Sri Lanka gaining economic stability sooner than expected - ECCB
Governor
Shirajiv SIRIMANE in St. Kitts
Sri Lanka is gaining economic stability more sooner than expected,
said the Governor Eastern Caribbean Central Bank (ECCB) Sir Dwight
Venner.
Addressing his bank employees subsequent to a presentation made by
the Central Bank of Sri Lanka Governor, Ajith Nivard Cabraal, he said
that he is happy to see the step by step economic stability Sri Lanka is
achieving. “This is very praise worthy to a nation recovering after a 30
year conflict,” he noted.
He said that his country too could take a lesson from Sri Lanka in
some areas.
Central Bank of Sri Lanka Governor, Ajith Nivard Cabraal with
Eastern Caribbean Central Bank, (ECCB) Governor Sir Dwight
Venner, Managing Director, Jenifer Nero and Presidential Advisor
Rani Jayamaha. Pictures by Shirajiv Sirimane |
Commenting on the US financial crisis he said that it has a negative
impact especially on their tourism sector which is the number one forex
earner to the country.
Commonwealth Games Federation President Michael Feunell |
The US arrivals have dropped and their spending power too is on the
decline.
Central Bank of Sri Lanka Governor, Ajith Nivard Cabraal, said that
he is anticipating that public investments in the country to run up to
Rs. 21 billion. He said that in addition to the infrastructure the total
expenditure to host the Commonwealth Games would be over Rs. 500
million. “This is something the country could manage easily,” he said.
The Governor said that today sports is a US $ 241 billion industry and
Sri Lanka too should get involved in it to exploit the benefits and the
hosting of the 2018 Commonwealth Games in 2018 in Hambantota would be
the platform to it.
He said that the infrastructure for the games includes hostels which
would be re-used for IT parks, Universities and BPO facilities which
make the investment prudent.
He said that they need around Rs. four to five billion to build
infrastructure which includes games venues, roads, hostels and other
facilities for the games and they hope to conduct Road Shows to raise
this money if the bid is successful. “We also hope to work on
public-private partnerships for the games,” he said.
He said that the local banking system is very vibrant and this is
another plus point.
Meanwhile the Commonwealth Games Federation President, Michael
Feunell said that all countries that have hosted Commonwealth Games have
emerged victorious. “All nations that hosted Commonwealth Games have
covered all their investments,” he said. He added that when a country
hosts an event of this nature, it is not only the sportsmen and women
that benefit but the entire area. “The best example for this is the
benefits the New Delhi people are enjoying after hosting the games,” he
added.
Similarly the hosting of the Commonwealth Games in Malaysia in 1998
saw the country building a new airport, highways, Monorail, new housing
units and introducing other facilities. This legacy is expected to be
repeated in Hambantota as well. The voting to decide if Hambantota or
Gold Coast is going to host the 2018 Games would be held on November 11
evening at the Marriott Hotel St. Kitts. Seventy one member nations
would electronically cast their vote (Sri Lankans would know the result
at 3 am. on Saturday.)
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