PM meets bankers; stresses exports-led revival

Friday, 27 May 2022 00:00 - - {{hitsCtrl.values.hits}}

Prime Minister Ranil Wickremesinghe

Prime Minister Ranil Wickremesinghe yesterday pointed out the need to make policy decisions based on an export-oriented economy.

“Only these policies can assist the export industry overcome the current economic crisis facing the country,” the Prime Minister told a meeting with heads of banks.

As per a statement from Prime Minister’s office, Wickremesinghe pointed out that there are many challenges to be faced in the future, both locally and abroad.

“About 70 countries are facing difficulties in the current global crisis,” Wickremesinghe said, adding that Sri Lanka is ranked first amongst those countries.

“There is a high risk of rising international interest rates. The danger of rising international food prices is also being observed at this moment,” the Premier said. However, he explained that Sri Lanka has a small window in which if the correct policies are taken, we can reduce the impact.

The Central Bank officials told the meeting it would be difficult to find a definitive solution to these problems until an agreement was reached with the International Monetary Fund. “The focus was on providing loan deferral relief based on the needs of essential customers,” they added.

The CBSL Governor and a number of local and foreign bankers joined the discussion with the Prime Minister.