Prime Minister vows to strengthen economy

Prime Minister Ranil Wickremesinghe yesterday (May 01) vowed to  strengthen the economy, and develop the nation into a high income earning nation by 2020.

Addressing a massive crowd in the United National Party's May Day rally held in Campbell Park, in Colombo the Prime Minister said the government is committed in to strengthen the island's economy and bring down the high cost of living.

He said the government is determined to seek assistance from the international community to develop the country and take adequate measures to double the Gross Domestic Product (GDP) of Sri Lanka by 2020. According to him the government will present a new developed nation by 2020 and had already launched a megapolis development program, which would transform the capital and its suburbs.

Prime Minister Wickremesinghe assured that the government will not privatize state owned enterprises. He said the government would create an independent fund to manage all profits made by state owned enterprises. "We will work towards getting these profits back to the people. We will not privatize any state enterprise," he said.

The UNP Leader said the government's main goal is to deliver on the promise of creating one million jobs and also the government is working towards a fairer pay model for all workers by 2020.

"We will turn this country into a high income one, decrease debt and double the per capita income by 2020," said the Prime Minister.

The PM also vowed not to increase taxes on essential items during the process. He added that the government would exempt all essential items from the proposed VAT increase while collecting revenue to pay a debt of Rs.1 trillion.