Sri Lanka needs framework for policy, government services to work: CB Governor
Apr 04, 2018 13:01 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka needs a working framework for government services delivery, policy formulation and development activity to continue, Central Bank Governor Indrajit Coomaraswamy said amid rising political uncertainty.
Political instability tends to take a toll on growth not only in Sri Lanka but in any country, he said.
"Whatever the political configuration, there has to be government services delivery, policy formulation and development work," Coomaraswamy told reporters.
He said up to now the coalition administration had done difficult reforms including the Inland Revenue Act.
In 2018 growth may rebound to near 5 percent, from an unexpectedly low 3.1 percent in 2017.
Sri Lanka's agricultural sector is expected to revive in 2018 with rains returning. Better agricultural has a knock on effect on industry and also services.
He said exports are picking up, foreign direct investments were also picking up and inflation was falling, showing a strengthening of the growth framework.