With Sri Lanka’s economy stabilizing, the government is now in the process of shifting the economy to a new growth path, said State Minister of Finance Shehan Semasinghe during the G-24 Finance Ministers and Central Bank Governors’ meeting at the IMF/WB Spring meetings in the USA yesterday.
The State Minister further stated that the economy has now stabilized and the growth momentum has commenced.Semasinghe also highlighted the deep and wide ranging economic reform programme adopted to address fundamental macroeconomic vulnerabilities that contributed to the economic crisis, including significant fiscal reforms, monetary policy adjustment, financial sector stabilisation, debt restructuring, welfare reforms, and governance reforms along with progress on the debt restructuring process.
“Whilst the measures to stabilise the economy have been successful, Sri Lanka is now looking at moving towards creating non-debt inflows including exports of goods, exports of services, and FDI.”
In conclusion he stated that he sought the continued support of Sri Lanka’s multilateral and bilateral partners. “This is to meet the future formidable challenges successfully and build a more resilient and sustainable future.”
The Spring Meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) and the bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organizations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.
Subsequent to this G24 meeting event Sri Lanka’s debt crisis was also discussed.
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