Sri Lanka President stresses the need to develop villages to develop country

Sri Lanka has achieved a significant economic growth in the face of many challenges both locally and internationally due to the positive thinking of the nation and its contribution to building the country, President Mahinda Rajapaksa said today speaking at a function held to present the annual report of the Central Bank.The Governor of Central Bank Ajith Nivard Cabraal today submitted the 63rd annual report of the Monetary Board to the President Mahinda Rajapaksa, who is also the Minister of Finance and Planning, today (April 09) at the Central Bank Auditorium.

Despite several global and domestic challenges Sri Lanka's economy grew at a healthy rate of 6.4 percent in 2012 while inflation was maintained at single digits for a fourth consecutive year, the Central Bank said in its annual report.

The report of the Monetary Board gives details of the state of the economy, the condition of the Central Bank and the policies and measures adopted by the Monetary Board during the year.

Recalling the terrorist attack on the Central Bank that destroyed the building and claimed nearly 100 lives, the President said that the nation's value increases with the development of basic facilities and the government was doing everything possible to build the value of the country.

Referring to the criticism that Sri Lanka has borrowed heavily for development projects, the President said everyone knows that it is not possible to launch development projects only with the income earned.

Loans were obtained to build the value of the country and not to secure food and the value of the country enhances when a port, an airport and an expressway are built, the President remarked.

He said the capital Colombo has completely changed and that development should be spread to every town in the country. Village should be developed to develop the country, he added.

The President said financial investments are necessary in the sectors of Small and Medium Enterprises (SMEs), fisheries industries, housing, drinking water and sanitation, health, education, and also banking services to develop the country.

Economic Development Minister Basil Rajapaksa, secretary to the President Lalith Weeratunga and Finance Secretary Dr. P.B. Jayasundera were among those present at the occasion.