Royal Bank of Scotland Head of Rating Advisory meets Basil

The Royal Bank of Scotland Group’s Head of Rating Advisory Raymond Woo had recently called on Economic Development Minister Basil Rajapaksa.

“Sri Lanka was able to control the impact of internal and external crisis successfully due to the efficiency of the political, economic and administrative management of President Mahinda Rajapaksa,” Minister had told Woo.

Minister said Sri Lanka has given priority to the food security in the country as well as in the households in order to face the world food crisis. Sri Lanka became a rice exporting country very recently because of the Government’s agriculture policy.

“Increasing energy prices in the world market is a major economic problem for Sri Lanka. It will cause inflationary pressures on domestic economy. However, the country was able to make adjustment to control these external shocks. Therefore we were able to minimise the impact on domestic economy,” Minister Rajapaksa had said.

“Despite all the adverse publicity given by some parties with vested interests, Sri Lanka could achieve good results in the economic arena. Infrastructure facilities are well developed. No electricity shortage or power cuts. Economy is experiencing a high growth rate. There are unprecedented tourist arrivals resulting more and more opening up of international airline services in Sri Lanka. Sri Lanka has maintained its external debt and reserves in a sound position. Therefore the country was able to obtain necessary funds for development through investment, aid and grants,” Minister Rajapaksa had told Woo.