'Country's economy on track'

Shirley WIJESINGHE

The present economy of the country is at a satisfactory level holding foreign reserves sufficient for over four months, Public Administration and Home Affairs Minister and Deputy Finance Minister Dr. Sarath Amunugama said.

Minister Dr. Amunugama added that the Government was able to overcome the most difficult areas spread throughout the last year and meet all challenges despite the global recession and the three decades' war against terrorism.

He was addressing a media conference held at the Ministry yesterday.

Recalling similar occasions faced by Governments from time to time in the past , Dr. Amunugama said that the foreign reserves of the country had been depleted sufficient only for four days during the regime of PA.

When the present Government successfully took on the LTTE and defeated them it had foreign reserves only for four weeks. The investors cashed foreign reserves over US$ 600 million and took them back to their countries.

Commenting on the IMF loan Minister Amunugama said that The Government was able to attract foreign investment of over US$ 360 million shortly after receiving the IMF loan due to the recognition of the economic and political stability of the country.

Minister Dr. Amunugama said that no country could achieve its development targets unless it increased its total electricity power requirement by 12 percent annually. Our country reach this target in 2010 and will meet the total power demand by 2012.

Responding to media queries about recent hints on the suspension of annual salary increments and pay hikes for public servants from next year, Dr. Amunugama said that " Still the Ministry is not in a position to give hints for such suspension. He denied media reports that hinted such a suspension.