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Sri Lanka to receive sufficient funds to pay off debts, says PM

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Home Around South Asia Sri Lanka

Sri Lanka to receive sufficient funds to pay off debts, says PM

Editor by Editor
October 27, 2016
in Sri Lanka
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Colombo, Oct 27 (NIA) – Sri Lanka’s Prime Minister, Ranil Wickremesinghe on Thursday said that his government  plans to receive sufficient funds to pay off debts caused from white elephant projects constructed by the previous government, so that future generations would not have to pay these debts.

“Most of us thought that our next generations would have to pay the debts incurred for Hambantota port and Mattala airport,”  Wickremesinghe said in a statement read out in the country’s Parliament.

“Now, we have entered into a debt to equity swap. Chinese investors have made significant commitments to invest equity in the debt strapped Hambantota Port and the Mattala Airport as PPP ventures. The Government plans to receive sufficient funds to offset these debts. You can now be assured that your children will not have to pay these debts but can reap the benefits of a dynamic, international air-sea hub.”

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Some Chinese funded projects constructed by the previous Mahinda Rajapakse government have been termed as ‘white elephant’ projects due to its staggering projects costs and low profit turn out.

In 2014, local media revealed that the Mattala Rajapakse International Airport, funded by China and built in Hambantota, in southern Sri Lanka, recorded a profit of only Rs.16,000 in May, 2014. Forbes also listed it as the ‘World’s Emptiest Airports’.

Meawhile, reading his five year policy statement, Wickremesinghe, while noting that the country was faring better economically despite the global economic downfall, said that international investors planned to use Sri Lanka as an export market to access Europe, China, Japan and USA and the crescent of markets around the Indian Ocean.

He said that between the Middle East, Iran, Afghanistan, Pakistan, India, Bangladesh, Myanmar, Thailand, Malaysia, Singapore and Indonesia there exists a fast growing population currently of over 2 billion people.
He said, this combined market had the potential of 3 billion consumers by 2050 and Sri Lanka was the ideal gateway.
Wickremesinghe said that towards creating newer markets for the island’s exports, Sri Lanka was also negotiating three trade agreements, the ETCA with India, and two FTAs with China and Singapore.
He further said that in order to grow out of being a poor, backward country, Sri Lanka needed to focus on large scale FDIs and accelerate growth..
Towards this direction, Wickremesinghe said his government planned to create a positive investment climate that would generate jobs.
“Hurdles that stand in the way of achieving growth for business start-ups will be removed.”
“Our target is to bring Sri Lanka within the top 70 nations of the Doing Business Index by 2020.”
The Prime Minister further said that Sri Lanka had also created a Megapolis Development Authority to develop the entirety of the Western Megapolis, an urban area of over 8 ½ million people.
A brand new financial city centre that will be based at the new reclaimed land development project alongside the Port of Colombo, was also being built.
Wickremesinghe further said that Sri Lanka was also seeing a staggering growth in tourist arrivals as its image as a safe and a friendly tourist destination was growing rapidly.
In the aftermath of a decade of neglecting markets, major international airlines and hotel chains were once more entering a vibrant Sri Lankan market, he said.

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