Sri Lanka’s Finance Minister notes strong economic growth and a high increase in exports and investments
Finance Minister of Sri Lanka, Mangala Samaraweera has reportedly noted that state finances have been strengthened while exports and investments have also hit new highs.
He has added that inflation has also been brought to the lowest in 15 months in April.
“There is false propaganda spread about the economy, which is becoming accepted through repetition,” Samaraweera has said.
“We have put a good foundation to the economy.”
He has been quoted in the media as saying that the debt had been reduced to 77.6 percent of gross domestic product in 2017 from 78.8 percent in 2016 while tax take had been increased to 12.6 percent of GDP from 10.4 percent in 2014, while total revenues were at 13.8 percent.
According to reports, in 2017, the first primary surplus had been recorded in the budget for many decades and they hoped to produce a surplus in the current account, where current spending was below total revenues for the first time in 30 years.
Investments in health, education have been progressively increased over three years, Samaraweera has noted.
According to Samaraweera, Sri Lanka has recorded US$ 1.9 billion of foreign direct investments, the highest in history in 2017 and exports also grew 10.1 percent to 11.33 billion US dollars, another high.
OSL take:
The statement by the Finance Minister of Sri Lanka of the strong economic indicators would provide a boost for foreign businesses/investors to engage in doing business in the island nation. The increase in exports and investments along with the business friendly financial regulations that have been put in place by the government to further develop the ease of doing business environment in the country would undoubtedly make Sri Lanka one of the most attractive business destinations.
| Article Code : | VBS/AT/30052018/Z_5 |