SL economy is showing an upward trend

Published : 12:02 am  May 15, 2018 | No comments so far |  | 


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Untitled-8By Yohan Perera   

Sri Lanka’s economy which showed a downward tilt as a result of the recent drought and the floods has begun to recover, Prime Minister Ranil Wickremesinghe said yesterday.   

He said this at a ceremony held at Temple Trees where appointment letters were handed over to 4,000 people who were absorbed into the State sector as management assistants.   

“There is a slight growth in the agriculture sector which was down during the drought. Money circulation in the areas where crops are grown will increase. Money circulation was low in those areas until recently. Those who are from the areas of paddy cultivation are aware of this situation,” the Prime Minister said. “We expect more investments in the manufacturing sector and for the tourism sector. Investments will further enhance by 2020. Country’s economic growth will enhance. There was a record investment in 2017 and also the highest export revenue. We are expecting the rise in export revenue and foreign investments this year and a further expansion in 2019. Government intends opening three export zones shortly. These will be in Bingiriya, Weligama and Kalutara. These three will be set together. There would another zone in Hambantota this year. Then there will be three tourism zones. Special training will be provided to the youth and they will be placed in the private sector. We expect to go in for new agriculture crops such as Cocoa. It is possible to create employment if the economy is growing. We have entered an era of an employment drive for the first time after the ending of the civil war in this county. We could not generate investments the way we expected to after the war. The first thing this government had to do after coming to power is to settle country’s debt. Investors come in only if they think the country is able to settle its debts. Country’s revenue was not sufficient to settle the debts in 2015. However this government is managing the debt and is allocating funds for development activities. It is a difficult task. The amount of funds which the country could spend becomes limited as a result of debts. However the country has been able to attract foreign investment worth $ 1900 million in 2017. This is a start. We cannot be satisfied with it.”   

The Prime Minister said vacancies in the State sector have to be filled while employment opportunities have to be created in the private sector so as to resolve the unemployment issue. 

“These employment opportunities have to be attractive. 

Then self employment schemes should also be encouraged. Government also has to support the farmers and fisher folk as well,” he said.   

Public Administration and Law and Order Minister Ranjith Madumma Bandara said the government had no intention of reducing the public sector and pointed out that the government had to spend Rs.800 billion annually for the salaries of the public sector. He told the new appointees to help execute the government policies effectively.   



Pic by Pradeep Pathirana