CB Chief says critical for SL to stick to recovery process despite elections

Thursday, 26 January 2023 02:19 - - {{hitsCtrl.values.hits}}

Central Bank Governor Dr. Nandalal Weerasinghe yesterday stressed the importance of sticking to the economic recovery process despite elections.

“The Central Bank has nothing to do with the elections and it is a decision by the Government. However, from an economic standpoint it is critical that whoever is in power must follow the on-going economic revival process,” he said responding to questions posed by journalists at the post-Monetary Policy Review meeting yesterday.

The Government has reiterated that holding mini-polls amidst a poor financial position could worsen the ongoing economic crisis.

Although the Election Commission has announced a date for the Local Government (LG) polls as 9 March, an official gazette notification is still pending.

The ruling party Members of the Parliament have reiterated that the cash flow of the Government coffers is in a dire state and simply cannot afford an election at this juncture. However the Opposition and activists have warned of strong protests countrywide if the Government puts off LG elections.

Early receipt of IMF Board approval will be growth-positive in 2023: CB Chief