Economy forging ahead due to govt's correct decisions - Secy

Dharma SRI ABEYRATNE

"The country's economy is forging ahead as a result of correct measures taken by the government," Finance and Planning Ministry secretary Dr P B Jayasundara said.

Dr Jayasundara was speaking at a ceremony to mark the golden jubilee of People's Bank at Temple Trees yesterday. "The government has taken many measures to develop the economy. For the first time in the country's history, Sri Lanka is now experiencing an eight percent economic growth. The unemployment rate has come down to five percent from eight by 2010. The government debt rate was 102.1 percent in 2005. The rate had decreased to 80 percent by 2010 showing a drastic drop," he said.

The government has invested millions on various mega-scale investments such as the Puttalam coal power plant, Upper Kotmale hydro power plant, Kerawalapitiya power plant, Colombo harbour development project, Hambantota harbour development project, Mattala International Airport, Southern Highway, Colombo Outer Circular Road and other development activities, Jayasundara said.

"While investing on such mega-projects, the government is improving and strengthening the country's economic backbone. As a result of the strong economic background, the government's investments are increasing," he said.

The Secretary said the country's inflation is gradually decreasing. "Due to the peaceful atmosphere in the country, the defence expenditure has come down drastically."