The Ceylon Chamber of Commerce has welcomed Fitch Ratings’ upgrade of Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating from ‘CCC+’ to ‘B-’, with a Stable Outlook, describing it as recognition of progress made in restoring macroeconomic stability.
The Chamber said the upgrade follows years of economic adjustment involving fiscal consolidation, revenue mobilisation, debt restructuring and structural reforms.
It said the improved rating also signals greater confidence in Sri Lanka’s macroeconomic stability and resilience, while noting that the country has maintained stability despite external pressures and climate- and environment-related shocks.
The Chamber stressed that the priority should now be to preserve the gains through continued reforms, including in trade facilitation, digitalisation and labour, while maintaining primary surpluses and revenue mobilisation.
It also called for further reductions in debt and debt-service ratios, stronger foreign exchange reserves and targeted measures to reduce poverty.
The Chamber said the improved sovereign rating could also be leveraged to strengthen investor confidence, attract foreign direct investment and accelerate private-sector-led growth. (Newswire)
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