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Sri Lankan President Gotabaya Rajapaksa looks for international investments, financing for financial recovery

Sri Lankan President Gotabaya Rajapaksa looks for worldwide investments, financing for financial healing

COLOMBO: Sri Lankan President Gotabaya Rajapaksa on Saturday stated that the crisis-hit nation invites financial investments, innovation transfers and financing for its sustainability efforts and cooperation for financial obligation restructuring to support the economic recovery throughout this crucial time.
Gotabaya, dealing with the fourth Asia-Pacific Water Summit in Japan’s Kumamoto via video link, stated that in spite of substantial resource restraints, made far even worse through the pandemic and the ongoing monetary crisis, the island country’s commitment towards development and sustaining a progressive agenda on the environment remains the same, the Daily Mirror paper reported.
“Sri Lanka welcomes financial investments, technology transfers and financing for our sustainability efforts, along with wider development support and cooperation for debt restructuring to support our economic healing throughout this important time,” it quoted the embattled President as stating.
Sri Lanka is grappling with an unprecedented financial turmoil since its independence from Britain in 1948.
The crisis is caused in part by a lack of foreign currency, which has actually meant that the country can not pay for to spend for imports of essential foods and fuel, resulting in severe lacks and extremely high prices.
Gotabaya, attending to the summit titled ‘Water for Sustainable Development: Best Practices and the Next Generation’, said that his government’s nationwide goal is to improve water associated facilities, consisting of tidy water supply and sanitation for all in the next three years.
He said that even throughout the Covid-19 pandemic, the government had the ability to increase the variety of brand-new water connections to the public by more than 50 percent compared to what had actually been achieved every year in previous years.
“Numerous projects intended towards enhancing water cycle management were also undertaken.
“These achievements reflect the emphasis we provide to inclusivity and to cultivating participatory growth for all Sri Lankans, which is at the heart of my federal government’s advancement efforts,” the President included.
The island country is seeing massive demonstrations against the federal government’s handling of the debt-ridden economy – the worst-ever recession in the country’s history.
Protests requiring the resignation of the President and his Sri Lanka Podujana (Peramuna)-led government have actually intensified as shortages continued and rates skyrocketed.
Last week, the Sri Lankan government stated it would temporarily default on $35.5 billion in foreign debt as the pandemic and the war in Ukraine made it impossible to make payments to abroad financial institutions.
Financing minister Ali Sabri, who remained in the United States to negotiate a rescue bundle with the International Monetary Fund, stated on Friday that Sri Lanka will receive $300 million to $600 million from the World Bank over the next 4 months to purchase medication and other essentials.

Released at Sat, 23 Apr 2022 15:22:16 +0000

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