Sri Lanka’s Finance Minister confident of rapid economic recovery - Opportunity Sri Lanka
Sri Lanka’s Finance Minister confident of rapid economic recovery

Sri Lanka’s Finance Minister confident of rapid economic recovery

Sri Lanka’s Finance Minister Basil Rajapaksa expressed confidence in the country’s economy returning to normalcy after facing the brunt of the global Covid 19 pandemic. He told parliament that despite the challenging environment, the Sri Lankan economy would see a rapid and healthy recovery as the government was committed to working with everyone to address the issues confronted by the country.
“I believe all stakeholders will stand strong with us in this endeavour. I also wish to thank all those who supported me in presenting Budget 2022,” Rajapaksa said prior to the second reading vote on the 2022 Budget in Parliament.
The 2022 Budget was passed in parliament with a two thirds majority with 153 parliamentarians voting in favour of the budget with 60 voting against.
Meanwhile, the Finance Minister is to visit India to meet with Indian Prime Minister Narendra Modi and other Indian government officials in a bid to attract investments from India to Sri Lanka.
Sri Lanka is also in negotiations with India on securing a US$ 500 million line of credit to purchase oil for the island.

OSL take:

Sri Lanka’s economy has shown great resilience to external and internal challenges through the years and is once again on the path to recovery. Many key economic sectors in the country as well as the private sector have shown a steady growth potential even amidst the challenges posed by the global Covid 19 pandemic. The country’s development programme and the positioning of the country as a growing business hub in the South Asian region have helped attract foreign businesses/investors to Sri Lanka. The country’s geographical positioning in the Indian Ocean, the many trade agreements as well as concessions enjoyed by the country and the continuously improving ease of doing business environment in the country have all helped boost Sri Lanka’s attraction as a growing business destination. Foreign businesses/investors could therefore explore the growing business potential in Sri Lanka.

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Article Code : VBS/AT/02122021/Z_11

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