Economic revival finally visible: Cabraal

By Yohan Perera and Ajith Siriwardana
Sri Lanka’s economic revival has finally become visible as the year 2020  comes to an end with many companies increasing their profit levels during the second and third quarters, State Minister of Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament this week.

State Minister Cabraal said the turnover in the Colombo Stock Exchange had increased three fold during the past few months. 

“Most of the companies in Sri Lanka have been able to stabilise profit levels during the second and third quarters of this year. This is a result of government’s policy of granting loan concessions and rescheduling them.  Sri Lanka’s foreign remittance has been stable as it stood at 36 percent,” the State Minister said. 

Cabraal added that Sri Lanka would stabilise the economy through fiscal consolidation in the coming month and the year.

The State Minister said Sri Lanka’s foreign direct investment is slated to grow in 2021 especially in connection to the pharmaceutical sector with companies waiting to invest on a 400-acre manufacturing facility. 

“Revival is finally visible and we will be stepping into 2021 with confidence, trust and with expectation,” he added.