Finance Minister extends invitation for investment in Sri Lanka

Finance Minister extends invitation for investment in Sri Lanka

Written by Tharushan Fernando

12 Jan, 2017 | 8:18 pm

The Minister of Finance extended an invitation to the world to use the Sri Lankan banking system to deposit their additional moneySpeaking to reporters today, he explained the means of investing in Sri Lanka.

“There are three methods of investing here”, said the Finance Minister who pointed at the stock market, the banking sector and the treasury as means of investing in the country while adding that the exchange control will be ‘completely abolished’.

"We will only follow the procedure where Millions cannot be taken away at once"

“We will only follow the procedure where Millions cannot be taken away at once”

According to Minister Karunanyak,e temporary resident visas will be given for foreigners visiting Sri Lanka with a minimum investment of 300,000 US Dollars but there will be administrative provision for it, he said.

“In about two months we will create the legal environment for that. For now we can provide for five years. Our aim is not to go for loans and interests but to amass reserves here. Last time were generated around 600 to 700 million …”,  he said.

The minister also spoke on corruption during the past raising questions on the loans that were taken for completing certain projects

According to the Minister ,US$ 306 million was taken as a loan for the Hambantota Port Development Project (dated the 30th of October 2007) while a loan of , 51 Mn US Dollars for Phase 02 of the Hambantota Port Development Project (dated the 17th of Sptember 2012 ) and another US$ 600 Mn for the Hambantota Port Development Phase 02 , .

“Another 155 Million has been taken to do the task in another way. I ask Former President Mahinda Rajapaksa to not go around making false statements. I am asking for the 12th time. Before you make allegations against President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe , tell us if 480 or 450 was taken , who took the remaining 620 ?” charged the Minister

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