Thursday, June 13, 2024

Govt efforts and IMF support stabilised the economy – Japanese Deputy Envoy

by malinga
May 19, 2024 1:09 am 0 comment 1.6K views

Thilaka Jayasundara, Bingumal Thewarathanthri and Katsuki Kotaro of Japanese Embassy at the event

Sri Lanka has made significant progress in economic recovery since the challenges of 2022 and the economy has rebounded since then, with steady growth rates.

The country is now approaching the 3% target set for 2024, said Minister and Deputy Head of Mission at the Embassy of Japan, Katsuki Kotaro.

He was speaking at an event organised by the Ceylon Motor Traders Association (CMTA), themed “Mobility and Economic Growth”.

He said that Inflation, previously which was at 70%, has dropped to 2.5%. “Government efforts and IMF support have stabilised the economy.”

He stressed that it’s crucial to develop industrial policies that support automobile production and enhance mobility while balancing economic growth with environmental sustainability.

During the panel discussion that followed, Chairman of Sri Lanka Bankers Association, Bingumal Thewarathanthri, outlined Sri Lanka’s economic trajectory, and possible risks the country might face.

“We don’t see a risk of not crossing this review. As a country, we’ve made significant progress in several areas, including fiscal policy and the external sector, which has performed exceptionally well.

“Although there are still areas that need improvement, particularly in debt restructuring, the requirement is to show meaningful progress rather than completion for the second review.

“Given our advancements, I’m confident that Sri Lanka will secure the $300 billion needed to move forward,” he said.

Secretary, Ministry of Education, Thilaka Jayasundara said: “From an educational perspective, as industries develop, we must focus on enhancing our skilled manpower to meet their needs.”

“We’ve set up a Sector Advisory Council to ensure that our training aligns with industry requirements. By the end of this year, we plan to have all our courses in the automobile sector tailored to meet industrial demands, ensuring that our workforce is well-prepared to support these key industries,” she said.

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