(June 12, 2010, Central Bank of Sri Lanka (CBSL) has initiated a programme to take the necessary steps to upgrade the country’s sovereign rating.
The significance of this move is that the government has moved further in the Basilian doctrine of neo-liberalism and it has appointed top officials of Indian company and and a local agent of a multi national consortium into this committee. This is a move against Mahindian nationalist and national economic policies that frequently denied Indian and Western multi national penetration of local economy.
Reportedly, this has annoyed local business leaders. After all, the two companies Nestle and IOC does nor or negligible very little to change Sri Lanka's performances according to these ratings, they point out.
“As announced in the Central Bank Road Map 2010 and beyond, the Central Bank of Sri Lanka (CBSL) will take the necessary steps to upgrade the country’s sovereign rating from the current B+ (stable)/B(positive) to an investment grade of BBB- or higher over the next four year period,” says the Central Bank.
Central Bank says that towards this end, a carefully designed, forward looking and effective strategy will be implemened with the participation and co-operation of the all stakeholders, country authorities, private sector business leaders, chambers and rating advisors.
Central Bank announces that it has now appointed the following high level Sovereign Rating Committee, which will make regular reviews on the developments of the economy and convey these improvements to the rating agencies through rating advisors to upgrade the country’s rating level.
Mr K G D D Dheerasinghe, Deputy Governor, CBSL (Chairman)
Mrs J Mampitiya, Assistant Governor, CBSL (Deputy Chairman)
Mr K D Ranasinghe, Chief Economist & Director of Economic Research, CBSL
Mr C J P Siriwardena, Superintendent of Public Debt, CBSL
Mr. U.R. Seneviratne, Deputy Secretary to the Treasury
Mr C N Wijayasekera, Additional Superintendent of Public Debt
Mr. Ashroff Omar, Chief Executive Officer, Brandix Lanka Ltd
Mr. David Saudan, Managing Director, Nestle Lanka PLC
Dr. Anura Ekanyake, Chairman, Ceylon Chamber of Commerce
Mr. Upali de Silva, Secretary General, Sri Lanka Banks’ Association
Mr. Dilith Jayaweera, Managing Director, Triad Advertising
Mr. K.R. Suresh Kumar, Managing Director, Lanka IOC Ltd
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