"Sri Lanka needs large projects in core sector"
Anusha Attygalle
Colombo, Jan 20: Srilanka's largest private bank said on Tuesday the nation needed large infrastructure projects to boost the economy and limit the effects of Asia's damaging financial crisis.The managing director of Hatton National Bank said in an interview that Sri Lanka, which relies heavily on investment from Asia and foreign exchange from exports, could be hurt badly from the region's economic ills."The Asian crisis is going to affect us (Sri Lanka) to a great extent," Rienzi Wijetilleke said. "Macro-economic activity will stagnate unless projects that will drive the economy do not get off the ground," he said. He called for a large-scale road-building programme to connect villages, cities and airports to improve access to industrial development in the provinces. He also suggested irrigation projects to boost farm output.Wijetilleke said the country relied heavily on investment from Korea, Malaysia and Japan, which might not be forthcoming because of the weaker currencies and economies of those
countries. The government has said gross domestic product in 1997 was expected to grow by six per cent against 3.8 per cent the previous year.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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