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Govt focused on speedy economic recovery

November 25, 2018 1:04 pm

The Government is very much focused on a speedy economic recovery. For this reason, the Prime Minister appointed a special committee to develop a plan for the revival of the economy, made up of former Central Bank of Sri Lanka Governor Ajith Nivard Cabraal, former Secretary to the Prime Minister S. Amarasekera and former Securities and Exchange Commission Chair Nalaka Godahewa.

The economy confronts a great many issues which the Government needs to address quickly, and it intends to implement speedily measures aimed at counteracting destabilising factors. It recognises that the biggest among these is the lack of business confidence.The ‘Program for Economic Revival’, which the Government introduced, on November 1, must be seen as an interim, short-term measure aimed at boosting confidence, as well as granting relief to disadvantaged consumers and producers.At the same time, it does provide an indication of the direction in which it is heading economically – whereas it reduced taxes and prices on a range of essential consumer goods, fuel and services, increased subsidies for fertiliser and crop purchases and wrote off loans to farmers; at the same time, mentioned the possibility of carrying out further fiscal consolidation.



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