The Central Bank had stated that Sri Lanka’s ailing economy grew at a slower-than-expected 4.8 per cent last year despite lower oil prices as a slowdown in European markets hit exports.
It was said that Prime Minister Ranil Wickremesinghe said his government had inherited a ‘very bad situation’ when it came to power early last year but that things were improving.
He further added, “We are turning the economy around,” he told the media yesterday. “We do not have a balance of payment crisis any more. We may have had it before, but not now.”
The news of a slowdown in growth from 4.9 per cent in 2014 came as Sri Lanka negotiates with the International Monetary Fund for a bailout to help fund substantial debt repayments.he added.