Monitoring system vital for investments - CB Governor

Ramani KANGARAARACHCHI

An effective monitoring system would be necessary in respect of the ongoing public investment programs to ensure better implementation. Central Bank Governor Ajith Nivard Cabraal said last week presenting the Monetary and Financial Sector Policies for 2009 at the Central Bank Conference Hall.

He said that the Government has shown visible progress in implementing public investment programs and the 21 per cent increase in the capital expenditure and net lending during the first ten months of 2008 is evidence of that.

The Government has made strenuous efforts to fast track public investment programs to provide a better environment for ongoing economic activities while paying greater attention to rural infrastructure projects, he said.

Cabraal said that the benefits that could accrue by improving infrastructure facilities are manifold.

It would stimulate private sector investment and help increase the overall productivity of the country.

The implementation of a number of mega infrastructure development projects simultaneously is a promising sign of the economic uplift of Sri Lankans.

At the same time, people must keep in mind about the possible difficulties that may arise in completing the planned projects in 2009, if the global economic and financial conditions continue to be unfavourable.