Move from import-dependent economy to export-oriented setup – Dr Nandalal

Sri Lanka should urgently move away from an import-dependent economy to an export-oriented setup, said CBSL Governor Dr. Nandalal Weerasinghe. He was addressing a meeting with the Young Entrepreneurs on the present status of the economy in Colombo recently.

Over the years Sri Lanka has been relying on imports and paid less emphasis on exports which has resulted in a huge debt mainly to service this import requirement. The Governor identified the mismatch of imports and exports as one main reason for the economy to contract.

“Whenever the country is facing a debt repayment crisis Sri Lanka moves to the IMF and this is why we have sought IMF assistance 16 times in the past 70 years. Taking loans, settling debt and falling into the same pattern is not the answer to economic revival. We can repay loans and come out of the debt crisis but if this mismatch continues the same negative cycle will be repeated.

“Young entrepreneurs too should realize this and realign their businesses more towards exports as it would be a success story for their future as well.” (SS)