INSUBCONTINENT EXCLUSIVE:
midst of an economic crisis, and he would not step down as he had earlier said he would.Governor P
would be submitted to the cabinet soon, possibly by Friday.Weerasinghe told reporters on May 11 that he would resign in two weeks in the
absence of political stability as any steps the bank took to address the economic crisis would not be successful amid political
turmoil.Speaking to reporters after his bank announced it was holding its key lending and borrowing rates steady, Weerasinghe said there had
We have also seen that our measures are working well
I would like to see a finance minister appointed
named prime minister last week and he has made four cabinet appointments
However, he is yet to name a finance minister.The nation of 22 million people is battling a devastating economic crisis as tax cuts by
President Gotabaya Rajapaksa drained government coffers, COVID-19 hit the important tourism industry and rising oil prices emptied foreign
exchange reserves.The central bank held rates steady following a massive 7 percentage point increase at its previous meeting and reiterated
the need for more fiscal measures and political stability in the crisis-hit economy.Weerasinghe said proposals on debt were nearly ready and
could be sent to the Cabinet by Friday for approval.He also said inflation could rise to 40% in the next couple of months but it was being
driven largely by supply-side pressures and measures by the bank and government were already reining in demand-side inflation.Inflation hit
29.8% in April with food prices expanding by 46.6% year-on-year.U.S
improve its strains and help its talks with the International Monetary Fund.Sri Lanka is officially now in default as a so-called grace
There can be technical definitions ..
From their side they can consider it a default
This article first appeared/also appeared in https://adaderana.lk
