Fitch upgrade reflects progress in Sri Lanka’s economic recovery, says Central Bank chief

Sri Lanka
By Editor_1
Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka said Fitch Ratings’ upgrade of the country’s sovereign credit rating reflects progress in restoring macroeconomic stability and implementing structural reforms -Dinuka Liyanawatte/Reuters/File

COLOMBO – Governor of the Central Bank of Sri Lanka, Dr Nandalal Weerasinghe, has said Fitch Ratings’ upgrade of the country’s sovereign credit rating reflects progress in restoring macroeconomic stability and implementing structural reforms.

Fitch Ratings upgraded Sri Lanka’s Long-Term Issuer Default Rating to ‘’B-’ from ‘CCC+’, with a Stable Outlook.

Speaking at the 49th Annual General Meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) on Wednesday (23), Weerasinghe said the recovery from the severe economic crisis had laid a stronger foundation for the country’s next phase of development.

Sri Lanka’s focus now was to translate economic stability into sustainable investment, higher productivity and long-term growth, he said, adding that strong partnerships would be essential to sustaining progress and turning the country’s restored stability into durable economic growth.

–ENCL

Editor_1
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