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CBSL tightens monetary policy to curb inflationary pressures; rectify external sector imbalances
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Sri Lanka tightens monetary policy amid growth recovery
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Economy at a glance for 2020:Double whammy blow
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Posted on December 31st, 2020 By P.K.Balachandran/newsin.asia Courtesy NewsIn.Asia
Colombo, December 31: The coronavirus pandemic, which began in March and is still on, made 2020 a very stressful year for Sri Lankans of all classes, particularly the poor and the lower middle classes. The pandemic directly stalled economic development because of lockdowns, curfews and movement restrictions. It indirectly disrupted communal harmony when the government banned the burial of the COVID dead – a prohibition which hurt the Muslim minority for whom cremating the dead is haram” – a religious taboo. The country is now seeing demonstrations for and against burial.
The year in Sri Lanka
Colombo, December 30: It is just a little over a year since Gotabaya Rajapaksa took over as Executive President of Sri Lanka with ambitious plans for his country.
A former military man and the top-most official in the Ministry of Defense from 2005 to 2015, Gotabaya Rajapaksa was to bring order to a government which had been torn apart by an unceasing conflict between President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.
The consequences of this struggle had been far reaching for the economy and security of the country.
The pro-West Wickremesinghe regime put on hold China-funded projects initiated by the previous Mahinda Rajapaksa government. A delay of a year and a half raised project costs. Government talked a lot about grand development schemes but failed to walk the talk. About a dozen MoUs signed with India were gathering dust. Gotabaya Rajapaksa inherited a non-functioning government and a stagnant cash-strapped economy.