Daily News Online
   

Wednesday, 20 July 2011

Home

 | SHARE MARKET  | EXCHANGE RATE  | TRADING  | OTHER PUBLICATIONS   | ARCHIVES | 

dailynews
 ONLINE


OTHER PUBLICATIONS


OTHER LINKS

Marriage Proposals
Classified
Government Gazette

World hails govt's economic policies - Minister Basil Rajapaksa

Commenting on the recent decision by two major international rating agencies to upgrade Sri Lanka's sovereign ratings, Minister of Economic Development Basil Rajapaksa said that Sri Lanka has won the confidence of the world on its economic development policies and macroeconomic strategies.

Moody's investors service has changed the outlook on Sri Lanka's B1 foreign currency sovereign rating to positive from stable.

Fitch Ratings has upgraded Sri Lanka's long-term foreign and local currency Issur Default Ratings (IDRs) to 'BB-' from 'B+'. The outlooks on both ratings are stable. At the same time, the agency upgraded the country ceiling to 'BB-' from 'B+' and affirmed the short-term foreign currency IDR at 'B'.

Minister Rajapaksa said: "Both these world renowned rating agencies have expressed their confidence on the outlook of Sri Lankan economy. Giving reasons for upgrading Fitch has said its decision reflects the stabilization and recovery of the economy and increased efforts to address the chronic budget deficit position. Moody's view is greater macroeconomic and financial stability, fiscal reforms and economic growth, improving external payments position and reduction in political events risk following the end of the civil war in 2009 prompted it to revise these ratings. Even some big countries are facing debt problems these days. But Sri Lanka is well ahead of its targeted goals, growth rate, inflation budget control and foreign exchange reserves."

"At the time when some disgruntled elements, both local and foreign, are trying to create a negative picture on the Sri Lankan economy. Fitch and Moody's decision are welcome. Countries like Japan, Vietnam and Korea were in a desperate situation when their wars ended. These countries were able to recover only after 10 to 15 years after the end of the wars.

The Marshal Plan was implemented after the Second World War to help war affected Western countries. But Sri Lanka without such help was able to show strong performance in the economy within a short period of time after the war," he said.

"Economic management of the Mahinda Rajapaksa government is so effective, the people reap benefits of peace in such a short period of time", the minister said.

"Sri Lanka is now experiencing a very strong and stable economic environment for the first time in the economic history of the country after independence," Minister Rajapaksa said.

 

EMAIL |   PRINTABLE VIEW | FEEDBACK

Donate Now | defence.lk
www.apiwenuwenapi.co.uk
LANKAPUVATH - National News Agency of Sri Lanka
www.army.lk
Telecommunications Regulatory Commission of Sri Lanka (TRCSL)
www.news.lk
www.defence.lk

| News | Editorial | Business | Features | Political | Security | Sport | World | Letters | Obituaries |

Produced by Lake House Copyright © 2011 The Associated Newspapers of Ceylon Ltd.

Comments and suggestions to : Web Editor