Sri Lanka ‘needs to implement budget proposals’

COLOMBO: Central bank Governor P. Nandalal Weerasinghe and Treasury secretary Mahinda Siriwardana held a news conference to discuss the 2023 budget proposals laid out on Monday, Reuters reported.

Weerasinghe said Sri Lanka needs to implement budget proposals and reform measures to start earning crucial foreign exchange to help stabilise its economy and ensure it does not return to crisis.

“We expect relief from creditors but in order to convince them to share the pain we also have to show them that we are taking a share in the pain as well,” he added.

He reiterated the need for Sri Lanka to reform its loss-making state-owned enterprises so they stop being a burden on the banks, the government and the people.

Treasury secretary Siriwardana said government was setting up a presidential committee to monitor and ensure timely implementation of budget proposals.