World Bank Lauds Sri Lanka’s Rapid Economic Recovery and Reforms
Faris Hadad Zervos, the Country Director of Maldives, Nepal, and Sri Lanka at the World Bank, commended Sri Lanka for its remarkable progress in economic recovery. Speaking at a press club event held at the Blue of the Hilton, Zervos acknowledged the challenges the country faced just 13 months ago, including the demands of the youth for a better society, as well as the subsequent economic and political crisis.
Zervos praised the speed of Sri Lanka’s economic recovery, highlighting the significant decrease in inflation from 70% to 12%, with further expected reduction. He also noted the improvement in interest rates and the decline in negative growth rates, emphasizing that these positive indicators are indicative of a rapidly recovering country.
While acknowledging that there is still work to be done, Zervos expressed confidence in Sri Lanka’s trajectory, affirming that the nation is moving in the right direction. He emphasized the need for the people themselves to settle the man-made crisis, with politics playing a crucial role in facilitating the recovery process.
Zervos emphasized the importance of uplifting the poor and vulnerable segments of society, calling on the government to implement solutions that prevent a recurrence of past issues. He praised the efforts to promote good governance and combat corruption, highlighting the introduction of new rules and a praiseworthy banking act.
The World Bank’s positive assessment underscores the significant strides made by Sri Lanka in its economic recovery and reform initiatives, while emphasizing the ongoing need for sustained progress and inclusive development.