CB Governor gives thumbs up for RW’s interim budget

• Congratulates president for presenting budget with diverse steps
• Says interim budget sets foundation for revival
• Points out hardships and pain unavoidable till IMF funding is secured
• Calls on biz community to not complain and step-up efforts  

Central Bank Governor Dr. Nandalal Weerasinghe expressed confidence in the overall macro programme and structural reforms on the national economy getting on track going forward, as the interim budget presented on Tuesday (30) is the basis of the foundation of those efforts. 

Speaking at an event organised by the Shippers’ Academy Colombo, shortly after President Ranil Wickremesinghe presented the interim budget to Parliament as the Finance Minister, Dr. Weerasinghe said the proposals listed out in it would help Sri Lanka to enhance its trade by employing more specific and stronger measures. 

“I must congratulate the president for presenting a budget with diverse steps. They may not be very popular in a political sense; it will help us (national economy) survive until the relief (IMF bailout) comes,” said Dr. Weerasinghe addressing a forum hosted by the Shippers’ Academy Colombo. 

As reiterated in previous occasions, Dr. Weerasinghe pointed out that there would be much pain until the IMF funding is secured, for which the business community must be ready and gear up to face such challenges. 

Several businesses and trade associations have been vocal about tax increases, high-interest rates, difficulties in loan repayments and the rupee depreciation in recent months.

Dr. Weerasinghe pointed out that the Central Bank was pushed to take tough decisions to address the issues brought about by the previous administration by suppressing the interest rates and excessive money printing. 
He called on the business community to step up efforts to steer through the current crisis situation and do their part. 

“When taxes were removed in 2019, we didn’t hear any complaints from anyone. Everyone was celebrating that they didn’t have to pay taxes. The current situation is the outcome of that,” pointed out Dr. Weerasinghe to a fully packed audience.

He implied that while there is confidence in the economy reviving and moving towards a positive growth trajectory, the hardships that are being faced and those that are yet to come, cannot be avoided.