Sri Lanka has no alternative other than IMF – CBSL chief

Nandalal Weerasinghe - Central Bank Governor of Sri Lanka

Dr. Nandalal Weerasinghe. (Photo: CBSL)

There is no alternative other than taking assistance from the International Monetary Fund (IMF) for reviving the country’s economy, The Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe said.

He also said that tax revisions and other reforms combined with debt restructuring are parts of the stabilisation process.

The CBSL Governor made these comments during an interview with the Director General of President’s Media, Danushka Ramanayake.

Noting that 80% indirect tax and 20% direct tax should be evolved to 60% and 40%, respectively, in order to provide relief to low-income groups, the CBSL governor proposed to continue the tax regime for at least one year.

Speaking further, he said the tax income of Sri Lanka is only behind Iran and Venezuela both with oil reserves.