SL dedicated to economic and technological collaboration with regional development partners – Ali Sabry

Sri Lanka is dedicated to engaging in comprehensive economic and technological collaborations with its regional development partners in creating a strong export- oriented economy in the medium and long term and modernizing and updating traditional sectors such as agriculture, fisheries, logistics, and tourism Foreign Minister Ali Sabry told the the Board of Governors Business Session of the 56th ADB Annual Meeting in Incheon, which concluded on Friday.

He said the country was looking forward with a glimmer of hope, after navigating the way out of extreme complications faced.

Sufferings of Sri Lankans have been eased to a certain level after strenuous and difficult actions have been adopted to control inflation during the last 10-12 months and presently, the Sri Lankan rupee has strengthened bit by bit.

He said they have laid the basic foundation for transforming the previous shape of the economy and launched a comprehensive economic stabilization and recovery reform program to address the macroeconomic challenges.

“Sri Lanka remains committed to a debt resolution consistent with the IMF program parameters, and with the support of our bilateral creditors who encouraged us to move forward in the debt restructuring process.

We are confident that these discussions will lead to positive outcomes. I am confident that by moving along the same path, we will be able to improve fiscal performance and stabilize the economy within the next year.

I wish to underscore the importance of financial support from our multilateral and bilateral partners to bridge financing gaps that may arise in our recovery process this year and in the coming couple of years, especially the expenditure required for social protection in the medium term,” the Minister added.