Sri Lankan macroeconomic indicators doing well- Country Director, ADB
The Asian Development Bank believed generally that the Sri Lankan macroeconomic indicators were doing very well, Takafumi Kadono, Country Director, ADB, told the media in Colombo yesterday.
“Inflation has been raked in, good figures show in primary and current balance, the currency has stabilized, reserves have built up, so we do see a positive development since the economic crisis where the GDP is also heading upwards.”
“We do believe the government is doing a good job and beside that various fiscal monetary policies are being implemented alongside the economic reforms being undertaken. We do appreciate the passing of various key legislation such as the Central Bank Act, Public Finance Management Act, public debt management and we believe these are on the right track.”
“ With regard to the IMF program, we believe that the benchmarks are being met up to at least the second review so we do commend the government for taking such actions to stabilize the economy and set the foundation for long term growth and enhancing competitiveness.
Kadono said the ADB always provides support for the development of member countries through governments so that the benefits accrue to the population and they will continue to support Sri Lanka whatever happens in the elections.
In respect to the nature of reforms that are undertaken he said that they support them and do hope that the reform momentum continues after the election as well.
Kadono said although the ADB was not a party of debt restructuring they understood that compared to other countries that have and are going through debt restructuring, Sri Lanka has made tangible progress in a short period of time particularly with bilateral creditors and commercial creditors recently as well.
“We are quite happy to see this and we understand that the IMF so far has also recognised that there has been substantial progress in debt restructuring,” Kadono observed.
The post Sri Lankan macroeconomic indicators doing well- Country Director, ADB appeared first on DailyNews.