S&P’s officials meet Basil; laud progress

Monday, 13 May 2013 00:12 - - {{hitsCtrl.values.hits}}

Chairman and Managing Director of the Sovereign Rating Committee, Standard and Poor’s Sovereign Rating mission John Chambers says Sri Lanka has made significant progress going by international criteria on poverty alleviation.

According to the Ministry of Economic Development Chambers is also impressed by the country’s development to date and the facilities provided for investors. Chairman Chambers made this observation when he and other committee members met Economic Development Minister Basil Rajapaksa at the Ministry office last week. Director of the Sovereign and IPF Ratings Takahira Ogawa was among those who attended the discussion.

The Minister briefed the visitors on the country’s achievements since the end of the anti-terrorist war. Among the targets reached according to the minister are self-sufficiency in rice, sorghum, cowpea and other food products. This has made it possible to minimise imports of such items to a minimum.

Minister Rajapaksa drew attention of the delegation to the progress made in the fishing industry and the improved facilities those in the industry have been provided with, strengthening local government institutions, for strengthening infrastructure in the provinces, improving rural roads, highways and the construction of expressways, progress made in supply of electricity to rural areas, improving health care, encouraging environmental-friendly industries, reducing pollution through recycling, improving primary and secondary education to meet current requirements, reconstruction and development work in the North and East, resettlement of displaced persons, demining operations, work on the railway lines linking the North and East with the South, repairing the Kankesanthurai Harbour and progress made in the areas of agriculture and irrigation.

The Economic Development Minister also cited the tourism industry’s development and the progress made in non-traditional exports and services.

Among the targets reached according to the minister are self-sufficiency in rice, sorghum, cowpea and other food products. This has made it possible to minimise imports of such items to a minimum.

The Economic Development Minister also cited the tourism industry’s development and the progress made in non-traditional exports and services.

This year Sri Lanka earned the 81st place in the World Bank and International Monetary Fund’s grading of countries on facilitating business ventures. This is a significant improvement in comparison to last year when it was 15 levels below the present status. This is the first time a South Asian country has acquired such a status in international grading. Data provided by different organisations, including the Central Bank, Government Departments, Ministries, the World Bank, the IMF and the private sector are taken into account in this grading.