Cabinet nods bold economic reforms to drive stability and growth

Cabinet Co-Spokesman and Minister Bandula Gunawardena 

•  Cabinet Co-Spokesman Bandula Gunawardena says President championed firm approach to tackle challenges head-on
•  Pins country’s recovery to steadfast leadership, sound policies
•  Says reforms aim to build resilient and prosperous future for all Sri Lankans

In a move set to pave the way for a robust and stable economic outlook, the Cabinet of Ministers at its meeting on Monday gave its resolute approval to a series of reform measures designed to fortify economic growth and ensure enduring stability.

The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister presented a comprehensive overview of critical areas demanding immediate attention during a Cabinet meeting. Discussions covered a spectrum of vital domains including State finance policy, financial stability, energy sector strategies, external sector, debt restructuring, and international funding.

“The President has championed a firm approach to tackling these challenges head-on. The Cabinet meticulously evaluated measures taken thus far, demonstrating a commitment to steering the economy toward resilience,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing held yesterday. He added that the comprehensive discussions spanned actions undertaken since 20 July 2022, coinciding with the President’s assumption of office duties and the formation of the newly constituted Cabinet of Ministers.

“These concerted efforts sought to tackle pressing challenges such as inflation, foreign reserves, energy crisis and strategically align policies and resources with the Central Bank and other authorities to ensure the Government’s goal of fostering enhanced economic stability. By meticulously addressing identified issues and implementing change, these reform initiatives are poised to make a substantial contribution to the country’s financial health and secure a more promising economic future,” he said.

The decision comes in response to a comprehensive review of the challenges that tackle the country with the worst economic crisis post-independence when the President assumed the dual roles of Prime Minister and Finance Minister in May 2022.

Noting that there was no second chance for the country to rectify its economic blunders, the President has reiterated that it was critical to bring in the new reforms backed with new laws, and digitalisation to ensure a stable export-led, green economy.

“As Sri Lanka continues its journey towards economic stability and growth, the Government’s commitment to addressing national concerns and prioritising the country’s interests over politics remains crucial. With steadfast leadership and sound policies, Sri Lanka aims to build a resilient and prosperous future for all citizens,” Gunawardena noted.