CBSL Governor Says Difficult Economic Decisions Must Be Taken Despite Public Opposition
Central Bank of Sri Lanka (CBSL) Governor Dr Nandalal Weerasinghe has stressed that essential economic policies must be implemented even when they are unpopular with the public.
Speaking at a lecture at the University of Kelaniya, he said the Central Bank had already taken difficult decisions to protect the economy and would continue to introduce necessary measures when required.
Dr Weerasinghe warned that avoiding important economic decisions simply because they lacked public support could cause greater damage to the country in the long run.
He noted that tax increases were sometimes necessary to meet national economic needs, despite public opposition. Such decisions could lead to protests and social instability, he acknowledged.
However, he said the Government had a responsibility to clearly explain the reasons behind tax increases or reductions and their impact on the economy.
He also emphasised the importance of introducing tax changes at the right time, recognising that some sections of society would always oppose higher taxes.
The Governor said Sri Lanka had managed to maintain economic stability through recent political and financial crises by implementing necessary, although difficult, decisions at the appropriate time.
He stressed that clear communication and timely action were essential to ensure the successful implementation of economic policies and protect the country’s long-term economic interests.
More updates to come on AusNewsLanka.
Source : The Morning News
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