CBSL emphasizes economic importance of Sri Lanka dealing with BRICS nations

The Central Bank of Sri Lanka (CBSL) has told the Sectoral Oversight Committee (SOC) on International Relations that it is economically important for Sri Lanka to work with BRICS countries.

Attending the SOC meeting chaired by MP Namal Rajapaksa on Tuesday (05), the Central Bank officials have pointed out that 41% of the world’s population lives, and 24% of the world’s gross domestic product (GDP) and 16% of world trade activities are carried out in the BRICS countries, the Parliamentary Communications Department said.

The Central Bank officials further mentioned that 10.3% of Sri Lanka’s exports and 47.3% of imports in the year 2022 were from BRICS countries and that for these reasons, it is economically important to work with BRICS countries.

Accordingly, the Committee Chair has recommended that a special discussion be held with the CBSL and the Ministry of Finance under the initiative of the Ministry of Foreign Affairs to inquire about the social, economic and political benefits that can be obtained through working with the BRICS countries and submit a report to the Committee.

Moreover, the Chair also instructed the relevant officials to pay attention to the recruitment of foreign students, including Sri Lankan students who are studying abroad, as volunteers for the vacancies of employees in foreign embassies, it added.

Members of the Sectoral Oversight Committee Prof. G. L. Peiris, Akila Ellawala, Madhura Withanage, officials of the Ministry of Foreign Affairs and a group of officials representing the Central Bank participated in the meeting. MP Chandima Weerakkody was in attendance with the permission of the Chair of the Committee, according to the Parliamentary Communications Department.