Sri Lanka: Economic management will be taught to MPs in Sri Lanka, who are facing the brunt of debt

Pankaj Prasad
 Sri Lankan President Ranil Wickremesinghe
Sri Lankan President Ranil Wickremesinghe

The cabinet has approved the proposal to set up an economic and trade institute.

Sri Lanka, which has faced the worst economic crisis in history in the past, is now taking steps in haste. This debt-ridden country will now educate parliamentarians for economic and business decisions. For this, an institute will also be established in Sri Lanka. 

A senior Sri Lankan official told that the cabinet has approved the proposal to set up the Economic and Trade Institute. The aim of this institute is to educate parliamentarians and officials to help them take the right decisions on economic and business matters. 

Sri Lankan cabinet spokesperson Bandula Gunawardene said that the proposal to set up the institute was brought by President Ranil Wickremesinghe, which has been approved by the cabinet. The legal draftsman will begin the work of compiling a draft bill, he said.

The country was in debt due to wrong decisions 

Let me tell you, Sri Lanka was in debt earlier this year. Alam happened that the country saw the worst economic crisis in the history. Inflation reached its peak here and people had to become victims of starvation. Due to the rebellion, the government also had to suffer a change of power. Analysts say lawmakers were not sufficiently informed about the looming crisis, despite warnings from several quarters. Had the right decisions been taken around 2020, the crisis could have been avoided.