Govt. won't give lands to foreign countries : Semasinghe

The government will not provide foreign nations with the ownership of the country's lands, State Minister Shehan Semasinghe said refuting claims made to that effect by opposition parties.

Addressing a news conference at the Finance Ministry, the state minister of Development Banking and Loan Schemes said the opposition is attempting to misguide the public at a time when foreign investments are being made in the country.

Semasinghe pointed out that these allegations have been made in the wake of the foreign investment worth USD 250 million received by the government for a mixed development project in Colombo.

"A group of defeated politicians are claiming that a three-acre land has been vested with a foreign country (through this project). However, the land has only been leased out for 99 years through the Board of Investment to the investor," he explained.

According to the Finance Ministry, the investment would see the construction of a 30-storey commercial tower inclusive of 700 new residencies. It will also have facilities for retail and food outlets.

Semasinghe stated that the current government is working towards minimising the repurcussions of the damages caused to the economy by the former government as a result of slow economic growth and massive financial scams.

He pointed out that the government is paying attention towards Small and Medium Scale Entrepenuers and would provide them with more concessions in future.

The state minister noted that the government has not discussed on plans to obtain foreign loans as it believes in receiving foreign investments. The current debt of the country will be paid and managed effectively, Semasinghe remarked.