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COLOMBO, Aug 17 (Reuters) - Sri Lanka's Finance Minister on Thursday announced a series of concessions which will cost 4.4 billion rupees ($28.7 million) to boost faltering economic growth and generate 50,000 jobs in the short term.
Sri Lanka's growth slowed to 3.8 percent in the first quarter year-on-year from the previous quarter's 5.3 percent as a drought persisted.
The central bank early this month said the island nation's economic growth would not exceed 4.5 percent in 2017 amid risks from adverse weather.
But Finance Minister Mangala Samaraweera said growth would be between 4.5 percent and 5.0 percent with the new concessions and job creations in the short term.
"We want to make this country an entrepreneurs' paradise and we expect this concession package to generate at least 50,000 new jobs," Samaraweera told reporters in Colombo.
The government would implement eight new concessionary loans targeting the improvement of prioritised economic activities including small and medium entrepreneurs and export-oriented entrepreneurs, Samaraweera said.
He also abolished a 10 percent telecommunication levy on internet services and reduced some duties on vehicles.
Sri Lanka is struggling to boost its growth after the worst floods in more than a decade hit some parts of the country, while other areas have been suffering from a prolonged drought.
https://in.reuters.com/article/sri-lank ... NL4N1L33QZ
Sri Lanka's growth slowed to 3.8 percent in the first quarter year-on-year from the previous quarter's 5.3 percent as a drought persisted.
The central bank early this month said the island nation's economic growth would not exceed 4.5 percent in 2017 amid risks from adverse weather.
But Finance Minister Mangala Samaraweera said growth would be between 4.5 percent and 5.0 percent with the new concessions and job creations in the short term.
"We want to make this country an entrepreneurs' paradise and we expect this concession package to generate at least 50,000 new jobs," Samaraweera told reporters in Colombo.
The government would implement eight new concessionary loans targeting the improvement of prioritised economic activities including small and medium entrepreneurs and export-oriented entrepreneurs, Samaraweera said.
He also abolished a 10 percent telecommunication levy on internet services and reduced some duties on vehicles.
Sri Lanka is struggling to boost its growth after the worst floods in more than a decade hit some parts of the country, while other areas have been suffering from a prolonged drought.
https://in.reuters.com/article/sri-lank ... NL4N1L33QZ
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