Ravi K urges exporters, expats to bring money back for better

Monday, 1 June 2015 00:09 - - {{hitsCtrl.values.hits}}

By Charumini de Silva

Finance Minister Ravi Karunanayake on Friday called on all Sri Lankan exporters and expatriates to bring their hard-earned monies back to the country, promising that the Government would pay them higher returns.

“We will not have to go after foreign Bond issues if these funds could be brought back into the economy. We will guarantee that we will provide the same interest rate that we pay for the Bonds. Thus, I humbly request Sri Lankan exporters to bring back their money back to Sri Lanka,” he said.

He said Sri Lanka could effortlessly obtain around $ 15 billion from the two million expatriate Sri Lankan workers, if they bring in that money. In 2014 worker remittances reached a record $ 7 billion.

Pointing out the low interest rates of 0.5% to 2% they obtain for those funds, Karunanayake said that the Government was even ready to consider necessary amendments to the the foreign exchange policy.

“We will reward you for what you are keeping outside the country illegally,” he noted.

However, the Minister cautioned that they would look into those who do not adhere to rules in going forward.

He said as a result of the goodwill the Government of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe has built, Sri Lanka was now highly regarded in the international arena. Thus far around 19 international leaders have been met, which indicates the support Sri Lanka has regained after the new Government was appointed, he added.

“We are a friendly Government and we want to help our exporters, from SMEs to large-scale businesses. Hence I call up on them to bring that money back where it belongs,” Karunanayake added.