Global financial crisis:

Govt policies cushioned adverse impact

Right policies of the Government cushioned the adverse impact of the global financial crisis, said Prime Minister Ratnasiri Wickramanayaka.

The Prime Minister was addressing the Sri Lanka Economic Summit 2009 organized by the Ceylon Chamber of Commerce yesterday at the Cinnamon Grand Hotel, Colombo.

Export Development and Internal Trade Minister Prof. G.L. Peries, Deputy Director General of Economic Planning Unit of Malaysia Data Dr. K. Govindana, representatives from UN agencies in Sri Lanka were also present. Japanese Special Envoy Yasushi Akashi delivered the keynote address.

The theme of this year’s summit is ‘Dawning of a New Era, Opportunities and Challenges’. UNP Parliamentarians Sajith Premadasa, Dayasiri Jayasekera also participated.

He said the country’s private sector has continued to perform well despite a conflict which held the nation captive for nearly three decades. “Sri Lanka’s five percent economic growth owes much to the private sector resilience and the Government appreciates that,” he said.

Prime Minister Wickramanayaka said the Government’s economic policy is centered more on developing a regionally balanced economy and addressing the economic and social disparities across all parts of the country.

“With the liberation of the North and East, the Government now faces the huge challenge of developing basic infrastructure facilities to restore the livelihood of the people.

The Prime Minister said the country has afforded many examples of courage to the world and the time has come for the post war development. . “We should embrace our diversity and unite in our struggle towards building a nation that is both strong in its people and the economy.

He said the country is poised to enter a more promising era despite the global economic situation. “The Government believes that the country’s economic growth will be driven more by domestic factors notwithstanding the effects of global economy.

“Revival of economic activities along with the reconstruction and development of liberated areas, higher tourist arrivals and higher investment will help expand domestic production.