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Sunny Side Up: Wimal’s letter to Nivard

23 Oct 2021

Minister of Industries Wimal Weerawansa has recently written a letter to Central Bank of Sri Lanka (CBSL) Governor Ajith Nivard Cabraal outlining the findings of a recent survey conducted by the Industrial Development Board (IDB). The survey had found a massive decline in the micro, small, and medium-scale industries. The Minister had requested Cabraal to build an environment and economic policy that would help uplift and stabilise the micro and small industries. “It is also clear that financial institutions are recording unlimited profits while destabilising the industrial sector,” Weerawansa had noted, adding that this situation is contradictory to the guidelines of the “Vistas of Prosperity and Splendour” policy statement in relation to the industries sector. “The Government will face a great challenge in achieving the expected accelerated economic development and sustaining it, if this imbalance is not controlled immediately,” the Minister had pointed out. “Hence, the Central Bank, as the country’s financial regulator, should take steps to swiftly introduce a mechanism that would address the issues faced by the micro, small, and medium-scale industries that are facing a massive deterioration,” Weerawansa had added.

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