Sovereign and Banking Forum:CBSL Governor highlights SL’s recurrent expenditure

Sovereign and Banking Forum:CBSL Governor highlights SL’s recurrent expenditure

Written by Keshala Dias

13 Jun, 2017 | 12:49 am

Addressing the Sovereign and Banking Forum hosted by Fitch Ratings, Governor of the Central Bank Indrajit Coomaraswamy stated that Sri Lanka has been living beyond its means with recurrent expenditure higher than revenue.

He stated that Sri Lanka has been able to sustain this only because of concessional loans from World Bank and Asian Development Bank, with a grace period of ten years, and maturity of twenty to thirty years.

The Governor has proposed a sturdy monetary policy framework which aims to have a flexible inflationary targeting regime, moving from a monetary aggregate, with assistance from IMF.

Former Deputy Governor of the Central Bank W.A. Wijewardena has said that the Governor of the Central Bank is walking a tightrope, balancing every single step that he takes.

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