Economic policies essential to the country must be implemented irrespective of whether they are popular or unpopular among the general public, the Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe has emphasised.

Governor Weerasinghe made these remarks while delivering a lecture at the University of Kelaniya, highlighting the importance of taking necessary policy decisions to safeguard the country's economy.

The CBSL Governor stated that the Central Bank had already implemented several difficult policy measures to maintain economic stability and would not hesitate to introduce further measures when required.

He cautioned that failing to implement essential economic policies solely due to concerns over public opinion could ultimately result in serious consequences for the entire country.

Referring to taxation, Governor Weerasinghe acknowledged that the country might be required to increase tax rates depending on its economic needs, despite the fact that a majority of people are generally opposed to tax increases.

He also noted that such decisions could trigger public protests and create a degree of social instability.

Governor Nandalal Weerasinghe stressed that the government has a responsibility to clearly communicate to the public the economic implications of increasing or reducing taxes.

He said that properly informing the public about the reasons behind such policy decisions would help build understanding and facilitate their successful implementation.

The Governor further highlighted the importance of introducing tax revisions at the appropriate time, noting that the government must recognise that there will always be sections of society opposed to tax increases.

He added that despite the severe political and economic crises experienced by the country in recent years, a certain degree of economic stability had been maintained through the timely implementation of necessary, albeit unpopular, policy decisions.