May 27, 2022
1 min read

Need policy decisions based on export-oriented economy: SL PM

The Prime Minister made this statement when he met the heads of banks on May 26….reports Asian Lite News

Amid Sri Lanka’s economic meltdown, Prime Minister Ranil Wickremesinghe has elucidated the need to make policy decisions based on an export-oriented economy.

Expressing his wish to pull the island nation out of the looming crisis, he said that these policies can assist the export industry to overcome the current economic crisis facing the country.

The Prime Minister made this statement when he met the heads of banks on May 26.

“About seventy countries are facing difficulties in the current global crisis and Sri Lanka is ranked first amongst those countries,” Wickremesinghe said, adding, that there are many challenges to be faced in the future, both locally and abroad.

However, the Prime Minister also explained that Sri Lanka has a small window in which if the correct policies are taken we can reduce the impact.

The discussion was joined by the Governor of the Central Bank and a number of local and foreign bankers alongside Prime Minister Ranil Wickremesinghe while they discussed definitive solutions to the nation’s problems until an agreement reaches the International Monetary Fund.

As the economy is in no good state, it is evident that there is a high risk of rising international interest rates. The danger of rising international food prices is also being observed at this moment.

Sri Lanka is facing its worst economic crisis since independence with food and fuel shortages, soaring prices, and power cuts affecting a large number of the citizens, resulting in massive protests which culminated in the resignation of former Prime Minister Mahinda Rajapaksa on May 9. (ANI)

ALSO READ: Modi assures India’s continued support for Sri Lanka

Previous Story

Modi assures India’s continued support for Sri Lanka

Next Story

Missing Tibetan writer detained in central China: Report

Latest from -Top News

India-EU Trade Talks Resume

The proposed India-EU FTA covers 23 policy areas, or chapters, of which at least two – market access and rules of origin – have yet to be resolved….reports Asian Lite News India

India Launches Relief Ops in Bhutan

The Royal Government of Bhutan has expressed sincere gratitude to the Indian Army…reports Asian Lite News Amid unprecedented floods caused by a low-pressure system over the Bay of Bengal, relentless rainfall has

Jaishankar Hints at Tariff Deal with US

Jaishankar explained that the ongoing trade tensions largely stem from the inability of both sides to reach a common ground on several issues….reports Asian Lite News External Affairs Minister S. Jaishankar on
Go toTop

Don't Miss

India provides 50 more buses to Lanka

So far, India has handed over 165 buses as the

‘India’s support has been critical’

“I think Wickremesinghe is trying his level best to run