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Sunday, 7 December 2014

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'Sri Lanka will achieve 8 percent growth'

The accelerated development at present has enabled the private sector to contribute more towards the well-being of society.

The rapid progress in the country was possible due to proper planning and execution in the backdrop of a stable political and economic front, Central Bank Governor Ajith Nivard Cabraal told the fifth annual Isuru Diriya Sisu Upahara program of LOLC Micro Credit Ltd to felicitate 750 scholarship winners at the BMICH.

“Today we can live in peace and harmony without fear of an uncertain future. As the element of uncertainty is no more, all sectors of the economy could prosper," he said.

Though a lot of attention is not needed when a country is moving forward steadily, we should not be complacent as there are external and internal challenges on our path.

The country has the right structure to achieve 8 percent economic growth and the growth is visible in infrastructure and many areas including service sector, he said.

Sri Lanka has recorded low level of poverty and hopes to reduce it to 2 percent in a few year’s time. We have changed the mindset of the people and built the level of confidence with the reduction of poverty and unemployment. Electricity supply is expected to reach the entire population by March next year.

There have been a series of actions to achieve this. With effective planning and implementation, the country now has developed a road network which facilitates better transportation.

Funding is necessary for the entrepreneurs to progress. The country’s stable and strong banking and financial system has improved to meet the needs of this sector. With Vision 2020, the country is on the correct path to make Sri Lanka reach a per capita income of US $ 7,500, Cabraal said.

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