Time for reforms

Sri Lankan President Ranil Wickremesinghe promised the countrymen a future of economic stability without hardships, as he asked them to support the government’s reform efforts for reviving the island nation’s economy after its bankruptcy. In a televised address, Wickremesinghe, who is also the finance minister, said: “These reforms will lead to decreased cost of living, improved standards of living, relief for the poor and a culture of transparency”.He said the country’s economy is gradually recovering thanks to the correct policies adopted by the govt over the past nine months. Wickremesinghe said the costs saving measures had led to positive outcomes, including reduced inflation, and increased remittances. He said that the country’s development has been based on four primary pillars – fiscal and financial reforms, investment drive, social protection and governance and state-owned enterprises transformation.India extended multi-pronged assistance of about USD 4 billion to Sri Lanka last year, through multiple credit lines and currency support, in line with India’s Neighbourhood First’ policy. This week, India announced the extension of its USD 1 billion facilities for imports of essentials granted in early 2022 during the early days of the economic crisis.