Lanka in commendable growth strategy - Dr Amunugama
Sri Lanka is still standing tall among countries in the Asia Pacific
Region despite not having the advantage of science and technology,
International Monetary Co-operation Senior Minister Dr Sarath Amunugama
Dr Sarath Amunugama
Speaking on International Economic cooperation in Asia Pacific Region
at the 60th Anniversary of Colombo Plan Dr Amunugama said Asia was not
the leader in terms of natural resources unlike Middle East, African and
Soviet countries, but Sri Lanka has become the leader with less natural
"People are its asset. The comparative advantages propelled Sri Lanka
to fast growth.
China has its population as well as technology and low cost trained
labour as comparative advantages," he said.
"There are 1.2 million Sri Lankans working abroad and they bring
US$4.5 billion worth of foreign exchange and most of it is spent to
develop rural areas. There is a remarkable growth in rural areas today
as a result", he said.
The dollar is the global currency upto now but it is going to be a
problem in the future. Because USA has a large influx of dollars coming
from other countries and those countries are moving to other avenues
now. Therefore countries who have large stocks of dollars must put their
macro economics right.
He said the aid architecture has also started changing today. India
and China emerged as economic giants during the last economic downturn
and strong countries showed negative impact. Although China is largely
export oriented, western countries were diminishing their purchasing
power. Then China started offering monetary facilities and Sri Lanka
borrows now at much lower rates for specific development projects.