INSUBCONTINENT EXCLUSIVE:
The Governor of the Central Bank of Sri Lanka (CBSL ), Dr
Nandalal Weerasinghe says Sri Lanka was able to avoid a crash landing of its economy and turn it into a soft landing but on a lower
Budget presented to the parliament yesterday, the CBSL Governor emphasized that this stability could carry forward with necessary
reforms.Sri Lanka needs to implement budget proposals and reform measures to start earning crucial foreign exchange to help stabilise its
economy and ensure it does not return to crisis, its central bank chief said on Tuesday.The Sri Lankan economy can turn around by the end of
Wickremesinghe said in his budget speech on Monday.Governor P
Nandalal Weerasinghe, in remarks at a discussion on the budget, said the situation in the island nation was stable but at a very low
relief from creditors but in order to convince them to share the pain we also have to show them that we are taking a share in the pain as
struggling to pay for imports of essentials such as food, fuel and medicine and in dire need of an IMF bailout.Sri Lanka signed a
staff-level agreement with the IMF in early September but needs to get financing assurances from multiple creditors, including China and
state-owned enterprises so they stop being a burden on the banks, the government and the people.Treasury secretary K
Mahinda Siriwardana said at the same event that stabilising the economy remained a challenge and the private sector must perform its role in
aiding the government in pulling the economy out of crisis.He said the government was setting up a Presidential Committee to monitor and
ensure timely implementation of budget proposals.Weerasinghe said Sri Lanka needed to stop depending on debt for its financing requirements
and implement measures to bring in foreign exchange.Addressing chronic fiscal and current account deficits, while also collecting more
That is a painful process
This article first appeared/also appeared in https://adaderana.lk
