Stopping Port City Project has affected credit rating: Gammanpila

1 March 2016 08:20 pm - 7 - {{hitsCtrl.values.hits}}

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The Government move to halt the Port City Project funded by the Chinese Government which is considered the fastest growing economy in Asia has resulted in downgrading Sri Lanka's sovereign credit rating to ‘B+’ from ‘BB-’ by Fitch Ratings, opposition MP Udaya Gammanpila claimed today.

He said neither the US nor Britain had ignored projects initiated under Chinese President Xi Jinping because they have realized the significance of maintaining cordial ties with China.

Mr. Gammanpila said even though President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe visited many powerful countries like Germany and Britain, they were unable to obtain financial support to uplift the country’s economy.

He said the only option the government had was the renewing of ties with the Chinese Government and seeking its support to strengthen the economy.

“The Premier sent Foreign Affairs Minister Mangala Samaraweera to China last month with the purpose of reaffirming ties between the two countries. The effort seems to have failed and now Mr. Wickremesinghe is sending Development Strategies and International Trade Minister Malik Samarawickrama to China this month. He must have realized that there is no option other than approaching China. The government will have to apologize and re-start the Port City Project soon,” Mr. Gammanpila said.

However, he warned that unless the Chinese government agreed to help Sri Lanka, the country would have to face economic crisis like Greece, Iceland and Spain.

Even though they had disputes with the government, Mr. Gammanpila said they were keen to provide their knowledge to uplift the country's economy.

He urged the government to set up a ‘National Economic Council’ comprising government and opposition politicians, academics and front-line businessmen to provide imputs on revitalising the economy. (Piyumi Fonseka)

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Comments - 7

Top Cat Tuesday, 01 March 2016 08:53 PM

Oh! Quoting from the "Flinch Rating" web site, the reason for the down grade is due to "high upcoming external debt maturities". This is due to the unprecedented borrowing by the former government. Nothing to do with the Port City. This is how these pin heads try to get political milage by misleading the public. Thanks to the the Internet, I was not.

Bubble Banda Wednesday, 02 March 2016 09:23 AM

Foolish Gamampilla always utters nonesones. He is trying to be too smart than the Old King, may be to become the Leader of the Joint Opposition.

J Palitha Wednesday, 02 March 2016 09:25 AM

Sir, you can donate something for this Project out of your looted money (Rs. 100/- per person) plus sell your luxury car gifted by MR.

Kadupol Jothywansa Wednesday, 02 March 2016 09:27 AM

We got to know you meet Hon. Prime Minister and beg for a Port Folio. Is it true?

Wesko Wednesday, 02 March 2016 12:29 PM

UNP should not take this type of jokes ....

Gobba Wednesday, 02 March 2016 12:39 PM

Economic expert talking. Maybe he thinks that us fools will get MR and him back in business so that they may "CORRECT" these negative ratings for the country !!!!

Politico Wednesday, 02 March 2016 01:19 PM

He is trying to be an Economist and again showing his ignorance. I cannot imagine why any news media want to give publicity to such ignorant people. He managed to get into politics after swindling the priests in JHU. Now he is trying to do the same to the public.

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Stopping Port City Project has affected credit rating: Gammanpila

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