Export-Oriented Policy Decisions Needed – Premier

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Prime Minister Ranil Wickremesinghe pointed out, yesterday (26), the need to make policy decisions based on an export -oriented economy, adding only these policies can assist the export industry overcome the current economic crisis facing the country.

Wickremesinghe made this statement when he met the heads of banks.

The PM pointed out that there are many challenges to be faced in the future, both locally and abroad.

“About seventy countries are facing difficulties in the current global crisis.  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,” added Wickremesinghe.

However, Wickremesinghe further explained that Sri Lanka has a small window in which if the correct policies are taken the impact can be reduced.

The Central Bank of Sri Lanka (CBSL) said it would be difficult to find a definitive solution to these problems until an agreement was reached with the International Monetary Fund (IMF). The focus was on providing loan deferral relief based on the needs of essential customers.

CBSL Governor Dr. Nandalal Weerasinghe and a number of local and foreign bankers joined the discussion.