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Central Bank joins chorus urging need to uphold reform momentum

10 May 2024 09:57 am - 23     - {{hitsCtrl.values.hits}}


Echoes similar calls from global agencies such as WB, ADB, and the IMF
Says want to convey “very clearly and very loudly” the need to sustain the stability
Sri Lanka is facing mounting pressure to maintain its current reform momentum, as experts continue to warn that any deviation from the path could potentially derail the country's progress and plunge it back into crisis. 
Central Bank Governor Dr. Nandalal Weerasinghe yesterday reiterated this imperative, echoing similar calls from global agencies such as the World Bank (WB), the Asian Development Bank (ADB), and the International Monetary Fund (IMF). 
Just a month ago, these institutions stressed the absolute need for Sri Lanka to stay the course, emphasizing that there is no room to steer away from the current path.
The urgency of this call stems from the upcoming elections, which historically have been times when policies and reforms are often sidelined and sacrificed in favor of strategies to fetch votes. 
Dr. Weerasinghe's message was clear and firm, although he did not directly mention the impact of the upcoming elections on reform momentum. 
Speaking at a panel discussion hosted by the Central Bank, he emphasized the critical need to sustain the stability that has been achieved so far.
"What we want to convey very clearly and very loudly is the need to sustain the stability that we have achieved so far. That's the key message that we are trying to convey this time," he stated.
He also stressed the importance of maintaining consistency in overall macro policies, including fiscal and monetary policy, as well as structural reforms. 
"It is important to continue this reform momentum and move in the same direction, the right direction going forward to sustain stability," reiterated Dr. Weerasinghe.
To achieve long-term gains, Sri Lanka must address several key areas in the short term. The Central Bank Governor stressed this includes completing the remaining parts of the external debt restructuring and ensuring the successful completion of the IMF review to provide assurance that the country is on track. 
The completion of these tasks will be crucial in maintaining the confidence of global financial institutions and investors in Sri Lanka's economy.

  Comments - 23

  • Nandakumar Friday, 10 May 2024 10:30 AM

    Did ranil told you to speak few words like this, Only NPP can bring doen the government expenses, hence we will vote for it what ever you say.

    Devaka Attygalle Friday, 10 May 2024 11:03 AM

    Voting for NPP is a vote for JVP and a vote for Marxism. A vote for NPP is a vote to destroy the country

    Gamini jaya Friday, 10 May 2024 11:42 AM

    Yes, Dr.Nanda La.. is a obedient servent of the Ranil Rajapak . According to me is also belongs to the present FAIL group. We have the unpleasant remembers of the past such as increasing of salaries. Its time to sought new and capable person for the post of CBG.

    Raven Friday, 10 May 2024 12:04 PM

    What JVP/NPP are saying is, as usual not clear. Anura kumara is on one stance copying Ranil while Sunil H is against IMF. Not sure where the jokers will end up.

    Indika ruwan Friday, 10 May 2024 10:49 AM

    You dont lookafter central bank, but do politics with the position, way forward is NPP, people know where you are hitting

    Assurance of solving Previous Cases Friday, 10 May 2024 02:04 PM

    Unfortunately, no party has sufficient and capable candidates to work alone to up lift the country. If Ranil can give assurances that all previous unresolved corrupt and murder cases will also be seriously looked into with younger candidates from the various parties, he will have a good fight with NPP in the coming elections.

    A Supporter of Reforms Friday, 10 May 2024 11:34 AM

    Does that reform momentum include giving fantastic salary increments to the Staff of the Central Bank?

    A Reformer Friday, 10 May 2024 11:47 AM

    Has the Central Bank joined the chorus of upholding reform momentum as payback for a fantastic salary increase the staff received?

    Kevin Friday, 10 May 2024 11:55 AM

    Hmmm. Hefty pay rise for CB employees whilst rest of country suffers Mr Nandlal. Nice reform buddy.

    Ama Friday, 10 May 2024 12:07 PM

    You must practise WHAT YOU PREACH, Nandalal. Since you gave more than 77% increment to your own staff, others also will request the same.

    Fieasta fruit Friday, 10 May 2024 12:10 PM

    Song sung blue to black.

    joshua Friday, 10 May 2024 12:38 PM

    Everybody talks of the pathway to progress but none has the backbone to talk of recovering monies from the corrupted morons in that Parliament. There are millions there.... but you keep talking of taxes which only the ordinary person pays. People now do not care what the promises of the parties are what brand of liquor they give, but are only interested in chased away the present lot.

    Nobody Friday, 10 May 2024 01:48 PM

    Do you have any idea how long it will take to prove that someone is guilty in court? Let’s say that this was successful .. do you think that money is enough to pay what we owe to external creditors? And what is thee plan until the case gets closed? Seriously you guys are frogs in a well.. no wonder you support JVP

    Joshua Friday, 10 May 2024 03:35 PM

    It is not about promoting jvp. Ranil has been in office for over a year. What had done to recover the loot. Nothing. He is dancing with the Rajapakshes. Whether anybody like ir not, the change is coming. It may not work for Lanka but these looters have to go

    Sam Silva Friday, 10 May 2024 05:42 PM

    @joshu Ranil did not volunteer to get back the looted money. He came to the picture to resolve the economic crisis after the aragalya. It was temporary setup. No other leaders did not want to take the responsibility. Joining the Rajapaksas and shelter them is different but he should not have done.

    Bryan Karu Friday, 10 May 2024 09:30 PM

    Nandalal is dancing for Ranil.

    Most Candidates Are Not Competent To Take Over Friday, 10 May 2024 12:40 PM

    Ranil has joined hands with morons which most citizens despises. Unfortunately, no party seems ready with sufficient capable candidates to work alone to up lift the country. If Ranil can nominate some candidates of substance from the various parties to further stabilise the country and work competently and productively, he will have a good fight with NPP in the coming elections. Whoever looses, they must graciously accept the results and allow the country to move forward as lots still needs to be done for the recovery.

    Premalal Perera Friday, 10 May 2024 01:37 PM

    What they mean by reform is to load more and more costs on the people, keep the corruption going and ignore the rule of law.

    dinesh Friday, 10 May 2024 01:46 PM

    CB cheerleader is busy....reform does not mean selling off everything...

    EXCELLENT COMMENT Friday, 10 May 2024 04:24 PM


    More than one tiger at the boatman's throat! Friday, 10 May 2024 05:46 PM

    It is a pity Ranil has to take the lamb, the bundle of grass AND the Tiger to the other shore as told in the nursery tale. The lamb is the citizen, while the tiger is not only Rajapasses but every other greedy politician who would like to destroy Ranil if they can. It is a thankless job. We saw some faces of these greedy tigers after the SLPP meeting of Basil answering reporters!

    Ranga Friday, 10 May 2024 04:28 PM

    Anyone with a basic economics knowledge should agreed we must go beyond what IMF has put in place for the sake of the country

    sss Friday, 10 May 2024 05:14 PM

    Why do not the Governor and the international stakeholders demand that the unabated corruption (the latest being visa issuance) should be immediately addressed and all the thieves brought to justice. Without stopping this widespread corruption whatever reforms they are talking about do not work

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