Mar 12, 2022

CBSL requests temporary suspension of new projects! Featured

The Central Bank has recommended to the government to suspend the new development projects initiated in the country for around one year.

The CB has also recommended the temporary suspension of the 100,000 projects initiative.

These recommendations were made based on the current financial crisis experienced by in the country, according to Central Bank sources.

The Central Bank has said that the suspension of development projects for a short period of time would not have an impact on the country's economy, adding that with the decline of the country’s reserves such measures were vital.

It is learned that the Central Bank has made these recommendations to the government after considering the views and suggestions of a number of economic experts and scholars.

Meanwhile, the Central Bank has once again recommended to the government that instead of banning imported luxury goods, it should impose higher tariffs on them.

The bank further said that the ban on luxury goods would enable some parties to import goods by bribing officials but by imposing higher tariffs the government would be able to earn a greater income.