State Banks must contribute to revive Sri Lanka's economy, says President

Colombo (News 1st); State Banks must contribute towards the revival of the country's economy, said President Gotabaya Rajapaksa on Monday during a review of the operations of the Bank of Ceylon.

The President at the meet pointed out the economic growth rate which was between 07% - 08% pre-2015 dropped to 02% by 2019.

Sri Lanka's growth had declined further in the face of the collapse of the global economy which was affected by the COVID-19 pandemic, said President Rajapaksa.

President Gotabaya Rajapaksa said it is the responsibility of state banks to assist in the implementation of the government's policies to revive the economy given the circumstances.

Further, President Rajapaksa noted the country's objectives cannot be achieved with a two-digit interest rate adding interest rates must be dropped to a single digit to support the nation's development drive.

"It is not possible to follow traditional methods alone to revive a fallen economy", the President said adding he will not hesitate to use the power granted to him by the people to achieve the aspiration of the entire population.

Stressing such steps are taken for the nation and not for political gain, President Rajapaksa noted he would not hesitate to take appropriate action if there are obstructions.