Former President Calls for Immediate Action and Public Transparency
Sri Lanka could face a loss of over 100,000 jobs due to the recent trade tariffs imposed by the United States, warned former President Ranil Wickremesinghe in a special statement delivered yesterday (16). He described the situation as an “economic emergency” and urged the Government to take swift, transparent action to mitigate the looming crisis.
“As tariffs increase, consumer demand for goods declines. This is not a hypothetical situation — it is already unfolding. Some estimate that over 100,000 jobs are at risk. Whether the number is exactly that or slightly lower, the figure is set to rise,” Wickremesinghe said.
He stressed that the fallout would extend beyond the immediate workforce, affecting a wide range of economic sectors. “People running boarding houses, shops, and other support services will also see their income affected. This will, in turn, hurt our overall economy,” he added.
Wickremesinghe further highlighted the broader economic risks: a drop in export revenues could worsen Sri Lanka’s balance of payments, weaken the Rupee, and trigger higher borrowing needs. “As our earnings decline, our borrowing-related needs will increase. The economy may slow down further, and the Rupee could depreciate even more,” he warned.
Calling for urgent diplomatic engagement with the US, Wickremesinghe stressed the need for clear and transparent communication with the public. “The Government must treat this as an emergency and clearly communicate what measures are being taken locally. Otherwise, one problem will follow another,” he concluded.
The former President’s warning comes at a critical time when Sri Lanka is striving to stabilize its fragile economy, highlighting the urgent need for coordinated action on both domestic and international fronts.