Former United National Party Deputy Leader and Parliamentarian Ravi Karunanayake says many of the economic challenges currently facing the country could have been minimized if policy decisions had been implemented earlier.
Speaking to the media on recent government measures relating to gold-backed lending and vehicle imports, the MP argued that authorities had delayed taking necessary action.
Karunanayake stated that economic management should focus on strengthening the rupee while ensuring policies remain affordable and practical for the broader population.
He also cautioned against allowing large-scale vehicle imports without adequate planning, warning that excessive import volumes could create additional pressure on the economy and foreign exchange reserves.
“We need a programme that strengthens the rupee in a manner that benefits the entire population. These measures could have been introduced earlier,” he said.
The MP argued that rising vehicle imports, currency depreciation, and increases in interest rates have collectively contributed to current economic pressures.
Referring to the recently introduced restrictions on loan-to-value ratios for vehicle and gold-backed loans, Karunanayake said such measures should have been anticipated and implemented proactively.
He further stated that an independent Central Bank should be prepared to take preventive action before economic pressures intensify.
“Sometimes decisions that are beneficial in the long term may appear unpopular initially. However, if necessary actions are taken at the right time, many of these problems could have been avoided,” he said.
His remarks come amid ongoing discussions over monetary policy, exchange rate management, import controls, and financial sector regulations introduced in recent months.
