Summary
- Overall rate of inflation increased to -3.9% in February 2025
- Food Inflation increased to -1.1% in February 2025
- Inflation compared to -4.0% in January 2024
- Inflation compared to -2.5% in January 2024
Publications(15)
The Secretary to the Prime Minister, Pradeep Saputhanthri, participated in the World Bank Group’s Global Digital Summit 2025, held from March 17 to 20 at the World Bank headquarters in Washington, D.C. This year’s summit was held under the theme “Digital Pathways for All,” and brought together global authorities, development partners, private sector leaders, and key stakeholders to explore innovative digital solutions and their role in advancing economic and social development, the Prime Minister’s Media Division said in a statement. The summit provided valuable insights for Sri Lanka’s ongoing digitalization initiatives, which are being spearheaded under the leadership of the President, Anura Kumara Dissanayake. During the high-level discussions, Saputhanthri engaged with global experts to examine emerging digital technologies and strategies that can drive inclusive and sustainable digital transformation in Sri Lanka, the statement added. On the sidelines of the Global Digital Summit, Saputhanthri held discussions with key officials from the International Monetary Fund (IMF) and the World Bank. He met with Mr. Kenji Okamura, Deputy Managing Director of the IMF, Dr. Krishnamoorthy Subramanian, Executive Director of the IMF, Dr. Krishna Srinivasan, Director of the Asia and Pacific Department of the IMF, and Dr. PKG Harischandra, Alternate Executive Director at the IMF. During these meetings, Saputhanthri provided an update on the progress of Sri Lanka’s Extended Fund Facility (EFF) and expressed appreciation for the continued support of the IMF Executive Board, Senior Management, and Staff following the successful completion of the Third Review under the EFF in February 2025. He reaffirmed the Government of Sri Lanka’s commitment to meeting the forthcoming EFF review milestones. Discussions also covered the government’s ongoing digitalization efforts, aimed at supporting vulnerable communities, improving tax system efficiency, and enhancing overall economic productivity, it added. Saputhanthri also held a meeting with Martin Raiser, Vice President for the South Asia Region at the World Bank, to convey appreciation for the World Bank’s extensive support to Sri Lanka. Mr. Raiser reaffirmed the World Bank’s steadfast commitment to assisting Sri Lanka’s economic recovery and development. The discussions focused on future collaborations to ensure continued financial and technical support for the country’s long-term stability and growth, according to the Prime Minister’s Media Division.
The overall rate of inflation as measured by the National Consumer Price Index (NCPI) on Y-o-Y basis increased to -3.9 % in February 2025, compared to -4.0% in January 2024, according to the latest data released by the Department of Census and Statistics. Food Inflation also increased to -1.1% in February 2025, compared to -2.5% in January 2024.
The Sri Lankan economy recorded a strong turnaround registering overall growth of 5% for 2024 amid renewed macroeconomic stability, says the Central Bank of Sri Lanka (CBSL). Meanwhile, the country’s economy grew 5.4% in the fourth quarter of 2024, the Census and Statistics Department said in a statement. The International Monetary Fund had forecast Sri Lanka’s economy would grow by 4.5% in 2024. Sri Lanka’s agriculture sector grew 8.3% in 2024 from a year earlier, industrial output expanded by 25.5%, and services grew by 57.5%. Struck by a severe dollar shortfall, the economy went into freefall in 2022, contracting 7.3% as it grappled with soaring inflation, a sharply weaker currency and a historic foreign debt default. The economy shrank 2.3% in 2023. But it made a stronger-than-expected recovery last year as measures implemented under a $2.9 billion four-year bailout from the IMF, secured in March 2023, bore fruit. —With agencies inputs
Sri Lanka’s economy grew faster than expected last quarter, indicating strong domestic activity backed by the International Monetary Fund’s aid. Gross domestic product rose 5.4% in the three months to December from a year ago, the Statistics Department said Tuesday, higher than the 5.3% expansion predicted by economists in a Bloomberg survey. GDP figures for July-September period were revised lower to 5.3% from 5.5% earlier. For the full year, the economy expanded 5%, bouncing from a contraction of 2.3% the previous year. Sri Lanka has turned the corner after an unprecedented default in 2022, with economic growth forecast to sustain around 5% in 2025. The South Asian nation secured about $334 million in IMF loans this month, helping bolster economic recovery. It needs to increase energy prices and meet fiscal parameters to continue getting funds from the lender. Industrial production grew 13.1% in the three months to December from a year ago, compared to 10.1% in the previous quarter. Services sector expanded 2.5% last quarter, while agricultural output contracted 2.2% during the period. Sri Lanka’s central bank held its benchmark interest rate at 8% in the first policy meeting of 2025, to help inflation reach the target while supporting an economic revival. The next policy decision is scheduled for Mar. 26. Source: Bloomberg --Agencies
Adds cutting exposure to foreign holdings of rupee securities was deliberate to minimise volatility and troubles Despite a pushback against future borrowings via International Sovereign Bonds (ISBs) from certain quarters, a former central banker and eminent economist said Sri Lanka will, at some point, have to tap international capital markets to prevent further economic compression and close the external financing gap, which remains wide. According to Dr. Indrajit Coomaraswamy, Sri Lanka should not and cannot achieve smooth debt management and gradually reduce its external financing needs before tapping ISBs again—something the country has neither done nor been able to do since 2019. “We have to go to the market again at some point,” he said, delivering the first in a series of the Central Bank’s 75th-anniversary orations earlier this week. He explained that without such borrowings—typically at a relatively lower cost than portfolio investments in rupee government securities and with longer maturities—Sri Lanka will struggle to bridge its external financing gap. Further, he said that unless funds come from sovereign bonds, Sri Lanka would experience compression in both consumption and investment, which the country cannot afford due to the deep contraction and its economic consequences on businesses and the public alike.“And ISBs are probably the most effective way of doing it unless we sell ourselves to some donor who will bankroll us, which I don’t think is a good outcome,” Dr. Coomaraswamy added. The former governor of the Central Bank (2016–2019) also used the forum to respond to criticism over the significant sovereign bond issuances during his tenure and to clarify why they were necessary at the time. He noted that total outstanding sovereign bonds rose from US$ 5.0 billion at the beginning of 2015 to US$ 15.0 billion by the end of 2019, with US$ 4.5 billion raised in 2019 alone. According to him, this was done for two reasons—first, to reduce reliance on highly volatile portfolio inflows into government securities, which stood at around US$ 3.5 billion in early 2015, and second, to reduce approximately US$ 2.5 billion worth of currency swaps with other central banks. He said portfolio investments in rupee securities were causing significant trouble due to their extreme volatility, creating uncertainties for policy-making at a time when the U.S. Federal Reserve was raising interest rates.As a result, he said they brought portfolio investments down to about US$ 600 million and currency swaps down to US$ 500 million by the end of 2019, from where they stood at the start of 2015. He further emphasied that funds raised through ISBs were crucial in extending the maturities of Sri Lanka’s external debt and lowering borrowing costs, as ISBs were issued at rates between 6 percent and 7 percent, compared to rupee bonds, which were around 12 percent at the time. Speaking specifically about the US$ 4.5 billion worth of bonds issued in 2019, he said funds were raised both to extend maturities and to create buffers for the next administration, which was almost certain to come into power later that year due to public dissatisfaction following the Easter bombings. He added that they were also fairly certain the economic stabilisation programme would not continue under a future administration, which could lead to the discontinuation of the then-ongoing International Monetary Fund (IMF) programme. Surprisingly, he noted, even the markets were willing to lend to Sri Lanka at the time, as they believed in the country’s progress in strengthening macroeconomic fundamentals under the IMF programme and through the Active Liability Management Act, which was passed in parliament during that period. Pushing back against claims that large-scale bond issuances were primarily responsible for Sri Lanka’s 2022 debt default, Dr. Coomaraswamy argued that these borrowings actually helped delay an otherwise inevitable default.“If we hadn’t continued to borrow or issue ISBs, we would have defaulted much earlier because we were literally borrowing to repay the debt,” he stressed. Citing several studies, he said at least 90 percent of fresh borrowings during that period were used to settle existing debts.
The upcoming festive season gave an additional boost to the already expanding activities across the economy, as both manufacturing and services activities continued to grow through February. This is as the firms are gearing up for the coming Sinhala and Tamil New Year. Accordingly, the Purchasing Managers’ Index (PMI) for manufacturing and services recorded index values of 56.8 and 56.5, respectively for February, reflecting continuous expansion in the activities. This was however some slowdown from 59.0 and 58.5 for the two sectors in January. In the PMI, an activity is split between an expansion and a contraction at 50.0 and if an activity has an index value of 50.0, then it says such activity has neither contracted nor expanded. The manufacturing sector has predominantly been driven by the food and beverage sector, which is gearing up for the upcoming festive season. This was reflected from the expansions in both new orders and production sub-indices in the food and beverage sector, the survey said. Further, the sector has continued to hire people to work in the sector, in a sign that the growing activities are generating job opportunities, most of which may perhaps be the ones lost during the economic crisis. “Employment and stock of purchases also expanded, indicating proactive adjustments to accommodate the growing demand,” the survey conducted by the Central Bank said. Meanwhile, the services sector activities have been driven by many sectors from the financial services to wholesale and retail trade to education. Further, the real estate, professional services, accommodation, food and beverage, insurance and other personal services too have shown an expansion during the month from a month before. The financial services have been driven up mostly by the increased lending activities, which was made possible by the lower lending rates. As a result, there have been a lot of new business activities, which have taken place. Further, the employment in services too has continued to increase, as many firms have resorted for hiring in view of the festive season. The expectations remain high for both manufacturing and services, particularly due to the upcoming festive season, the survey results showed.
Sri Lanka is regaining its industrial strength, which weakened during and after the economic crisis in 2022, as reflected in the index that tracks industrial activity. The Index of Industrial Production (IIP) recorded 95.2 points for January 2025, up 6.1 percent from the same month a year earlier, signalling a resurgence in related activities. Industrial sector activity had been hampered since 2022 due to a foreign currency shortage, which led to stricter import controls. The economic shock therapy came in the form of an exponential rise in borrowing and tax rates, curbing both business and consumer spending and shrinking the industrial sector and the overall economy. The current revival is taking place as foreign currency availability has improved, import controls have been lifted, and business and consumer spending is picking up with a significant decline in borrowing costs and inflation. In January, industrial production was driven largely by the growth of other non-metallic mineral products, coke and refined petroleum products, and chemicals and chemical products, which expanded by 32.3 percent, 22.5 percent, and 12.7 percent, respectively. Meanwhile, major industries such as food manufacturing and apparel manufacturing also saw modest growth of 1.4 percent and 1.6 percent, respectively. However, beverage production declined by 9.5 percent year-on-year. Sri Lanka has a relatively shallow industrial sector, making its economy highly vulnerable to global shocks and disruptions, as seen during the pandemic. The country imports twice as much as it exports in merchandise, reflecting a weak industrial base heavily reliant on a few large-scale industries, such as apparel. Food manufacturing is also not large or resilient enough, as evidenced during the height of the crisis when fears of food shortages arose due to limited imports. Sri Lanka needs both broadening and deepening of its manufacturing activities while plugging itself into global and regional supply chains for a robust economy and better paying jobs.
The ASPI edged down as a result of price losses in counters such as Hatton National Bank, National Development Bank and Bukit Darah with the turnover crossing Rs. 1.0 Bn. Meanwhile, the S&P SL20 edged up. High net worth and institutional investor participation was noted in Agarapatana Plantations, Lion Brewery and Distilleries. Mixed interest was observed in Hatton National Bank, Hayleys and Hemas Holdings whilst retail interest was noted in Industrial Asphalts, HNB Finance Rights and Hela Apparel Holdings. Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers. During the week, the ASPI and the S&P SL20 lost 1.6% and 1.5% respectively, whilst recording an average daily turnover of Rs. 1.71 Bn. The Food, Beverage & Tobacco sector was the top contributor to the market turnover (due to Agarapatana Plantations) whilst the sector index lost 0.30%. The share price of Agarapatana Plantations increased by Rs 0.10 (0.76%) to close at Rs 13.30. The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank and Sampath Bank) whilst the sector index decreased by 0.13%. The share price of Hatton National Bank lost Rs 2.25 (0.73%) to close at Rs 306.50. The share price of Sampath Bank appreciated by Rs 0.75 (0.63%) to close at Rs 120.75. Hayleys and Hemas Holdings were also included amongst the top turnover contributors. The share price of Hayleys moved up by Rs 1.00 (0.73%) to close at Rs 137.50. The share price of Hemas Holdings recorded a gain of Rs 2.00 (1.67%) to close at Rs 121.50.
CSE Chairman Dilshan Wirasekara addresses a press briefing while CSE and SEC senior officials look on PIC BY PRADEEP PATHIRANA By Shabiya Ali Ahlam The Colombo Stock Exchange (CSE) is looking to build on its strong performance last year, when it ranked as the world’s second-best performing stock market in dollar terms, despite the signs of early 2025 market consolidation. The CSE delivered a 50 percent return on the All Share Price Index in 2024, trailing only Pakistan. Equity fundraising at the exchange amounted to Rs.2.8 billion, while the debt issues raised Rs.94 billion, rights issues Rs.63 billion and private placements Rs.14 billion. “We did have a very, very good year. And I think the start to this year also has been great. We’ve seen higher turnover levels, average maybe over Rs.3 billion, though this month is a little down,” CSE Chairman Dilshan Wirasekara told journalists this week. While the turnover has been strong, the overall market movement has remained subdued in early 2025. “For 2025, the market is probably almost flat but I think that’s again part of the consolidation,” Wirasekara said, adding that as long as investor activity remains fundamentally strong, the CSE is not concerned about the short-term fluctuations. Asserting that the exchange remains focused on liquidity and accessibility for the investors, he emphasised there is no major worry when the market fluctuates. “We have the proper systems and controls in place, ensuring decent trading volumes and providing liquidity for any investor to enter or exit the market,” he said. The key initiatives for 2025 include modernising financial reporting, enhancing surveillance and accelerating digital transformation. The introduction of XBRL-based reporting is expected to streamline corporate disclosures, while an artificial intelligence-driven surveillance system aims to detect the abnormal trading activity. “We are adopting a top-tier, best-in-class solution that will boost investor confidence,” Wirasekara said. The CSE is also working on integrating internet banking and digitising trading platforms to improve efficiency and investor access to market data. In a bid to woo foreign investors, the CSE, in collaboration with the Securities and Exchange Commission (SEC), is gearing up to host the Invest Sri Lanka Capital Market Investor Forum 2025, in Colombo, from March 27 to 28. The event will bring together foreign institutional investors, local fund managers and industry leaders, fostering partnerships for growth. For the first time, the leaders of the Pakistan, Bangladesh and Maldives stock exchanges will participate, sharing insights and expertise. The frontier markets, including Sri Lanka, will also sign a memorandum of understanding to enhance collaboration. It is the first time that the four frontier markets in the South Asian region have come together to showcase investment opportunities. Wirasekara positioned Sri Lanka as the most advanced among its regional peers, offering a compelling case for investment. “I can tell you that Sri Lanka stands out. I’ve been to all these markets and I can tell you we are not only the cheapest but we are the most advanced out of the four in terms of systems, processes, governance, investor, education, in any matrix that you take,” said Wirasekara.
In another reaffirmation of the strength of the ongoing economic recovery since the country fell into its economic depths back in 2022, Sri Lankan economy has recorded an estimated 5.4 percent growth in its economy in the fourth quarter of last year bringing the full year growth to the expected 5.0 percent in 2024. According to the Gross Domestic Product (GDP) estimates published by the Census and Statistics Department, the fourth quarter marked the highest rate of growth since the current recovery took off six quarters ago in the third quarter in 2023. In US dollar terms, Sri Lankan economy was of the size of 98.98 billion by the end of 2024. Further, the 2024 GDP growth is also the highest since 2014, when the economy grew by 5.0 percent. During that period the Sri Lankan economy was bustling with broad set of activities and expansion with sharp increase seen in the people’s incomes and economic wellbeing in a short span since the end of the war in 2009. The per capita income too rose to US$ 4,516 or Rs.1,364,235 in 2024, the first time the country managed to record a per capita income in excess of US$ 4,000. The appreciation of Rupee against the US dollar also helped higher US dollar incomes for the people in 2024 as the Rupee strengthened by about 10.0 percent, after rising by 12.0 percent in 2023. The sharp expansion in the economy was attributable to many factors from the availability of once again the foreign currency, which ran out in early 2022. The higher pace of growth was possible mainly from the lower base the Sri Lankan economy had from 2023 after two consecutive years of decline. The economy had its worst decline since its post-independence history in 2022 when growth fell by 7.3 percent before containing the contraction to 2.3 percent in 2023. “After the two declined GDPs in 2022 and 2023, Sri Lanka’s economy recorded a positive growth rate in the year 2024, paving the way for more positive expectations to come,” Census and Statistics Department said releasing their fourth quarter GDP estimates yesterday. “By facilitating and benefitting from these expansions of the economy, both export and import volume indices had shown remarkable increases throughout the year 2024 with increased container and cargo handling in the ports of Sri Lanka”, they added. “With the tendency to reduce interest rates, simultaneous increase in domestic credit was seen which created more liquidity in the economy especially on the hands of private institutes and individuals,” they explained the reasons for the current recovery in the economy. The fourth quarter GDP growth was underpinned mainly by the industry and the services sectors which grew by 13.1 percent and 2.5 percent respectively followed by a 15.7 percent increase in the taxes less subsidies category. But as evidenced from the troubles seen in the agricultural produce since the latter part of last year, the agriculture segment contracted by 2.2 percent. But all four components grew for the full year with each growing by 11.0 percent, 2.4 percent, 10.3 percent and 1.2 percent respectively. Meanwhile, the four segments contributed to the economy with 26.7 percent share by the industry, 59.2 percent by the services, 6.6 percent by the taxes less subsidies on products and agriculture with a share of 7.5 percent.
By Nuzla Rizkiya Sri Lanka must accelerate the adoption of sustainable financing frameworks to attract the global investors and strengthen its long-term economic resilience, the Asian Development Bank (ADB) said yesterday. With the global investors increasingly seeking socially impactful financing mechanisms such as green and sustainability-linked bonds to strengthen resilience in their investment ventures, the ADB officials noted that Sri Lanka should focus on improving its sustainable finance ecosystem to support these ambitions. A well-structured sustainable financing system, which is backed by internationally accepted regulations and governance frameworks, would also help the country diversify its financial risks by reducing its dependence on traditional banking channels, according to the regional development partner. “It can drive economic prosperity and improve quality of life by reducing waste, lowering costs and enhancing the environment. Therefore, it is crucial to promote sustainable finance by strengthening the capacity of institutions and developing innovative financing instruments,” noted ADB South Asia Department Director General Takeo Konishi. He made these remarks while addressing virtually the Serendipity Knowledge Programme on Sustainable Finance, organised by the ADB in Colombo yesterday. Addressing the forum, Konishi commended the Securities and Exchange Commission of Sri Lanka and Colombo Stock Exchange for their initiatives in implementing green bond regulations and raising awareness among the issuers and investors. He acknowledged that the efforts have already resulted in successful green bond issuances, including DFCC Bank’s first green bond issuance in September 2024, followed by Alliance Finance PLC in February 2025, both of which were fully subscribed, mainly by institutional investors. “Now the next phase should focus on further developing the sustainable finance ecosystem and leveraging capital markets to introduce instruments that raise funds for sustainable projects,” Konishi said. Reiterating his sentiments, ADB Country Director for Sri Lanka Takafumi Kadono reaffirmed the ADB’s commitment to support Sri Lanka in developing the regulatory frameworks that would improve its investor confidence. Concentrating on strengthening the sustainable finance ecosystem, he shared that the ADB’s support would focus on establishing the regulatory frameworks for thematic bonds, improving disclosure and reporting standards and collaborating with the credit and auditing agencies to boost investor trust. “Sri Lanka has strong potential in sustainable finance to attract both foreign and local funds, which in turn will benefit the capital market through product diversification and the issuance of innovative instruments,” Kadono said. The growing importance of sustainable finance was also highlighted by Sustainable Finance Institute Asia Senior Adviser Datuk Zainal Izlan Zainal Abidin, who emphasised the need for the countries to adopt impactful financing frameworks that would address both the global and local challenges. Abidin pointed to the rapid growth potential of the global sustainable finance market, which was valued at approximately US $ 5.4 trillion as of the third quarter of 2024. Citing Moody’s report, he noted that sustainable bond issuances are expected to reach US $ 1 trillion in 2025, while the sustainable loan market, along with its increasing demand for ESG-aligned financing solutions, reached nearly US $ 992 billion in 2024. “It is therefore, timely for Sri Lanka to share knowledge and experience in creating a financial ecosystem that delivers impactful sustainable finance, which is essential in supporting the country’s sustainability aspirations,” Abidin said. He recommended the countries to invest in sustainable infrastructure, integrate ESG principles into business strategies and take proactive steps to align with the growing expectations of global supply chains. “These are crucial tools for managing sustainability risks and meeting society’s growing expectations for a more sustainable economy,” Abidin said.
The Colombo Stock Exchange (CSE) has introduced a new board, called the Catalyst Board, to facilitate the listing of State-Owned Enterprises (SOEs), as proposed in the 2025 Budget presented by the government. This was revealed by CSE Chairman Dilshan Wirasekara in response to a journalist’s query at the Invest Sri Lanka Media Conference held in Colombo yesterday (18). CSE Chairman Dilshan Wirasekara stated: “What we’ve done is establish an SOE board, called the Catalyst Board, which has a framework that allows any SOE to get listed—banks, the CPC, the CEB, or whoever. There’s a framework now enabling them to list” Recognizing the challenges SOEs face in meeting reporting and governance standards, the CSE has provided a transition period to ease the listing process. “We’ve actually done it in a way that allows because some of these companies don’t have the reporting standards or the governance criteria that the Colombo Stock Exchange would normally ask through the listing rules. So, we allow for a transition period that enables them to still come and list,” Wirasekara explained. However, he emphasized that the government’s plans for SOE listings remain unclear. “You really have to ask the government about their plans. Because we don’t know, there was an SOE committee in charge under the previous government, looking at specific institutions, but that committee is disbanded now. So, I don’t have insight into what plans the government has.” “But we have the framework, we have the board, and it’s enabled. So, we hope that the government would make use of that.”
Sri Lanka must embrace rapid economic growth and bold reforms to secure its future, former President Ranil Wickremesinghe asserted, warning that the country cannot afford to remain stagnant. Joining Ada Derana’s current affairs programme @hydepark, the former President emphasized that reforms are required for the country’s economy to move forward, while questioning whether the current government is willing to take the necessary steps. “This economy is not a fully market economy. We have to do the reforms. To go ahead, we have to make major changes,” he said, adding that “I don’t know if the current government is willing to make the changes from the statements they have made. But without major changes, without getting foreign money, being friendly with countries… We have to work with India as the first step. We can’t be by ourselves in this world.” Speaking on Sri Lanka’s foreign relations, economic policies, and the challenges ahead, Wickremesinghe defended his leadership during the financial crisis and outlined the necessary steps to drive recovery and long-term stability. Former President Ranil Wickremesinghe defended his handling of Sri Lanka’s foreign relations and economic crisis during his tenure, stating that his government pursued a strategy of “multi-alignment” rather than balancing between global powers. “We align with all our friends. We had a good relationship with China, and that relationship continued. We had big projects like Hambantota Port, Port City, but unless Sri Lanka grows, they can’t get a return on these projects.” However, he warned that Sri Lanka must grow significantly to ensure returns on these investments, stating, “We must grow at least fivefold, they will be happiest if we grow tenfold because that means returns on their projects will come fast. China is willing to help us, but if we don’t grow, they’ll forget about us. China is also going to create an economy inside the Indian Ocean. We must also be a part of it.” The former president also emphasized the evolving economic landscape of the Indian Ocean, stating that Sri Lanka must integrate itself into China’s economic ambitions in the region while recognizing India’s emerging dominance. “The big player here is going to be India. Then we have China, Japan, and Indonesia growing. Australia is also trying to position itself as a regional superpower for renewable energy.” “The framework has been laid [during my tenure], the question is if they are going to continue or not. If you stand by your word and you’re really upto performance, your economy is strong. If you don’t do that, the rest is useless.” “Sri Lanka needs fast growth. This economy is not a fully market economy. We have to do the reforms. To go ahead, we have to make major changes. I don’t know if the current government is willing to make the changes from the statements they have made. But without major changes, without getting foreign money, being friendly with countries… We have to work with India as the first step. We can’t be by ourselves in this world”, he noted. On IMF Agreement and Economic Recovery Addressing the International Monetary Fund (IMF) program, Wickremesinghe stressed the importance of maintaining policy consistency. “We have stabilized the economy. The next phase is recovery. Investments lead not only to recovery but also to growth, and you [the current government] have to start now.” He dismissed suggestions that Sri Lanka could have avoided an IMF bailout, stating, “We could not recover without going through the IMF. If not, where will you find the money? All our creditor nations and bondholders wanted an IMF certificate. Sri Lanka has broken many agreements with the IMF in the past, but under my leadership, we did not.” Furthermore, the former President added: “You should continue the same policies, if you are amending the IMF agreement, it must be within the framework and the debt sustainability analysis and the EFF agreements and it must be agreed to by the IMF.” “Everyone has to take responsibility. IMF is also answerable to creditor nations and private bond holders. They are very very careful, you can’t be changing things like earlier. You have to stick to it. If you want to change the economic transformation act, you have to say what it is. I mean there’s a lot of loose talk here. So far, I don’t see much of implementation taking place which I think is going to be the major problem.” He also expressed views over the government borrowing Rs. 700 billion from the domestic market despite previous assurances against it, citing revenue shortfalls. “One treasury official said yesterday that they lost about Rs. 60 billion due to tax amendments, but some claim it to be even more. When the IMF review team arrives in early April, they will have to address this. But it’s a bit worrying that we have these figures.” On His Leadership and Political Role When asked if he could have handled the crisis differently, Wickremesinghe confidently replied, “I handled the crisis. I don’t think anyone would have handled it differently.” Rejecting allegations that he manipulated political events to assume the presidency in 2022, he stated, “Did I manipulate people to come and burn my house? No one else wanted the job. We all thought the Leader of the Opposition should become Prime Minister, but he didn’t want it. The present President didn’t want it. I have done my best—I don’t know if anyone else could have done better than me.” Regarding his involvement in the current administration, he clarified, “No, they are not working with me.” When asked about his views on the ‘Batalanda’ commission report he said: “I am always committed to democracy. As far as the report is concerned, I made a statement, I have nothing more to say about it. This is a 25 year old report. I am not interested now in talking about Batalanda, but the global affairs going on are more interesting. Let the parliament debate it.” As for his future in politics, Wickremesinghe indicated that he is stepping away from national politics, saying, “I’m keeping out of national politics, and take a holiday for Sinhala New Year” and added that he is more interest in global affairs right now. Meanwhile, Wickremesinghe concluded: “We need not to be poor. We can have a trillion dollar economy. You must go for it. But to do that, you must understand the realities of economics and the current geopolitics. We have to live with it. We must know to get the best out of the world.” Watch the full programme above…
Colombo, March 21 (Daily Mirror) - Highlighting how closely the present government is working with the International Monetary Fund (IMF), Leader of the House Bimal Ratnayke today said the latter had accepted President Anura Kumara Dissanayake and the Incumbent government as its 'true love'. "Most of the Opposition, particularly the SJB, thought the IMF is their true love. However, the IMF has dumped them and has accepted President Anura Kumara Dissanayake as a more competent person," the Minister said. "That's why the IMF chief said 'bravo' to him," he added.
The Chairman of the Colombo Stock Exchange Dilshan Weerasekara claims that Sri Lanka has the potential to showcase its investment opportunities to foreign investors and be among the 04 frontier markets in the South Asian region along with Pakistan, Bangladesh, and the Maldives. The CSE Chairman made these remarks while announcing an upcoming investor forum of the Colombo Stock Exchange. The Colombo Stock Exchange held a special press briefing recently in Colombo to review its progress during the last 40 years. Future decisions taken on behalf of investors were also reviewed at the event. During the briefing, the Chairman of the Colombo Stock Exchange, Dilshan Weerasekara, also announced the launch of CSE’s upcoming investor forum, ‘Invest Sri Lanka’. The Governor of the Central Bank of Sri Lanka, Dr. Nandalal Weerasinghe, and the Deputy Minister of Economic Development and Minister of Labor, Prof. Anil Jayantha, will represent the government at the forum.
Comments(0)
No comments yet
- Total Sources:15
- Factually:79%
- Last Updated:2,373 days ago
