Strange Economy

The IMF outgoing resident representative Jeremy Carter says Sri Lanka’s macro economic challenges are little changed from a decade ago when he started to analyze the Lankan economy. The IMF outgoing resident representative Jeremy Carter says Sri Lanka’s macro economic challenges are little changed from a decade ago when he started to analyze the Lankan economy. Mr. Carter in his last interview before leaving the island said the country needs to pick up the pace in reforms if it wants to break through the mediocre growth rates it has been recording for decades.

Excerpts from the interview:

LBR: What do you think are Sri Lanka’s key economic achievements during the last decade?

Jeremy Carter: Some of the challenges that were in 1995 are still there. It is an economy too much controlled by the public sector. It still has difficulties. It still has not tackled the main issues. It still hasn’t made high growth; or generated enough jobs, or made the break through in solving the issue of poverty.

But on the positive side it has managed to survive.

LBR: Sri Lanka will getting emergency assistance from the IMF. Can you tell more on this?