By Our Reporter
Sri Lanka, which was once the richest and the most advanced country in entire South Asia, is now facing an economic as well as political crisis.
The economic condition of the island nation is so worst that it could not conduct school examinations in a lack of budget to buy papers. There is a shortage of food and fuel and people have to stand in a queue to get everyday goods whose prices have skyrocketed by manifolds.
The foreign reserves have shrunken, and the government has no foreign currency even to pay back interest on foreign loans. Amid the increasing economic crisis, 26 Cabinet ministers resigned en-masse, inviting political crisis as well.
Many people familiar with the Sri Lankan crisis have started saying that Nepal will also face the same situation. However, experts argue that even though things are not good, Nepal will not reach the position of Sri Lanka at least for two years even if it does not take measures to avoid the crisis.
Many blamed the Chinese loan for the crisis faced by Sri Lanka, others blame the rejection of MCC by Sri Lanka for the crisis. But what Sri Lanka is facing today, was the mismanagement of the past six years.
Nepal should learn a lesson from Sri Lanka, and take appropriate measures to avoid such a situation.
Discarding imports of luxury products, and encouraging local investors and farmers for their investment in import-substituting and exportable items are the measures to avoid the economic crisis. Moreover, reducing general sector expenditure and increasing development expenditure is the right path to make the economy vibrant. In this regard, we need to scrap the present expensive political system.
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