Sri Lanka must enforce critical economic measures even if they lack public support to avoid severe long-term financial damage, Central Bank Governor Dr. Nandalal Weerasinghe said.
Speaking during an academic address at the University of Kelaniya, the Governor outlined the necessity of maintaining strict policy discipline to safeguard national economic stability.
He said that the Central Bank had already implemented difficult decisions and would not hesitate to introduce further measures whenever required.
He noted that delaying or avoiding essential economic adjustments simply because they proved unpopular would ultimately inflict serious harm on the country as a whole.
The Governor acknowledged that tax rates sometimes had to be increased to meet national financial requirements, even though higher taxation faced widespread public opposition.
He said that such unpopular decisions could trigger public protests and create temporary instability in the country.
However, he stressed that the government held a clear responsibility to communicate the economic impacts of tax revisions transparently to help the public understand the underlying necessity.
Proper communication was vital to securing public understanding and ensuring the successful execution of fiscal policies, he added.
The Governor emphasised the importance of introducing tax adjustments at the appropriate moment while anticipating resistance from various segments of society.
He pointed out that despite the severe political and economic crises facing Sri Lanka in recent years, timely implementation of difficult policies had successfully preserved relative economic stability.
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