Minister Wimal Weerawansa says Sri Lanka cannot expect global credit ratings to improve until the country’s foreign reserves increase to a reasonable level.
Speaking during an event in Colombo, Minister Weerawansa said therefore necessary steps should be taken to empower those who can bring foreign exchange to the country.
The Minister said by granting the Rs. 5,000 allowance, the country’s foreign reserves will not increase, adding it will also not help improve Sri Lanka’s credit ratings.
Minister Wimal Weerawansa said Sri Lanka will find it increasingly difficult to obtain more loans due to downgrade of credit ratings and therefore the public should be mindful now that the era of living on debt is over.
The Minister said the time is apt to support local producers and exporters including those in the tea industry and improve the economy.