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| Sunday, 1 August 2004 |
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Govt. looks for low-cost fuel from India, Iran by Elmo Leonard Government was making many attempts to obtain low-cost fuel from India and Iran to beat the rising cost of fuel in the world market, Minister of Finance Dr Sarath Amunugama said last week. The budget had estimated a barrel of crude to cost $30 but the now price is $38 to $40 per barrel, the Minister said at the AGM of the Industrial Association of Sri Lanka. Government was doing all it could to increase power supply by starting new electricity supply projects and tapping new sources of energy. The private sector is being called in, in a big way and in addition to the 14 permits given to companies to supply electricity to the national grid, further 20 permits have been issued, the Finance Minister said. Government wants to commence the construction of all proposed power projects including Norochchole and Upper Kotmale, the latter with environment-friendly modifications. The Japanese had gone out of their way to fund the Upper Kotmale project with all proposed modifications but the project has been delayed for seven to eight years, Dr Amunugama said. Government also wants to explore off-shore oil and natural gas with Indian assistance and is carrying out negotiations in that regard. Government is also intent on developing infrastructure. The Katunayake Airport was being modified while work on the Katunayake-Colombo Expressway and the Colombo-South Expressway will begin. The Colombo-Kandy Highway would be built on a (BOT) Build Own Transfer basis with the Malaysian government. It would be suicidal for the nation if such envisaged projects are not started, the Minister said. With the forthcoming budget, unnecessary taxes, called "nuisance taxes" by the Finance Minister which business persons have to pay would be eliminated. The Finance Minister assured the public sector that government would continue open economic policies, but with modifications to suit the people who voted the government into office. In the past, Sri Lanka was being divided into two nations - not by ethnic division. People living south of Kiribathgoda in the suburb of Colombo were well off while those north of Kiribathgoda having fewer clothes to wear and were lacking in employment opportunities. That situation is being rectified with government's attempt to uplift the lot of the rural masses. From 1933 much money had been spent on social welfare, including education and health. However, the educational system was producing people who were not geared to take on the jobs available. Government was now taking steps to employ 30,000 graduates. When government's plans to develop agriculture, industry, fisheries and the rural sector are realised the country would enjoy a huge boost in economic development. Exports will be developed and assisted and even Indian industrialists want to open plants in Sri Lanka, the Finance Minister said. |
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