Central Bank Governor Dr. Nandalal Weerasinghe emphasized the importance of building financial resilience within Sri Lanka’s tourism industry to better handle future shocks. Speaking as the Chief Guest at The Hotels Association of Sri Lanka (THASL) Annual General Meeting and its 59th Anniversary celebration, Dr. Weerasinghe urged the industry to reduce reliance on government interventions such as moratoriums during economic crises.
Reflecting on the challenges the sector has faced in recent years, including the pandemic and economic downturn, the Governor stressed that it was essential for tourism stakeholders to learn from past experiences. “As Governor, I don’t have to be popular. I always had frank discussions with the industry,” Dr. Weerasinghe said.
Acknowledging the vulnerability of the tourism industry to both domestic and international disruptions, he commended the sector’s resilience in stabilizing operations over the past two years. He also noted that the country’s political and economic stability, achieved through difficult reforms and debt restructuring, now provides a solid foundation for the industry to thrive.
Dr. Weerasinghe compared the situation to Sri Lanka’s broader economy, highlighting the loss of fiscal buffers during the crisis and the restoration of stability in fiscal policy, foreign exchange reserves, and interest rates. He urged the tourism sector to use this period of relative stability to prepare for future challenges and build a more resilient industry.
With the country now benefiting from a more stable political and economic environment, the Governor called on the tourism industry to seize the opportunity to strengthen its financial foundations for long-term sustainability. “From an economic point of view, tourism is one of the important industries. The experience must be seen as a positive one, providing the momentum to build a more resilient industry and contributing to the overall economy,” Dr. Weerasinghe concluded.
The Governor expressed confidence in maintaining the current economic stability and urged the tourism sector to take advantage of the improved environment to secure its future.