- Says SL looking at obtaining non-loan foreign exchange instead of loans
- Urges need to develop and implement different tools for it
- Highlights need to prioritising private equity sale, development of listed securities, making debt instruments effective, and publicising venture capital
- Promises to aggressively continue government’s capital expenditure programme
The government yesterday asserted it would explore all possible opportunities to reach its ambitious development targets, while taking a cautionary approach with regard to foreign borrowings when realising its growth agenda.
As the island nation looks to achieve a sustainable economic development rate of 6 percent in the near future, Prime Minister Mahinda Rajapaksa stressed the need to bring in foreign exchange that would not add to the already mounting interest payment struggle.
“At present we have to aim for the inflow of non-loan foreign exchange instead of obtaining loans. For that we need to implement different tools and progress,” said Premier Rajapaksa during his speech at the virtual Sri Lanka Investment Forum 2021.
Addressing local and international investors in Sinhala, Rajapaksa pointed out that some avenues to achieve that goal is by prioritising private equity sale, development of listed securities on the CSE, making debt instruments effective, and publicising venture capital.
The Prime Minister acknowledged that the country’s development rate must be accelerated, and for that it is imperative to have capital investments on a wider scale.
“We know that more investments are required to develop infrastructure facilities, and the production capacity of the economy. For that, we expect to continue the government’s capital expenditure programme,” stressed Rajapaksa.
Having already embarked on a number of measures to uplift the economic status of the country, he expressed confidence in the efforts marking a turning point in Sri Lanka, despite challenges brought about by the COVID-19 pandemic.
Rajapaksa, in his address, highlighted the steps taken to establish a one-stop-shop, enabling both local and foreign investors to set up profitable ventures in Sri Lanka with minimal barriers.