CBSL Chief says painful reforms in operation, asserts a difficult time ahead
The International Monetary Fund (IMF) and the creditors responding to Sri Lanka should be informed that the country is back on the trajectory of achieving economic stability together with credit sustainability, said Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe, addressing a function held in Colombo two days (20) ago.
“We will have to spend a difficult period ahead. Our economy now is being contracted. We have to get used to it. We should manage by reducing imports with our export earnings. Also, maintaining high interest rates, slowing-down economic activities and protecting the most affected sections of the population from this crisis should be carried out. During this period, others may have to share a certain level of pain in this regard,” Weerasinghe said.
The CBSL Chief went on: “It was in the objective of managing that pain did we reach into many difficult economic decisions. Are we to receive the approval of the Executive Board of the International Monetary Fund, I am confident that we can achieve stability in terms of economy. Also, you may be able to continue your regular economic activities slowly. Adding, we may be able to maintain regular business activities and go back to the situation we were in before. But keep in mind, this is not the end of the story.”