COLOMBO (News 1st) – President Ranil Wickremesinghe said amidst major economic stress, Sri Lanka is undertaking an unprecedented fiscal effort as part of the government’s commitment to restoring the country’s debt sustainability.
Therefore, he expressed hope and expectation that Sri Lanka’s creditors, and all stakeholders, will support Sri Lanka in these efforts to restore the country’s debt sustainability and help put the country back on the path of inclusive and sustainable economic growth.President Wickremesinghe presided over the annual meeting of the ADB Board of Governors on Thursday (29) which was held at the ADB headquarters in Manila, Philippines and attended by Governors and official government delegations.President Wickremesinghe noted that the government has already undertaken major macroeconomic policy reform measures and this program is aligned with the commitment of the government to implement an ambitious and comprehensive package of reforms that will help restore the sustainability of the country’s public finances, addressing external imbalances, and restarting the growth engine through structural reforms and improvements in governance.“Amidst major economic stress, Sri Lanka is undertaking an unprecedented fiscal effort as part of our commitment to restoring the country’s debt sustainability.
It is our hope and expectation that Sri Lanka’s creditors, and all stakeholders, will support us in these efforts to restore our debt sustainability and help put the country back on the path of inclusive and sustainable economic growth,” he said.The President said that whilst Sri Lanka undertakes these deep and often painful reforms, the country is experiencing rising unemployment and a reduction in purchasing.