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Central Bank of Sri Lanka Presents Inaugural Annual Economic Review for 2023

The Central Bank of Sri Lanka unveiled its inaugural Annual Economic Review and Financial Statements, along with the Operations of the Central Bank for the Year 2023. Governor Dr. Nandalal Weerasinghe presented the report to President Ranil Wickremesinghe.

In 2023, the Sri Lankan economy experienced a gradual recovery from its deepest economic downturn since independence. Decisive policy adjustments and structural reforms, led by both the Government and the Central Bank, played a pivotal role in restoring macroeconomic stability, despite initial challenges faced by economic stakeholders.

The report underscores the necessity of these measures in preventing a further exacerbation of the crisis and steering the economy toward a sustainable path of recovery.

The economic progress witnessed in the latter half of 2023 is anticipated to continue in the coming years, buoyed by the ongoing reform agenda under the International Monetary Fund’s Extended Fund Facility (IMF-EFF) arrangement. While a comprehensive economic expansion is forecasted across all sectors, maintaining domestic price stability will be ensured through greater independence and accountability of the Central Bank in monetary policymaking, along with the prohibition of monetary financing of the government budget deficit.

However, the robust recovery of the Sri Lankan economy hinges on the continuation of implemented reforms, including the successful continuation of the IMF-EFF arrangement and the completion of the debt restructuring process. Given that the country has yet to fully emerge from the crisis, any deviation from the committed path is deemed unacceptable.

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