Loans not an option, need investments: President

19 June 2020 03:30 am - 8     - {{hitsCtrl.values.hits}}

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During a meeting held with Ambassadors of EU countries in Sri Lanka, President Gotabaya Rajapaksa said loans are not an option and what the country currently needs is new investments.

“Instead of further debt, Sri Lanka needs new investments,” he said adding Sri Lanka would benefit from a debt moratorium given the current situation.

The meeting held at the Presidential Secretariat was centered on rebuilding the economy after the COVID-19 crisis, the President’s Media Division said.

He said the country was able to quickly deploy the public health system to address the health threat caused by the pandemic.

“The Public Health Inspectors with the support of the Police and Security Forces were able to engage in contact tracing accurately. It was not only those who were infected but also the associates of the infected were also quarantined. These measures helped Sri Lanka to successfully combat the virus. The next concern before the country is reviving the economy and the current growth rate is very low and the national debt is high,” he said.

To control this dire situation, the President said certain controls and restrictions on imports were needed.

“However, this does not mean Sri Lanka will be a closed economy,” he said.

At the same time the President stressed the importance of developing domestic industries.

“Most food items can be produced locally. Therefore, we need to modernize this sector. It is also important to introduce organic fertilizer, better quality seeds and implement advanced technology,” he said.

The President directed the EU delegations’ attention to projects such as renewable energy using solar and wind power generation.

The PMD said the EU delegation responded positively to President Gotabaya and discussed at length a number of ways their respective countries abilities to engage with Sri Lanka in these areas. (Lahiru Pothmulla)

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  Comments - 8

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  • Prashan Friday, 19 June 2020 09:04 AM

    Say that to China and see. No more loans only investments. Always speaking big Infront of western leaders when will you do same for China?

    BigEars Friday, 19 June 2020 09:12 AM

    He He He! Use tools! What a joker. A becoming of a Gamarala. He did not know a leading financial institution was sunk. Like all Gamaralas read the newspapers. He He He

    Pantha Kumaran Friday, 19 June 2020 09:27 AM

    If President assures equal rights to all citizens we have better future. Today what I see in Srilanka is politics is done at the expense of minority. Majority want to eat the cake without sharing with minority. Tri forces cannot change the country they can only supress the minority.

    Jude Friday, 19 June 2020 09:43 AM

    HELLO, I reiterate!! SL could be developed ONLY thru Agri-based industries including Livestock!!! Agriculture, Agriculture, Farming, Poultry, Dairy Products, etc. Remember, MORE THAN 50% of SL GDP contribution should be from aforementioned !! YEAH!!

    Jude Friday, 19 June 2020 09:49 AM

    The investment should be on Agriculture and Livestock development!!! No SHORT cuts!! Have a plan for SHORT term and long-term !! Otherwise NEXT 10 years also SL will be importing everything from SALT to Rice to Milk Powder etc.!!! Wake-up !!!

    Jude Friday, 19 June 2020 09:57 AM

    Hey, try to emulate Thailand and Vietnam !!!

    Citizen Friday, 19 June 2020 12:35 PM

    Mr.President why won't you take the same stand with regard to the situation in the country

    Dee Friday, 19 June 2020 12:39 PM

    Only China loans 'Hitan - 2'


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