In the past week, protesters and opposition parties alike have called for the resignation of Prime Minister Mahinda Rajapaksa.
"We need to make sure that Sri Lanka does not have a disorderly default," Devarajan told CNBC'sOther members of the advisory panel formed Wednesday include former governor of the Central Bank of Sri Lanka, Indrajit Coomaraswamy, and a former IMF official, Sharmini Coorey.
Devarajan said Sri Lanka must also increase taxes, cut expenditures and restructure state-owned enterprises in addition to decreasing the subsidies on food, fuel and electricity."This is very important because most of the subsidies, like the fuel and electricity subsidies, are enjoyed by the rich but an increase in the price of fuel will hurt the poor. The government, somehow, needs to accompany that with a cash transfer program," he said.
Amid the deepening economic crisis, the chairman of Sri Lanka Port Authority claimed port operations were running smoothly."We have not stopped a day of work. Things are moving smoothly," he told CNBC on Friday. He said there was growth in output figures in 2021."Last year, we had the highest throughput. And the momentum is continuing this year," he said, adding that port congestion was not an"issue at all."
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