The Governor of the Central Bank of Sri Lanka (CBSL) has issued a grave warning about the country’s economic crisis.
Dr. Nandalal Weerasinghe said if the current situation in Sri Lanka continues in the next couple of days, with no government in place, things could get worse in the country.
“If the current situation continues in the next two days, we could have 10 to 12-hour power cuts daily, massive shortages of fuel, and other essential items further deteriorating the current situation,” he said.
The CBSL Governor stressed that it is extremely challenging to revive an economy in a country where law and order are not maintained.
He indicated that without a cabinet and finance minister Sri Lanka won’t be able to proceed with debt restructuring and International Monetary Fund (IMF) negotiations.
Dr. Weerasinghe thereby emphasized that political stability is paramount in a country.
He also warned that he will resign from his designation if political stability is not established in Sri Lanka in a week or two.
“I took on this responsibility with expectations that political stability will be established within two weeks since the Mirihana incident. It’s been more than a month with no progress. I do not wish to continue in this post if political stability is not achieved,” he added.
Dr. Nandalal Weerasinghe assumed duties as the Governor of the Central Bank of Sri Lanka in the midst of a severe economic crisis.
Sri Lanka has commenced talks with the International Monetary Fund (IMF) under his guidance.
However, the unrest that broke out in Sri Lanka on Monday has resulted in political instability further affecting the already weakened economy of the country. (NewsWire)
"if the current situation continues in the next two days, we could have 10 to 12 hour daily power cuts, massive shortages of fuel and other essential items" Sri Lankan Central Bank chief appeals political leaders to ensure political stability ASAP pic.twitter.com/dx4iwyYr65
— Azzam Ameen (@AzzamAmeen) May 11, 2022