Cabraal promises new tools to attract foreign investors

Thursday, 10 September 2020 01:49 -     - {{hitsCtrl.values.hits}}

  • Tells P’ment economic setbacks during past five years due to mismanagement
  • Says Govt. will face challenges and economy will see resurgences within months  

State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal said on Tuesday that the Government plans to introduce new instruments to attract foreign investments aimed at galvanising the country’s economy.

“There are many challenges we are facing in turning the economy around, but we will see to it that the economy will see a resurgence in a few months’ time. We will introduce new instruments to attract foreign investments,” Cabraal said while taking part in the adjournment debate on the 2019 Central Bank report.

He said that the poor management of the economy during the last five years had been the reason for the current economic downturn.  “We could have been able to come out of the COVID-19 crisis, if our economy was managed well during the last five years,” he added.

State Minister Cabraal said that the country’s foreign reserves have been on a downward trend during the last five years, while debt services account for more than 90% of GDP currently.

He also made reference to allegations made against him with regards to the Greek bonds during his time as the Governor of CBSL saying that he had written about it in his book, “The Great Bond Scam” and tabled a copy of it in Parliament.