New State Finance Minister says main focus on economic development
Thursday, 26 March 2015 01:22
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By Charumini de Silva
Newly appointed State Finance Minister Mahinda Samarasinghe assumed official duties yesterday and asserted that his prime focus would be on economic development.
“Being the State Finance Minister is not going to be a cakewalk. There are a lot of challenges we will have to face and I will have a lot of work, I know.
Even if there is not work, I will create work because I don’t believe in sitting in a chair and waiting. I want to contribute and this is why I accepted this portfolio,” he added.
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However, the Minster said that he was waiting for the gazette as he was not fully aware of his subjects.
“Once the subjects are gazetted soon, I will be able to tell further as to where my special focus will be, but not withstanding that we will work together.”
Samarasinghe said unemployment was a key issue that needed to be addressed and went on to say that the private sector needed to be further encouraged to expand so that more jobs could be created.
“I don’t know if the Cabinet decides to create employment through the public sector that’s fine. But I see economic development as the main focus,” he said.
The State Minister pointed out that political stability was vital for economic development especially in attracting investors locally and internationally.
“I don’t see this as a National Government but more like a coalition government. With the establishment of this coalition government Sri Lanka can give a better example on political stability to the international community as well.”
The Minister said that the banking industry played a pivotal role in the country’s economic growth.
“There is much potential for banks not only for short-term economic development but medium-term economic development as well. Hence, I wish to speak to the heads of the banks and come up with a proper plan as to how the banks can assist in fast-tracking development in our economy.”
He also pointed out that the SME sector was vital and needed to be further nurtured and provided with assistance so that banks could play a much bigger role in assisting the sector.
Commenting on public debt Minister Samarasinghe said that debt had been retired consistently by many administrations in this country over the years.
“There is not a single country in the world that has not resorted to public debt to expand its economy. The key is to ensure that the money we borrowed is invested in a viable manner. So the returns can be used to retire the public debt. Even during our time if you look at the past successive budgets, public debt was always retired. As long as it is invested effectively, productively, then the country will prosper and there should be a continued policy of retiring public debt,” he noted.
Minister Samarasinghe, explaining his decision to accept the portfolio, said that it is was a result of a decision taken by the SLFP Central Committee.
“This was not something we went and negotiated on our own. The party first took a decision and based on that portfolios were given.”
Speaking at the event, Opposition Leader Nimal Siripala de Silva, expressing his well wishes and confidence in the new State Finance Minister said that despite the fact that they were good friends, as the Opposition he would not hesitate to criticise the wrongs of the ministry.
Finance Minister Ravi Karunanayake said that although people were a little confused over the new ministerial appointments they would work for the betterment of the country.
“People are looking forward for clean and honest governance where they will feel a change in the process. Hence, we will work for the best of this country.”
