The Governor of the Central Bank, Dr. Nandalal Weerasinghe says that the agreement received from the creditors is extremely crucial for obtaining financial relief from the International Monetary Fund. He points out that in order to continue the negotiations with the financial fund, an agreement must be reached with the creditors.
Nandalal Weerasinghe mentions that discussions are being held with creditors regarding debt restructuring, and he hopes to receive a positive response from them regarding debt restructuring by next Friday.
The Governor of the Central Bank expressed these views while attending a conference held in Colombo.
He says that in order to recover from the crisis that the country is facing, it is mandatory to restructure the loss-making government institutions, and economic stability cannot be achieved except with such a decision. Nandalal Weerasinghe said that the first step is to increase the electricity tariffs, maintain the fuel price at a stable level, and increase the tax revenue, and as the second step, the restructuring of institutions such as the Petroleum Corporation and the Electricity Board, which are suffering serious losses, should be carried out.
The Governor of the Central Bank emphasizes that certain decisions taken for the sake of economic stability will be painful for the society, but for the good of the country, the people will have to endure the pain for a limited time.
