The Central Bank of Sri Lanka (CBSL) has made eight (08) key recommendations to the Government to overcome Sri Lanka’s present economic challenges.
Issuing a statement, the bank said concerted efforts will need to be urgently taken by the Government to complement the efforts taken by the Central Bank to overcome the country’s current economic challenges.
As the economic and financial advisor, the Central Bank has advised the Government to diligently consider the following key recommendations:
- Introduce measures to discourage non-essential and non-urgent imports urgently based on the previous recommendation made by the Central Bank.
- Increase fuel prices and electricity tariffs immediately, to reflect the cost
- Incentivize foreign remittances and investments further
- Implement energy conservation measures, while accelerating the move towards renewable energy
- Increase Government revenue through suitable tax increases on a sustained basis
- Mobilize foreign financing and non-debt forex inflows on an urgent basis
- Monetize the non-strategic and underutilized assets
- Postponing non-essential and non-urgent capital projects
(NewsWire)