Cannot expect rating agencies to hold SL in high regard: Wimal

COLOMBO (News 1st); Given the current situation with regard to the country's foreign exchange reserves, we cannot expect any rating agency to hold Sri Lanka at a high regard, Minister of Industries, Wimal Weerawansa says.

Speaking during an event held in Colombo, the Minister pointed out that investors will visit the nation and Sri Lanka will be able to obtain more loans, only if the rating increases.

Although many promises are made that tourism and business brings forth foreign exchange, a certain amount is also being spent to maintain it, the Minister stated. 

As the development of the country is driven by foreign debt, Sri Lanka has been obtaining loans to cover budget deficits for several decades, which then results in obtaining more loans to pay the interest on the existing loans, the Minister stated.

Moreover, he stated that grants of Rs. 5,000 per person will not be able to solve this issue, and the Government should empower those who can bring in foreign exchange to to the country for it to come out of this crisis.