Prime Minister Wickremesinghe meets banking sector to discuss way forward

Prime Minister Wickremesinghe during his meeting with bankers

Prime Minister and Finance Minister Ranil Wickremesinghe yesterday met with heads of banks in Sri Lanka to discuss about providing loan deferral relief based on the needs of essential customers.

During the meeting Wickremesinghe pointed out the need to make policy decisions based on an export-oriented economy. He noted that only these policies can assist the export industry overcome the current economic crisis facing the country.

Wickremesinghe pointed out that there are many challenges to be faced in the future, both locally and abroad.
He said about seventy countries are facing difficulties in the current global crisis and Sri Lanka is ranked first amongst those countries. There is a high risk of rising international interest rates and the danger of rising international food prices is also being observed at this moment, he said.

However, the Prime Minister explained that Sri Lanka has a small window in which if the correct policies are taken the impact on the country will be limited. 

The Central Bank officials who were also present at the meeting said it would be difficult to find a definitive solution to these problems until an agreement was reached with the International Monetary Fund.