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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka gaining economic stability sooner than expected - ECCB Governor

Sri Lanka gaining economic stability sooner than expected - ECCB Governor

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Vice President - Equity Analytics

Sri Lanka is gaining economic stability more sooner than expected, said the Governor Eastern Caribbean Central Bank (ECCB) Sir Dwight Venner.

Addressing his bank employees subsequent to a presentation made by the Central Bank of Sri Lanka Governor, Ajith Nivard Cabraal, he said that he is happy to see the step by step economic stability Sri Lanka is achieving. “This is very praise worthy to a nation recovering after a 30 year conflict,” he noted.

He said that his country too could take a lesson from Sri Lanka in some areas.


Commenting on the US financial crisis he said that it has a negative impact especially on their tourism sector which is the number one forex earner to the country.


The US arrivals have dropped and their spending power too is on the decline.

Central Bank of Sri Lanka Governor, Ajith Nivard Cabraal, said that he is anticipating that public investments in the country to run up to Rs. 21 billion. He said that in addition to the infrastructure the total expenditure to host the Commonwealth Games would be over Rs. 500 million. “This is something the country could manage easily,” he said. The Governor said that today sports is a US $ 241 billion industry and Sri Lanka too should get involved in it to exploit the benefits and the hosting of the 2018 Commonwealth Games in 2018 in Hambantota would be the platform to it.

He said that the infrastructure for the games includes hostels which would be re-used for IT parks, Universities and BPO facilities which make the investment prudent.

He said that they need around Rs. four to five billion to build infrastructure which includes games venues, roads, hostels and other facilities for the games and they hope to conduct Road Shows to raise this money if the bid is successful. “We also hope to work on public-private partnerships for the games,” he said.

He said that the local banking system is very vibrant and this is another plus point.

Meanwhile the Commonwealth Games Federation President, Michael Feunell said that all countries that have hosted Commonwealth Games have emerged victorious. “All nations that hosted Commonwealth Games have covered all their investments,” he said. He added that when a country hosts an event of this nature, it is not only the sportsmen and women that benefit but the entire area. “The best example for this is the benefits the New Delhi people are enjoying after hosting the games,” he added.

Similarly the hosting of the Commonwealth Games in Malaysia in 1998 saw the country building a new airport, highways, Monorail, new housing units and introducing other facilities. This legacy is expected to be repeated in Hambantota as well. The voting to decide if Hambantota or Gold Coast is going to host the 2018 Games would be held on November 11 evening at the Marriott Hotel St. Kitts. Seventy one member nations would electronically cast their vote (Sri Lankans would know the result at 3 am. on Saturday.)

Shirajiv@yahoo.com
http://www.dailynews.lk/2011/11/11/bus01.asp

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