Fri, 29 Mar 2024 Today's Paper

Increased private investments would ease fiscal pressure – WB MD

By

19 November 2012 03:14 am - 1     - {{hitsCtrl.values.hits}}

A A A


World Bank Managing Director Sri Mulyani Indrawati stressing a point. World Bank Country Director Diarietou Gaye is also in the picture

If Sri Lanka wants to sustain high economic growth in future, the country should try to import more and attract more capital from credible private sector partners, a top World Bank official said.

According to World Bank Managing Director Sri Mulyani Indrawati, the pressures that will be exerted on the fiscal position of the country when pursuing high growth can be controlled if there is a continuous flow of quality private sector investments.

Sri Mulyani who was on a brief visit to Sri Lanka told journalists on Saturday that the input of the private sector is very important as the government is facing issues in the fiscal side.

 It is encouraging to see performance of the Sri Lankan economy. However major challenges are there for the economy to move forward. The fiscal position, debt exposure, size of the budget deficit shall be addressed for sustainable development,” she said.

Sri Mulyani noted that the perception about the economy would be the key to attract investments to the country, and stressed that policy consistency and property rights will function as foremost pull factors for Foreign Direct Investment (FDI).

She also said that, being the latecomer into the development scene, Sri Lanka will not have to do the mistakes done by other countries in the Asian region in luring FDIs in their early development stages and advance forward by learning from their mistakes.

When queried about her views on Sri Lanka’s debt portfolio, where the country has borrowed more from China than from other funding partners put together, Sri Mulyani said that as long as the ‘borrowing process is transparent, the source is no problem’.

“Borrowing is not an issue. We are not addressing the issue where the debt is coming from but where the debt is going,” she said.

The WB Managing Director also noted that Sri Lanka is facing a productivity challenge, specially with regard the quality of the Sri Lankan graduate.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 1

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka
  • Sammy Monday, 19 November 2012 04:34 AM

    I thought to improve the economy there should be more exports and not imports, unless the imports are directly related to development. Ofcourse, borrowed funds should be utilised for the right purposes & there should be transperancy. The government should create the right conditions to get the private sector involved in the development process by cutting out wastage, corruption, redtape, favouritism, family bandyism etc.


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H