Public investment increased by Rs 80 b

Irangika Range

The total public investment during the first eight months of 2012 increased by Rs 80 billion when compared with the corresponding period in 2011. It was Rs 248 billion during the first eight months of 2011 and increased to Rs 328 billion during the same period last year.

The government is committed to maintaining public investment at around six to seven percent of the GDP in the medium term to further improve infrastructure facilities, complement the accelerated economic growth of over eight percent in the medium term and maintain social standards, a Finance and Planing Ministry official told the Daily News.

"We have been able to implement an infrastructure development drive within a short period of time to create a conducive environment and provide major impetus to the country's economic activities," he said.

"The government will facilitate higher economic growth by investing more on infrastructure development projects such as highways, roads, ports, telecommunication and electricity etc," he said.

"Rural development programmes like Gama Neguma and Maga Neguma have also progressed as articulated in the government's development strategy," the official said.

This will support the overall requirement of investment of about 33- 35 percent of GDP to facilitate higher growth, in which the balance of about 28 percent is expected to come from the private sector, including Foreign Direct Investments (FDIs).

The government will facilitate the achievement of this by continuation of infrastructure projects, both the strategically identified mega infrastructure development projects and projects in the emerging regions through both domestic and foreign resources.