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SL currently facing a foreign currency issue: PM

13 August 2018 11:33 pm - 24     - {{hitsCtrl.values.hits}}

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Sri Lanka is currently facing a foreign currency issue and needs to go for an export-driven economy, Prime Minister Ranil Wickremesinghe said today.

Mr. Wickremesinghe expressed this sentiment during the opening of greater Kurunegala water supply and sewerage project this evening.

“The country was facing a debt service issue when we took over and the nation’s revenue was not sufficient to settle the debts. However, we have managed to reduce the debt service to 70 per cent of our revenue. We have also been able to increase state revenue by ten per cent. However the country is short of US dollars,” the Prime Minister said.

However, the Prime Minister assured that the troubled times are ending and the country’s economy would be stable from next year.

The Prime Minister, therefore, said the country’s economy should be converted into an export-driven one. “ We will have to get more investments in order to increase our exports,” he said while highlighting that vast development projects will take place from Hambantota to Kandy via Kurunegala.

He said Kurunegala will benefit from the Central Highway project which is already underway. He said phase one of the project was handed over to China while the second phase was given to Sri Lankan firms. The Third phase will be done by a Chinese Company and the final phase in India.

In addition, he said Enterprise Sri Lanka and Gam Peraliya programmes will help economic situation of rural folk.

Minister of Water Management and Town Planning Rauff Hakeem said the second phase of the Greater Kurunegala water supply and sewerage project would be funded by Indian Export Bank. He said the cabinet has approved this funding. He said Kandy, Kuliyapitiya water projects and Negombo, Galle, Batticaloa and Kalmunei swearage projects will be launched soon.

Secretary Economic and Commere Affairs Chinese Embassy in Sri Lanka Yang Zuoyvan said Sri Lanka could benefit from Slik Raod and One Belt One Raod concept of China. He said Chinese companies are keen to invest in Sri Lanka and assist in its infrastructure facilities development. “Chinese companies are committed to quality and preservation of the environment. Focusing on Grater Kurunegala water supply and Sewerage project he said 30,000 cubic meters of rock had to be removed to lay pipelines under the project. (Yohan Perera in Kurunegala)

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  Comments - 24

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  • Nuri Tuesday, 14 August 2018 12:17 AM

    No bank robberies , no currency issues.

    Farouk Tuesday, 14 August 2018 12:26 AM

    First get rid of the useless BOI board of directors. They do not understand entrepreneurship since the most powerful 3 come from the corporate sector. The worst is M.Y.

    ahmed Tuesday, 14 August 2018 02:10 AM

    do it and show. we don't want talks anymore

    Maru Tuesday, 14 August 2018 02:50 AM

    Taking about export driving economy! Why don't you give the local talent a chance? Why import cheap low quality buses and trains from Indian when you have Micro company who can locally manufacture! Forex stays in the country and will stimulate local talent. Why give Indian to build ships for the Navy when CDL can build them and they have in the past! These are some of many the government should forcus on. We have to stop depending solely on tea, rubber, tourism ect! There should be more funding in science and technology as well, we have so many talented people who can actually help SL with rocket technology.

    Lord Wolfstein Tuesday, 14 August 2018 10:26 AM

    China is known for products and construction projects of the worst quality. Sri Lankan quality is not much better and Indian quality is also not so good. Commission Japanese and Western companies. These are more expensive and do not pay bribes, but the quality is impeccable. Local talents emigrate as they have no future in Sri Lanka.

    observer Tuesday, 14 August 2018 03:24 AM

    Is that is the reason RS.640,000.00 chairs are being bought

    Upul Tuesday, 14 August 2018 04:09 AM

    "However, the Prime Minister assured that the troubled times are ending and the country’s economy would be stable from next year." Do you think people will vote for you again by listening to your dumb statements like these again? Your days are numbered pal. Get ready to pack your bags.

    sana Tuesday, 14 August 2018 02:11 PM

    ow ow pain gahala elavanne

    Nihal Amarasekera Tuesday, 14 August 2018 04:13 AM

    We don't care for what he says. He has lost credibility, big time.

    sHeHaN Tuesday, 14 August 2018 04:15 AM

    At the moment only Turkey is facing a currency issue with the plummeting Turkish Lira, SL would follow course if it doesn’t get its act right.

    Mia Man Tuesday, 14 August 2018 05:28 AM

    Mr Prime Minister, If we are in a crisis like this why are we importing such a large amount of Luxury Cars. I think you are gone Senile. You should step down and allow a capable person with a vision to be in your position.

    Deepal Edirisinghe Tuesday, 14 August 2018 05:33 AM

    I wondered Sri Lanka has only foreign currency short?Yeah, that is why people are ready to import chairs worth of 640,000.00 LKR each. It's a shame on you bloody politicians.

    Citizen Tuesday, 14 August 2018 05:44 AM

    For the next 30 years the country will suffer the effects of the Bond Scam.

    DON Tuesday, 14 August 2018 11:05 AM

    Where is Arjuna Mahendran

    Dan Tuesday, 14 August 2018 11:27 AM

    Now only he has realized the importance on Exports oriented economy...up till now he was hell bent to imports including signing FTA's with India and Singapore that only promote imports...Looks he doesn't know what he is talking about..

    gamarala Tuesday, 14 August 2018 12:10 PM

    Your robbing of CB

    Sanath Tuesday, 14 August 2018 12:34 PM

    Even though we are short of foreign currency, we still import super luxury chairs from Belgium at a cost to WPC? How is that???

    Premalal Tuesday, 14 August 2018 12:36 PM

    Your FM adds taxes upon taxes on the export industries at the behest of the IMF so how can exports take off.

    Philip Tuesday, 14 August 2018 01:35 PM

    This guys is tried

    NASNEEN Tuesday, 14 August 2018 01:37 PM

    Dear PM, It's for the last two years our Export market for Coconut products and Spices captured by Vietnamese. Local prices for our Export products are very high in prices compared to Vietnam. So look into this matter seriously and take remedial measures.

    sugath Tuesday, 14 August 2018 03:57 PM

    While improving export, restrict import rubbish specially from china.

    Haramanis Tuesday, 14 August 2018 04:35 PM

    Dear PM - please don't let this stop you and the Prez gallivanting overseas with your kith and kin

    Gemba's great great grandma Tuesday, 14 August 2018 05:55 PM

    Can't we print our own foreign currency?lol

    Ishanka Wednesday, 15 August 2018 08:19 AM

    We have all documentation and clients from abroad. But sadly we don't have that strong finance to do it. We tried to take loans but for that bank ask for grants. So we are very unsatisfied with this issue. Now we are searching for investment. Only big people gets everything from every government. Beginners are suffering with lot of difficulties. We have informed this to several ministers also. But still no reply. How can we, win the world without a handful help from the governments....


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