Sri Lanka’s economy is now in a much more stable position, and the present political stability is an important factor for long-term, sustainable economic development, according to Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe.

“We lost both economic stability as well as political stability during the last several years. We think about that situation now. Obviously we are in a much more stable position on both fronts,” he said, speaking during the 59th annual general meeting of The Hotels Association of Sri Lanka (THASL).

The central bank chief said that firstly now the country has political stability with the new president, new government and that a long period of political stability is one important necessary factor for any economic long-term, steady, sustainable economic development.

“Now we have reached that. I think that’s a good thing.” Dr. Weerasinghe stressed that the new government is committed to positioning Sri Lanka as a top sustainable tourism destination in the world.

“The government recognises tourism as a cornerstone of Sri Lanka’s economic revival. It is not only a critical short-term solution to our financial challenges but also a driver of long-term sustainable growth. We are fully committed to positioning Sri Lanka as a top sustainable tourism destination, ensuring the industry becomes one of our leading foreign exchange earners,” he said.