The new Governor of the Central Bank of Sri Lanka, Dr. Nandalal Weerasinghe believes Sri Lanka can overcome the present economic crisis if the Central Bank acts independently.
Speaking to media yesterday after assuming duties, Dr. Weerasinghe said prompt economic growth cannot be expected, after considering the state of the local economy at present.
However, Dr. Weerasinghe was confident that the planned programme for the country’s economic recovery will assist in boosting economic indicators to a satisfactory level.
The Central Bank Governor said no individual can steer the economy back into a positive place immediately, and instead must identify ways to stop its downfall.
He said the turning point could be achieved in the next few months.
Dr. Weerasinghe emphasised that political stability and social stability are essential for such a successful conversion in the shortest possible time.
He added he will work with maximum commitment for the betterment of the country.
Dr. Weerasinghe claimed he must operate independently with no room for political interference in his decisions.
He said steps will be taken at the earliest to restructure the country’s debt while steps have already been taken to call for immediate proposals.
Dr. Weerasinghe told media that he intends to appoint a committee that will consider proposals for debt restructuring and implement them.
He assured that the Central Bank will seek technical assistance from the IMF, where proposals have already been implemented as of last night.
Sri Lankan officials are scheduled to hold talks with IMF officials via videoconference on the 11th of April.
The Central Bank Governor said he will intervene in Sri Lanka’s debt restructuring mechanism since adequate reforms have not taken place as required by the President.
