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» CUBA FOUND A CANCER VACCINE! MORE THAN 4 THOUSAND PEOPLE HAVE ALREADY BEEN CURED BY IT!
Yesterday at 9:15 pm by කිත්සිරි ද සිල්වා

» හදාගත් දරුවෝ: DNA බැංකුවට ශ්‍රී ලංකාවේ හා නෙදර්ලන්තයේ සහාය
Yesterday at 5:33 pm by Ethical Trader

» ෆයිසර් මුස්තාපාට එරෙහිව විශ්වාස භංගයක්?
Yesterday at 2:52 pm by Yin-Yang

» 'සිම්හල ද්වීපයේ පද්මාවතිය' හා අර්බුදයට මැදිවූ පද්මාවතී එක් තැනැත්තියක් ද ?
Yesterday at 1:22 pm by Ethical Trader

» ඉන්දියාව 'බ්‍රහ්මෝස්' සාර්ථක බව කියයි
Thu Nov 23, 2017 10:26 am by Ethical Trader

» How to Calculate the Future Value of an Investment
Wed Nov 22, 2017 11:46 am by Ethical Trader

» මුගාබේ ඉවත් වීමත් සමඟ 'හරාරේ' සැණකෙළි සිරි ගනියි
Wed Nov 22, 2017 11:34 am by Ethical Trader

» විසිපස් වසරක් ගෙවුනත් ඉල්ලීම් ඉටුවී නැහැ - නිදහස් මාධ්‍ය ව්‍යාපාරය
Wed Nov 22, 2017 11:30 am by Ethical Trader

» Dividend Announcement
Wed Nov 22, 2017 11:21 am by Ethical Trader

» කොටස් වෙළෙඳපොළේ ලැයිස්තුගත කෙරෙන අලුත්ම සමාගම – LVL Energy Fund Limited
Mon Nov 20, 2017 7:42 pm by nihal123

» අගමැති රනිල් බැඳුම්කර කොමිසම හමුවේ පැවසුවේ මොනවාද?
Mon Nov 20, 2017 7:08 pm by Ethical Trader

» Obituary Notice.
Mon Nov 20, 2017 3:03 pm by කිත්සිරි ද සිල්වා

» උතුරු කොරියාවේ "සබ්මැරීන බැලිස්ටික් මිසයිල වැඩසටහනකුත්"
Mon Nov 20, 2017 11:34 am by Ethical Trader

» උතුරු කොරියාව සහ න්‍යෂ්ඨික ප්‍රහාර: "නීති විරෝධී නියෝග පිළිපදින්නේ නෑ"
Mon Nov 20, 2017 11:28 am by Ethical Trader

» 'සොල්දාදුවාගේ සිරුරේ අඟල් එකොළහක පණුවෙක්'
Sun Nov 19, 2017 1:13 pm by කිත්සිරි ද සිල්වා

» මිනිස්සු දුවනවා, අපි නැවතිලා බලන් ඉන්නවා.
Fri Nov 17, 2017 5:46 pm by Ethical Trader

» Plantation sector updates
Fri Nov 17, 2017 11:54 am by lanka

» සිම්බාබ්වේ: ජනාධිපති රොබට් මුගාබේ "අත්අඩංගුවේ"
Fri Nov 17, 2017 9:54 am by Ethical Trader

» ආයෝජනයට ශ්‍රීලංකාවට එන්න එපා.! ජාත්‍යන්තර සමාගම් නිවේදනයකට සැරසෙයි
Wed Nov 15, 2017 8:15 pm by Admin

» Soldiers 'take over Zimbabwe broadcaster'
Wed Nov 15, 2017 5:52 am by කිත්සිරි ද සිල්වා

» බටහිර ලෝකය භේද කරන බවට රුසියාවට චෝදනා
Tue Nov 14, 2017 5:26 pm by Ethical Trader

» යුද අපරාධ සහ අතුරුදහන් කිරීම්: ශ්‍රී ලංකාවේ මානව හිමිකම් වාර්තාව ජිනීවා විමසුමට
Tue Nov 14, 2017 10:56 am by Ethical Trader

» ඉරාන, ඉරාක භූමිකම්පාවෙන් 200 කට වැඩි පිරිසක් මරුට
Mon Nov 13, 2017 5:27 pm by Ethical Trader

» මැද පෙරදිග බල තරඟය දරුණු අතට හැරෙයි
Mon Nov 13, 2017 3:16 pm by guruji

» වචන නම් අපේ ඒත් තනුව ?????????
Sun Nov 12, 2017 2:28 am by Rana

» දිල්ලියේ පරිසරය රැකීමට වාහන සලාක ක්‍රමයක්
Fri Nov 10, 2017 7:05 pm by Ethical Trader

» අයවැය සහ මෝටර් රථ: නව පිළිවෙතක්
Thu Nov 09, 2017 5:42 pm by Ethical Trader

» Flying is the Safest mode of Transport
Thu Nov 09, 2017 3:12 pm by කිත්සිරි ද සිල්වා

» In the Meantime, Within Our Shores !
Thu Nov 09, 2017 10:13 am by කිත්සිරි ද සිල්වා

» වංචා දුෂණ නඩු කඩිනම් කරන්න විශේෂ මහාධිකරණයක්
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» LIOC.N0000 (Lanka IOC PLC)
Wed Nov 08, 2017 4:48 pm by Ethical Trader

» ගින්නෙන් දැවෙන අලි පැටවාගේ සේයාරුව පළමු තැනට
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» 10 Things to Remember Before You Take Things Personally
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» හැම තැනම නැහැ, හැම දාම නැහැ
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» Beware !
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» සාම සාධක මෙහෙයුම් නිරීක්ෂණය කරන පළමු ශ්‍රී ලාංකික හමුදා නිලධාරිනියෝ
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» How to Find Undervalued Stocks and Turn a Large Profit
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» නිව් යෝර්ක් ප්‍රහාරය : අවම වශයෙන් 8 දෙනෙක් මරුට
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» NTB.N0000 (NATIONS TRUST BANK PLC)
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» Sri Lanka's got Talent
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» Govt.electrocutes CEB
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Govt. woos investments from global fund managers

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Govt. woos investments from global fund managers

Post by sashimaal on Thu May 04, 2017 2:59 pm

By Nisthar Cassim

Finance Minister Ravi Karunanayake yesterday lured a group of global fund managers gathered in Colombo, saying Sri Lanka is now an ideal opportunity to “invest and live” in tandem with improving governance and fiscal discipline.

“Ours is a government with great financial discipline and committed political leadershipto integrate to the world with greater access to global market to steer higher socio-economic development, ”Karunanayake told a group of foreign fund managers and institutional investors from Asia, Europe and the US who converged in Colombo for the three-day CT CLSA Asia Frontier Forum 2017.

“The new Sri Lanka is an ideal opportunity to invest and live here. Your investments are safe and will give returns which no other can provide,” the Finance Minister added. To substantiate his assertion of improving financial discipline, Karunanayake revealed that when the new coalition Government took office, the country had a Budget deficit of 7.2% of GDP and last year the deficit target was 5.7% but it was bettered by achieving a deficit of 5.4%.

“The goal for 2017 is a Budget deficit of 4.7% but I believe we will reduce it to 4.5%. It is likely that the 2020 goal of 3.5% deficit will be achieved one year earlier i.e. 2019,” Finance Minister Karunanayake said.

He noted the Government went for the $ 1.5 billion Extended Fund Facility with the IMF “not because we had a Balance of Payments problem” but to instilfinancial discipline and thereby enhance foreign investor confidence.

Improvement in revenue collection too was emphasised from 10.2% of GDP in the past to 14.8% last year, with plans to further increase it to 15.6% this year. With regard to debt servicing, the Finance Minister said: “We are not out of the woods yet but we are in a comfortable zone.”

He recalled that when the Government took office public debt was Rs. 8.9 trillion,“but when actual liabilities were computed, it was Rs. 10.4 trillion”.

“We have also ensured best use of expenditure,” he said, adding the way forward will be Public-Private Partnerships with a great role for the private sector. The investor forum was also updated on the commercialisation program of non-strategic investments/enterprises via the Colombo Stock Exchange.

The Finance Minister said Sri Lanka’s access to global markets was being enhanced with enhanced economic cooperation with India and Pakistan, Free Trade Agreements with China, Singapore, Thailand, Korea and Japan. He said due to these preferential trade arrangements foreign investors could tap a market of over two billion via Sri Lanka. Progress on the establishment of an International Financial Centre was also briefed.

“Exports will be boosted with Sri Lanka regaining GSP Plus in Europe after eight years. This confirms the growing confidence from the West on meaningful change in democracy in Sri Lanka since the change of government on 8 January 2015,” Karunanayake emphasised.

He also maintained that Sri Lanka has embarked on clean government with no entry cost for doing business as opposed to 10-15% and political patronage previously. However, he noted that in pursuit of “7-star democracy” there could be delays. This was in reference to finalising the Sri Lanka-China PPP on Hambantota Port.

The Finance Minister pointed out that he was encouraged by the rising foreign portfolio investment into the stock market as well as inflows to the Government securities market. “Right now there is good value in the equities market,” he added.

During his speech, the Finance Minister thanked CT CLSA Advisor Marianne Page for “standing by Sri Lanka and for being one of the greatest promoters of the country”.

Some of the issues raised by fund managers and institutional investors included taxation policy concerning sectors such as banking, alcohol and tobacco, restrictions on the foreign ownership of land, progress and finality of the Chinese investment on Hambantota Port and industrial zone and the state of the East Terminal in the Colombo Port as well as expansion of Sri Lanka’s access to global markets.

- See more at: http://www.ft.lk/article/613020/Govt--woos-investments-from-global-fund-managers#sthash.A53DN77D.dpuf
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