s economy. We must face this issue,” Ranil Wickremesinghe said.
He further said that Sri Lanka cannot consider that the tariffs have been removed, but should use this opportunity to hold talks with other nations, especially to address the China issue.
Ranil Wickremesinghe noted that the tariffs will also impact Sri Lanka’s loan repayments.
“This will cause a significant gap between repayments and the funds to be received by Sri Lanka. We will see a reduction in the funds disbursed to us. As such, this will increase our loan amounts. As a result, we are expected to pay UD$ 300 million for this quarter. The value of the Rupee has dropped due to this crisis. We have to face these issues,” he said.
The former President said the government must work towards the 2028 loan repayment goal and that the government must see if the target could be met.
“As we have many issues to deal with at present, the government must focus on holding talks with the US government and on how to resolve this at a national level,” he added. (Newswire)