Sri Lankan President Gotabaya Rajapaksa seeks global investments, financing for economic recovery – Times of India

COLOMBO: Sri Lankan President Gotabaya Rajapaksa on Saturday said that the crisis-hit country welcomes investments, technology transfers and financing for its sustainability efforts and cooperation for debt restructuring to support the economic recovery during this critical time.
Gotabaya, addressing the 4th Asia-Pacific Water Summit in Japan’s Kumamoto via video link, said that despite considerable resource constraints, made far worse through the pandemic and the ongoing financial crisis, the island nation’s commitment towards development and sustaining a progressive agenda on the environment remains unchanged, the Daily Mirror newspaper reported.
“Sri Lanka welcomes investments, technology transfers and financing for our sustainability efforts, as well as broader development assistance and cooperation for debt restructuring to support our economic recovery during this critical time,” it quoted the embattled President as saying.
Sri Lanka is grappling with an unprecedented economic turmoil since its independence from Britain in 1948.
The crisis is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices.
Gotabaya, addressing the summit titled ‘Water for Sustainable Development: Best Practices and the Next Generation’, said that his government’s national goal is to improve water related infrastructure, including clean water supply and sanitation for all in the next three years.
He said that even during the Covid-19 pandemic, the government was able to increase the number of new water connections to the public by more than 50 per cent compared to what had been achieved annually in previous years.
“Several projects intended towards improving water cycle management were also undertaken.
“These achievements reflect the emphasis we give to inclusivity and to fostering participatory growth for all Sri Lankans, which is at the heart of my government’s development efforts,” the President added.
The island nation is witnessing large-scale protests against the government’s handling of the debt-ridden economy – the worst-ever economic crisis in the country’s history.
Protests demanding the resignation of the President and his Sri Lanka Podujana (Peramuna)-led government have intensified as shortages continued and prices soared.
Last week, the Sri Lankan government said it would temporarily default on $35.5 billion in foreign debt as the pandemic and the war in Ukraine made it impossible to make payments to overseas creditors.
Finance minister Ali Sabri, who was in the US to negotiate a rescue package with the International Monetary Fund, said on Friday that Sri Lanka will receive $300 million to $600 million from the World Bank over the next four months to buy medicine and other essentials.