The country has shown economic stabilisation and there will be a significant economic recovery next year, Central Bank Governor Dr. Nandalal Weerasinghe said.
The effects of the collapse are now under control, he said.
“There may not be a reduction in prices of goods as of now, but there will undoubtedly be a reduction in the rate of increase in prices. The Central Bank aims to reduce the increase in prices,” he said.
Dr. Weerasinghe said if inflation decreases in the future, they can reduce the banks’ loan interest rate.
He said that the country could expect a positive transformation if it persists with the resilient economic recovery plan being implemented by the Government and the Central Bank.
“Besides getting the much-needed assistance from the International Monetary Fund (IMF), we will be able to get extended debt relief periods if we go ahead with the ongoing recovery plan,” he said.
He said, “We are currently paying the loans we had taken from the World Bank and other international financial institutions. However, the bank is discussing the possibility of stopping bilateral loan payments as part of its debt restructuring measures,” he said. He expressed confidence that the country will be able to get a loan from the International Monetary Fund by January next year.