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Sri Lanka’s economic recovery in jeopardy post-election, warns central bank chief

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Sri Lanka’s central bank chief, Nandalal Weerasinghe, has cautioned that the nation’s fragile economic recovery could be at risk following the upcoming presidential elections later this year. Despite making some progress due to rigorous reforms prompted by an International Monetary Fund bailout, the country still faces significant challenges.

“Internally, the challenge is to maintain consistent policies regardless of the governing body,” Weerasinghe emphasized. “This is crucial.”

The government had hoped to finalize a deal with foreign lenders, particularly China, its largest creditor, by the end of March. However, no agreement has been reached thus far. Foreign lenders have warned that any delay in restructuring Sri Lanka’s foreign debt could severely impact the economy.

Wickremesinghe’s party has indicated his intention to seek reelection in the elections scheduled for September or October. His two main opponents have proposed renegotiating the terms of the IMF bailout, lowering taxes, and increasing subsidies for food and energy.

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