APSL UK presents WE SRI LANKA TALK with Dr Indrajit Coomaraswamy, Economist and Governor of the Central Bank of Sri Lanka 2016-19
In a wide ranging and very insightful talk, Dr Indrajit Coomaraswamy talked about the contributory factors that led to Sri Lanka’s recent economic woes, steps undertaken by the current government to stabilise the economy, policy reforms being implemented to put the country’s economy on a growth trajectory going forward, and notable examples of progress made to attract foreign investment.
According to Dr Coomaraswamy macroeconomic stress resulting from popular but unsustainable fiscal policies by successive governments is the primary cause of Sri Lanka’s economic decline since independence 75 years ago. He described the significant progress made to stabilise the economy including curbing inflation, building up foreign reserves and reversing economic decline. Dr Coomaswamy, however, also warned about the significant challenges that lay ahead in alleviating worsening poverty and human welfare as various international indicators depicted a grim picture.
Dr Coomaraswamy went to describe the policy and structural reforms carried out by the government including legislating into law the achievement of a primary surplus in the government budget, strengthening independence of the Central Bank in executing monetary policy, maintaining a flexible exchange rate mechanism, and encouraging trade, investment and non-debt oriented sources of foreign income flows. Dr Coomaraswamy also responded to the many questions posed from a very interested audience at the end of his very informative talk.
You can view the full recording of the WE SRI LANKA TALK featuring Dr Indrajit Coomaraswamy below.