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CB Chief optimistic about Economic Transformation Bill

July 06, Colombo (LNW): Speaking at a special event hosted at the Information Department on Thursday (10), Governor of the Central Bank of Sri Lanka (CBSL) Nandalal Weerasinghe expressed optimism about the Economic Transformation Bill recently presented to Parliament, highlighting its potential for substantial economic benefits to Sri Lanka.

Weerasinghe emphasised that the Bill includes stringent measures aimed at enhancing financial discipline and reducing unnecessary expenditures. “Additionally, it incorporates safeguards to mitigate corruption,” he added.

Reflecting on Sri Lanka’s economic challenges during the Covid pandemic, Weerasinghe noted that the country’s creditworthiness had been adversely impacted, leading to a lack of external financial support.

However, due to successful economic policies and ongoing negotiations with creditors, Sri Lanka’s creditworthiness has now improved, resulting in recent IMF disbursements totalling approximately US$ 660 million.

Weerasinghe underscored the importance of ensuring that future development projects are economically viable and transparently managed to avoid increasing the country’s debt burden unnecessarily.

He advocated for a shift from import dependency towards promoting exports as a means to bolster Sri Lanka’s economic resilience and sustainability.

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