Former United National Party Deputy Leader and Parliamentarian Ravi Karunanayake has urged the Government to focus on attracting investment, boosting exports and strengthening the rupee to support Sri Lanka’s economic recovery.
Speaking in an interview with CeylonWire, Karunanayake said the country should prioritise strengthening the rupee, expanding exports, attracting foreign investment, diversifying export markets and increasing the production of import substitutes.
He said these measures would help improve Sri Lanka’s trade balance and balance of payments, strengthening the country’s overall economic position.
Karunanayake stressed that achieving these goals requires cooperation between the Government and the Central Bank, adding that the country’s financial authorities must play a more active role in supporting economic growth.
He argued that economic development cannot be achieved solely by collecting revenue within the country, but also requires productive investment and increased economic activity.
Drawing on his experience in government, Karunanayake said he had previously warned that failure to implement key economic reforms would lead to a worsening financial crisis, adding that many of those concerns had since become a reality.
