SL does not require IMF; State Minister Ajith Nivard Cabraal

COLOMBO (News 1st): A local establishment has inked an agreement for a mixed development project worth USD 450 million at the Colombo Port City that is under construction. The agreement between the firm and China Harbour Engineering Company was signed in the presence of Prime Minister Mahinda Rajapaksa. The Colombo International Financial City is to be constructed under two phases at the Colombo Port City in the coming years. A “Grade A” high-rise office tower, residential towers, commercial offices, and premium retail shops are to be built in the financial zone under the first phase of the program. The local firm and China Harbour Engineering Company have agreed to undertake joint managerial responsibilities of the project. Meanwhile, State Minister of Money and Capital Market and State Enterprise Reforms, Ajith Nivard Cabraal, has said that the country does not require a loan from the International Monetary Fund, based on its current economic status. Speaking at the 4th Annual Asia Securities Sri Lanka Investment Conference on the 16th of December, the State Minister pointed out that the Port City is expected to receive investments worth up to USD 2.5 billion next year. However, speaking in Kandy, Former Minister Basil Rajapaksa said the country is facing a severe financial crisis owing to the COVID-19 pandemic. The former minister was addressing a meeting at the Polgolla Mahinda Rajapaksa Theatre in Kandy today. "All foreign revenue streams were severely affected due to the pandemic," the former minister added. Speaking about the tourism industry specifically, the former minister said that the economy has moved backward. "Many factions said that this will be a failed state and we won't be able to pay off our debt. However, I'm happy to say that as a country we have never been unable to pay-off any loan installment," former minister Rajapaksa said.