Economy stable with foreign reserves - Minister Yapa
Dharma SRI ABEYRATNE
|
Minister
Anura Yapa |
Sri Lanka’s economy is in a stable situation with foreign reserves
recording Rs. 3.2 billion despite the world economic crisis, Media and
Information Minister Anura Priyadarshana Yapa said.
The Minister was addressing the Cabinet briefing yesterday. The
Standard & Poor’s, the world’s foremost provider of independent credit
ratings has pointed out that the Sri Lankan economy is marching from
strength to strength.
“So far we have received the first instalment of the IMF loan,
foreign reserves have gone up to Rs. 3.2 billion though there are some
economic drawbacks in the world such as the world economic crisis and
world price hikes in fuel. It indicates, Sri Lanka is in a very
comfortable situation economy wise. Under these circumstances, the rupee
is stable while purchasing power has increased. As a result the
Government is in a position to invest money in development activities.
When the allocation is utilised foreign reserves will probably increase
to Rs. 3.5 billion in due course. According to Standard & Poor’s, Rs.
3.5 billion is a most comfortable position,” Minister Yapa said.
Speaking about the Southern Provincial Council Election, Minister
Yapa said even UNP party members don’t like Party Leader Ranil
Wickremesinghe participating in the coming election in the Southern
Province.
“Ranil has no-way as as no one is ready to listen him. He has been
cornered and is in a critical situation,” he said.
When UNP deputy leader Karu Jayasuriya was in the Cabinet as the
Power and Energy Minister he failed to commence the two most important
power projects Norochcholai and Upper Kotmale. This poor situation
resulted in numerous problems in the electricity sector.
“That was the very reason, the electricity bill went up by 60 per
cent in 2002”. |
