In the midst of Sri Lanka’s economic downturn, Prime Minister Ranil Wickremesinghe has explained the need for policy decisions based on an export-oriented economy.
Expressing his desire to bring the island nation out of the crisis, he said these policies could help the export industry overcome the country’s current economic crisis.
The Prime Minister said this while meeting the bank chiefs on May 26.
“In the current global crisis, about 70 countries are facing problems and Sri Lanka is one of those countries,” said Vikramasinghe.
However, the Prime Minister further explained that Sri Lanka has a small window where we can reduce the impact if the right policy is adopted.
The talks were attended by Central Bank Governor and Prime Minister Ranil Wickremesinghe as well as a number of local and foreign bankers as they discussed specific solutions to the country’s problems until an agreement is reached in the International Monetary Fund.
As the economy is not doing well, it is clear that there is a high risk of rising international interest rates. The threat of rising international food prices is also being noticed at the moment.
Sri Lanka is facing its worst economic crisis since independence, affecting large numbers of people due to food and energy shortages, rising prices and power shortages, leading to widespread protests that led to the resignation of former Prime Minister Mahinda Rajapaksa on 9 May.