ANI
27 May 2022, 00:03 GMT+10
Colombo [Sri Lanka], May 26 (ANI): 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)
Get a daily dose of Breaking Property News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.
More InformationDUBLIN, Ireland: The government of Ireland is preparing a new law to prevent foreign investments in critical technology and infrastructure ...
TOKYO, Japan: Amidst semiconductor shortages and COVID-19 parts supply disruptions, Toyota has reduced its July global production target by 50,000 ...
MOSCOW, Russia: Russia's consumer price index has fallen by 0.12 percent for the third consecutive week.This drop in the consumer ...
LONDON, England: Surging food prices in the UK pushed consumer price inflation to 9.1 percent last month, a 40-year record ...
CLEVELAND, Ohio: It will take two years for U.S. inflation to fall to the central bank's 2 percent target, Cleveland ...
NEW DELHI, India: The European Union and India have relaunched talks to implement a free trade agreement, aimed to be ...
DUBLIN, Ireland: The average price of newly purchased homes in Ireland has risen 11 percent in the past year, with ...
WASHINGTON D.C.: As average home prices surged to a record high, reaching the $400,000 mark for the first time, and ...
HONG KONG: To cope with the weakening property market, developers in China are coming up with innovative ways to attract ...
DUBLIN, Ireland - An office building in the middle of Dublin city's Docklands has been picked as the 2022 RIAI ...
New Delhi [India], June 25 (ANI): Amit Jain, group CEO of Dubai-based real estate developer Emaar Properties, was briefly detained ...
HARARE, June 23 (Xinhua) -- Zimbabwean President Emmerson Mnangagwa commended Chinese companies Thursday for their investment in the southern African ...