‘Govt to slash poverty to 3 %

H.D.H Senewiratne

Sri Lankan economy was now going through a paradigm shift with the opening of the new vistas and new economic dimensions apart form traditional exports, Central Bank Governor Ajith Nivard Cabraal said.

“The government's economic policy under the Mahinda Chintana, focuses on five hubs such as the maritime, aviation, knowledge, energy and financial, which were diversified to achieve rapid economic growth,” Cabraal said at a seminar on the topic of the “Economic Road Map of Sri Lanka”. This was organized by the Organisation of Professional Association of Sri Lanka. He said that these objectives and targets could be achieved for the country because the country has political stability, which comes from the public.

The government has now drawn up a strategic plan to develop the country by focusing on regional development and poverty alleviation to achieve a sustainable economic growth from medium to long-term perspective, he said. Cabraal said that traditional export sector needs a greater diversification apart from new hub concepts to take the economy into a grater level, thereby making billion dollar sectors as soon as possible. “Since Sri Lanka has a low productivity, this needs to be improved and enhance the productivity in all sectors to fast track the economic growth in the country,” the Governor said.

He said that with this development Sri Lanka’s global business indicators, have jumped to the 82 position in 2012 from the 102 positions in 2010. Therefore, with these strategic plans they were hoping to climb to the 30th position in the business indication rank by 2016.

The government is now in the process of alleviating poverty to just three percent by 2016 through various rural development projects like electrification programmes. The governor also said that they would improve all important road networks throughout the country. Further, maximum priority would be given to the SME sector development, infrastructure development, port development and port related services and other sector and fruit of economic development would trickle down to all parts of the country to achieve sustainable growth, he said.