Lankan economic recovery fast and good -WB

Hadad Zervos at the event. Picture by Chinthaka Kumarasinghe

Sri Lanka is making rapid progress in economic recovery and this is very praiseworthy, said Faris Hadad Zervos , Country Director of Maldives, Nepal and Sri Lanka of the World Bank at the Blue of the Hilton, Press Club event yesterday.

He said that he personally experienced the difficulties Sri Lanka faced just 13 months ago and saw the demand by youth for a better society and subsequently the economic and political crisis that followed.

“In this backdrop the Sri Lankan economic recovery is very fast and is good.” He said that the inflation which was at 70% has now come down to 12% and is expected to go down further.

In addition to interest rates, negative growth rates too are coming down while several other economic fundamentals too are falling into place.

“These are all signs of a country recovering fast.”

Zervos said that the crisis was man-made and has to be settled by the people itself and politics should come to play towards this recovery. He however said that every issue is not settled yet and there is a long way to go and Sri Lanka is also going in the right direction in this regard.

The government too has to look at and bring about solutions to uplift the poor and the vulnerable to a higher level. Zervos added that the steps should be taken to ensure that history does not repeat itself. “For this good governance is needed and this too is now happening.

Also he said that the new rules are to be introduced towards curbing corruption and new banking act which too is praiseworthy.