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| Sunday, 26 September 2004 |
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| News Business Features Editorial
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Budget to prioritise infrastructure development By Hiran H.Senewiratne The forthcoming budget would be a sound and development oriented with greater emphasis on rural and provincial infrastructure development to stimulate economic growth and job generation, Treasury Secretary Dr P.B Jayasundera said. The rural and provincial infrastructure development activities would cover highways, telecommunication, water and electricity, which would expedite the development activities in that sector, said Dr Jayasundera at a meeting. The budget has also given priority to revivaling the sectors of SME's,tourist industry and agriculture in the country. Dr Jayasundera said that the budget deficit would be kept at the six per cent and assured that the country's interest rates would settle at a stable position from the next budget. He said that the donor assisted projects program would be US$ 800-850 million in 2005 and with counterpart funding amounting to $150-200 million, the total public investment program in economic and social infrastructure North and East rehabilitation would amount to over Rs 100 billion Dr Jayasundera commenting on the budget said the rural and provincial infrastructure rehabilitation and development work do not involve in high capital outlay. The Central Bank Governor, Sunil Mendis, said that the government should give priority for rural infrastructure development to improve the rural economy, from the forthcoming budget. He said that most of the development activities are centered around the Western Province and its benefits are not passed on to other regions in the country. Mendis also added that the country's SME sector needs a lot of assistance from the government, therefore this years budget should also give more consideration to this sector. Governor commenting on the budget said that it should also give more emphasis for the private sector to encourage business ventures there by help generate more employment opportunities in the country. |
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