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Inflation to become single digit before year end -CBSL

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Simrin Singh, Director, ILO with Governor CBSL, Dr. Nandalal Weerasinghe
Simrin Singh, Director, ILO with Governor CBSL, Dr. Nandalal Weerasinghe

Sri Lanka’s inflation will come down to a single digit well before the end of the year Governor of the Central Bank, Dr. P. Nandalal Weerasinghe said yesterday addressing the ILO Convenes National Policy Symposium in Sri Lanka held to boost a Job Rich Economic Recovery with Investment in Enterprise Development.

The International Labour Organization (ILO), in collaboration with the Central Bank of Sri Lanka, the Office of the Governor of the Northern Province, and the Ceylon Chamber of Commerce, organized the event. He said that by the end of the third quarter the inflation should remain around 4 to 6% and this will also help to reduce the interest rate once again kick starting economic activities in the country. He also said that the rupee will also become stronger and the country’s reserve positions too would be very much higher.

Dr Weerasinghe said that the main reason for this turnaround was the focused economic stabilization steps that were taken to consolidate the economy. He said that one factor that led to the economic crisis was lack of entrepreneurship by the younger generation and less involvement of women in businesses. “To overcome this we are trying to come up with several initiatives to provide credit to micro and small medium sector businesses and also encourage youth entrepreneurship.”

“Creating a favorable ecosystem for enterprise development should have a sectoral and regional focus, taking into account the unique characteristics and opportunities of different industries and areas. The symposium emphasized the importance of nurturing an entrepreneurial mindset, particularly among the youth.

It recognized that shifting the perception of entrepreneurship from a last resort to a preferred career option is essential for sustainable economic development,’ Dr. Weerasinghe said.

One of the significant processes leading up to the symposium was sectoral discussions to identify opportunities and challenges for investments in the Northern Province. This initiative of the ILO LEED+ project provided valuable insights into the specific requirements of the region, helping shape the policy discussions and recommendations.

It was underscored that both the government and other ecosystem players, including development sector entities, and private sector, have a crucial role to play in supporting emerging startups and promoting business resilience. By providing the necessary support and guidance, they can help these startups thrive and contribute to the overall economic recovery of Sri Lanka.

“The symposium comes at a crucial time where Sri Lanka is exploring pathways to accelerate economic growth. For the country to move towards a job-rich and inclusive recovery, creating an enabling environment for investments at the regional and provincial level, taking into account area-specific challenges and opportunities, as well as promoting entrepreneurship is critical,” said Simrin, Singh, Director, ILO Country Office for Sri Lanka and the Maldives.


Friday, May 26, 2023 – 01:00

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