More

    Sri Lankan Economy Shifting to a New Growth Path: Finance Minister Shehan Semasinghe

    GovernanceFinance and EconomySri Lankan Economy Shifting to a New Growth Path:...
    - Advertisment -

    Sri Lankan Economy Shifting to a New Growth Path: Finance Minister Shehan Semasinghe

    Minister Shehan Semasinghe said that the government has adopted other reform programmes aside from the debt restructuring process to address the “fundamental macroeconomic vulnerabilities” that Sri Lanka faces.

    Referring to the challenging times that lie ahead for Sri Lanka, the island nation’s finance minister, Shehan Semasinghe said that the country will need the continued support of bilateral and multilateral partners in the coming years.

    Shehan Semasinghe was speaking at the G-24 Finance Ministers’ Conference in Washington DC on Tuesday. The G-24 Finance Ministers and Central Bank Governors’ meeting is being held to coincide with the International Monetary Fund and World Bank Spring meetings.

    “We seek the continued support of our multilateral and bilateral partners, for us to meet the formidable challenges successfully, and it is imperative that we come together to share insights, strategies, and best practices at forums like today to navigate these turbulent times and build a more resilient and sustainable future,” the Minister posted on his X (Twitter) account.

    - Advertisement -

    The Minister said that the government has adopted other reform programmes aside from the debt restructuring process to address the “fundamental macroeconomic vulnerabilities” that Sri Lanka faces.

    “Highlighted the deep and wide ranging economic reform programme adopted to address fundamental macroeconomic vulnerabilities that contributed to the economic crisis, including significant fiscal reforms, monetary policy adjustment, financial sector stabilisation, debt restructuring, welfare reforms, and governance reforms along with progress on the debt restructuring process.”

    He said that the government is in the process of “shifting the economy to a new growth path”, led by “non-debt creating inflows”, excluding exports of goods and services, and FDI. “Whilst the measures to stabilise the economy have been successful, the government is now in the process of shifting the economy to a new growth path which is led by non-debt creating inflows including exports of goods, exports of services, and FDI.”

    - Advertisement -

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest news

    War, huh, Yeah, What is it Good For?

    One should, nevertheless, keep in mind that war is horrific. It is most often not the answer. When it is, it is always the very last resort after all other means to resolve adverse situations have been well and truly exhausted.

    World Bank Unveils $1 Billion Package to Spur Jobs and Private Sector Growth in Sri Lanka

    Tourism, one of Sri Lanka’s key economic drivers, is set to receive $200 million. These funds will be used to protect and enhance natural and cultural heritage sites, create employment opportunities, and ensure local communities benefit directly from tourism revenues.

    UN Secretary-General Urges Military restraint from India, Pakistan

    He offered his good offices to both governments to help defuse tensions and promote diplomacy, stressing that “a military solution is no solution.”

    India Showcases SVAMITVA at World Bank Land Conference

    India’s interventions across these sessions aim to serve as a call to action for other nations striving to achieve SDG Target 1.4.2 which aims to ensure legal ownership and control over land for all, especially vulnerable communities.
    - Advertisement -

    WHO Warns of Deepening Health Crisis in Afghanistan as Aid Dwindles

    The decline in support follows the suspension of US assistance, which previously accounted for nearly half of the international funding directed toward Afghanistan’s healthcare.

    Clean Ganga Mission Approves Key Projects for Ganga Rejuvenation via Ecosystem Testoration

    Conservation of critical wetlands and promoting the reuse of treated wastewater through city specific reuse plans and were deliberated in the meeting.

    Must read

    War, huh, Yeah, What is it Good For?

    One should, nevertheless, keep in mind that war is horrific. It is most often not the answer. When it is, it is always the very last resort after all other means to resolve adverse situations have been well and truly exhausted.

    World Bank Unveils $1 Billion Package to Spur Jobs and Private Sector Growth in Sri Lanka

    Tourism, one of Sri Lanka’s key economic drivers, is set to receive $200 million. These funds will be used to protect and enhance natural and cultural heritage sites, create employment opportunities, and ensure local communities benefit directly from tourism revenues.
    - Advertisement -

    More from the sectionRELATED
    Recommended to you