17 July, 2019

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In Desperation, Sirisena Makes Plea For Foreign Investors To Invest In Sri Lanka At G7 Summit

President Maithripala Sirisena on Friday used the G7 Summit in Japan to appeal for assistance from developed nations, multilateral and bi-lateral investors, calling on them to invest in Sri Lanka.

“We lack finances for extensive development efforts and therefore seek developed nations’ and multilateral and bi-lateral investors to invest in Sri Lanka,” he said while speaking on ‘Stability and Prosperity in Asia’ at the Outreach Sessions of the G7 Summit.Maithripala Japan G7 2016

He noted that stability and prosperity will depend on the opportunities, political and development environment, giving prominence to the huge public demands, good governance and the psychological needs for freedom, and protection from adverse situations.

“With a revolutionary change of governance, my government has succeeded in creating the path for viable development environment and for reconciliation in a multi-faceted society. Now, the people are free and respect human rights. I am aware how G7 countries have appreciated the change we created. This change was endorsed by the people in January and August 2015 in two elections. It exhibited peoples’ opposition to abuse, corruption, and many such ills, which are detrimental to stability and prosperity,” Sirisena said.

He noted that due to the acts of the previous government, capital inflows and investments, which are the mechanisms for stability and prosperity slowed down to the country.

“To create stability we formed a National Unity Government under my Presidency, combining the country’s two main rival political parties in the Parliament. Our government introduced the 19th Amendment to the Constitution through which I transferred to the Parliament most of my executive powers, except those denied by the Supreme Court. It is democracy at its best,” he said.

As a demonstration of commitment to transparency, accountability and the rule of law, and his firm determination to wipe out corruption, Sirisena also said that he had established a Special Presidential Task Force to investigate Stolen Government Assets, and appointed a Commission to Investigate Allegations of Bribery and Corruption and established a Special Division within the Police titled the Financial Crimes Investigation Division to investigate major financial crimes.

“Corruption and discrimination were factors that promoted political violence, withdrew investments and created an unstable economy. Therefore, our actions will instill stability and prosperity. In addition to disengaging executive powers, I re-established the Independent Commissions such as for the Public Service, Human Rights, Police, Elections, Delimitation and Finance,” he said.

“To focus on reconciliation, as I mentioned at the UN General Assembly, we move forward to establish mechanisms for Truth Seeking, Justice Seeking, Reparation and actions for non-recurrence, based on extensive consultation with all sections,” Sirisena said.

He also thanked the people of Japan and the Government of japan for the assistance they provided during the last few decades to enhance the economy of Sri Lanka and to bring peace to the country.

“Even as I speak to you today, Sri Lanka is recovering from one of the worst floods and landslides we ever experienced. Immediately several countries offered help in our rescue and reconstruction efforts. We thank them and look forward for more development commitments as the destruction is severe,” he said.

“Therefore, I believe that the G7 Summit of 2016 will look at countries like ours focusing on all these fields. Your invitation to me would yield real benefits beyond bounds, if serious attention is drawn to our problems.
I very much appreciate the feelings of friendship and understanding demonstrated by the Heads of State of G7 countries and the Heads of State of Outreach countries during these sessions,” Sirisena added.

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Latest comments

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    A Fitch report
    http://www.bmiresearch.com/sri-lanka

    “BMI View:

    Core Views

    The Sri Lankan economy is likely to face multiple headwinds over the near-term arising from a volatile agricultural sector, a poor consumer outlook, as well as rising risks of a balance of payments crisis. However, the industrial sector is likely to recover over the coming quarters on the back of a more stable political climate. As such, we forecast Sri Lanka’s economy to grow at 4.8% in 2016, marking a stabilisation of growth from 2015.

    The Sri Lankan government will have to agree to austerity measures imposed by the IMF in order to secure a USD1.5bn bailout as the country faces risks of a balance of payments crisis. Under the conditions of the bailout, the government will likely have to reduce its budget deficit to 5.4% of GDP by end-2016. In addition, the CBSL will be forced to raise interest rates and devalue the currency in order to build a foreign…

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    Sri Lanka continues to fail to deliver on its promises to the international community and essentially reforms have stalled and are now in reverse gear. Investment will not be forth-coming under these circumstances.

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