Wednesday, 23 September 2020 07:54

Govt. says investments picking up, targets 1% economic growth by year’s end

State Minister of Money and Capital Market and Public Enterprise Reforms Nivard Cabraal

Cabraal tells Parliament foreigners keen to return to SL as local interest drives share market up
Says a lot of excitement about Port City
Country targeting economic growth of 1% by end of the year
Requests banks and leasing companies to give concessions to customers

 

State Minister of Money, Capital Markets and State Enterprises Reforms Ajith Nivard Cabraal told Parliament yesterday that the country would see money coming back into the Sri Lankan economy in the form of investments and Foreign Direct Investments (FDIs) in the next few weeks.

“Investments in treasury bonds and bills have started to come back for the first time in seven months. They are keen to come back to Sri Lanka because the local investors are making purchases of the shares in droves,” Cabraal said.

He said the BOI announced on Monday that in the first nine months of the year it had managed to attract investment worth $ 1.5 million. “That is an excellent start in this COVID-19 era with regard to the new investment drive we are starting,” he said.

Cabraal added that there was also a lot of excitement about the Port City. “When the new laws are brought to ensure that the activities of the Port City are done keeping with international standards, the flow of investment will be extremely sound,” he added.

He said that the Government was in talks with several investors from all over the world and would continue to engage with them and constantly keep them abreast with the developments in the country.

He added that Sri Lanka was targeting an economic growth of 1% by the end of the year as such a rate would push the country to the path of recovery and this would put the country on a sound economic position compared to many other countries in the world.

“The country might see more foreign investments within the next two weeks,” the State Minister said, adding that during the lockdown period, the Board of Investment (BOI) entered into investment agreements worth $ 1.5 billion.

He said that the Government had requested the banks and leasing companies to give concessions to their clients and warned that appropriate action would be taken against the banks that refuse to grant loan payment concessions to borrowers.

The State Minister made the remarks when winding up the debate on seven Orders under the Finance Act, two Regulations and three Orders under the Foreign Exchange Act and 31 Orders under the Special Commodity Levy Act that were taken up in Parliament yesterday.

(FT)

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