Bond success signifies investor trust - President
Rohan MATHES in Thulhiriya
The trust that investors have placed in Sri Lanka’s economy is
confirmed by the successful international bond issue for US $ 500
million, President Mahinda Rajapaksa said at the opening of the MAS
Holdings Fabric Park in Thulhiriya yesterday.
President Rajapaksa said: “When for the first time our government
went to the international markets and launched a Sri Lankan bond issue
for US$ 500 million, it was oversubscribed by over three times the issue
on offer, in the face of the many obstacles, attempts at sabotage, false
and harmful publicity and attempts to frighten investors.”
He said this confirms the trust and confidence the international
financial markets and foreign investors have in the Government’s Ten
Year Vision for Development.
“Therefore, I honestly believe that the action of the investors in
coming forward, despite some threats of not repaying debts, is a sign of
the genuine expectations about the stability of this country and its
future development,” he added.
The President said: “We are dedicated to ensure the security of the
country, free the people in all areas from terrorism, and build a humane
and democratic society. The measures we take to restore life in the East
to normality are also an important for necessity for the people of the
North. As a Government we are committed to bring the benefits of
development projects such as this to the people in the North and East
too.”
He pointed out that despite the expenditure for national security and
rising fuel costs the Government would not set aside development.
He was of the view that priority had to be given to development in
all areas, through local and foreign investments.
The Government’s newly launched food drive and Gama Neguma and Maga
Neguma programmes would spur rural development.
He observed that the garment industry was now penetrating the
villages, leading to the uplift of rural people. The Garment Industry is
the main industry in our country. We obtain export earnings of US $
3,000 million from it. In all, this industry provides direct and
indirect employment to nearly one million people.
“Through the Mahinda Chinthana Ten Year Vision we have identified the
need to have economic growth exceeding eight per cent. For this purpose
we have undertaken the major task of providing the necessary
infrastructure development, national security and economic stability.
“We are also giving priority to taking to the underdeveloped rural
areas the economic development that is at present confined to Colombo
and environs,” he added.
He stressed that the Government has been able to reach a 7 per cent
economic growth. This is the highest rate of growth our country has seen
since 1978.
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