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Samurai to the rescue

20 February 2017 05:20 am - 8     - {{hitsCtrl.values.hits}}


Sri Lanka would overcome its foreign currency payment, which will reach a staggering USD 4.08 bn (About Rs.560 bn) by end of this year, USD 5.7 bn (Rs.570 bn) by end 2018, through Samurai Bonds and by swapping of debts, Prime Minister Ranil Wickremesinghe said yesterday.

A samurai bond is a yen-denominated bond issued in Tokyo by non-Japanese companies, and is subject to Japanese regulations.

Speaking at the opening of 20 housing units for the landslide victims of Aranayake yesterday morning the Prime Minister said revenue from Samurai bonds and swapping of Hambantota Port debt against a stake would help the country to reduce the debt services by end 2017.

"Some have filed court cases against the signing of Hambantota Port Agreement without considering the country's situation," Mr. Wickremesinghe said.

"If we do not pay our loans, the foreign debt services alone will rise by trillions of dollars by the year 2025," he added.

He said the country would face this situation irrespective of domestic debt services. Domestic debt services by end 2017 would rise to Rs. 794 bn and to Rs 959 bn by end 2018.

"We will have to put the economy on the right track, while concentrating on reconciliation and power sharing," he said.

He said only reconciliation and a stable economy would help the Government to create employment.

"We have to generate employment especially in the North. The original grievance of the Northern and Eastern youth was unemployment and the failure of the respective Governments resulted in the war. This war pushed Sri Lanka back so much that only Laos and Cambodia were lagging behind Sri Lanka. If we fail to generate employment now both Cambodia and Laos would also will beat us," he further said.

Mr. Wickremesinghe also stressed the importance of reconstructing disaster affected areas.

"The Unity Government of the two main political parties helped quick reconstruction of Aranayake. Lack of unity among the political parties made the post-tsunami reconstruction lag for many years," he said.

Minister of Power and Renewable Energy Ranjith Siyambalapitiya said there was much to be done when it came landslide reconstruction in Kegalle.

He said government was faced with a task of finding land for 2,000 families.

Minister of State Enterprises Development Kabir Hashim said the Government had done much when it came to reconstruction of the landslide areas, though no publicity was given. He said all these work was done with the joint effort of all politicians, government officials and religious leaders in the area. (Yohan Perera)


  Comments - 8

  • lost lankan Monday, 20 February 2017 06:01 AM

    Well said PM. Hope your messages get to the masses who are very ignorant of our own financial crisis. We need a govt supported by all political parties who is genuinely want to move forward clean or with the support of corrupt free politicians from all parties to join. Not definitely MR troops and their henchmen in the current parliament or with JO. Let's all of us irrespective of north/east or south and west join hands to bring back the lost paradise image to this beautiful country for our children sake.

    gobbaya Monday, 20 February 2017 06:23 AM

    A samurai bond is a yen-denominated bond issued in Tokyo by non-Japanese companies and is subject to Japanese regulations. These bonds provide the issuer with an access to Japanese capital which can be used for local investments or for financing operations outside Japan.borrowing paul to pay peter....stupid via DM Android App

    ANTON Monday, 20 February 2017 07:29 AM


    Sameen Jan Monday, 20 February 2017 07:34 AM

    So the PM admits the UNP did NOT help in post tsunami reconstruction because it did not unite to help the victims of SL's biggest disaster in history.What a man and what a party and what a tragedy for the people.Fortunately without his 'uniting' SL defeated the terrorists

    abeyro Monday, 20 February 2017 09:23 AM

    From James Bond to Last Samurai

    Raz Monday, 20 February 2017 12:09 PM

    Where were all the critics when the country was robbed by the last rulers. Now these critics are very active as they fear the country & people will prosper & there is no reurning for the bankrupt politicians. via DM Android App

    Rajitha Yapa Monday, 20 February 2017 07:54 PM

    This is great news for the people in the parliament, they can have some more duty free permits to bring in luxury cars and then sell those to make money for themselves.

    dharma Monday, 20 February 2017 10:50 PM

    mr Ranil what he promised to the last election fail he is harboring the former president and criminal, local government will he has no place ,he is playing double game with India and China,

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