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projects that they had embarked on which had not followed the due
process.
This is like someone going to a shop and purchasing the whole shop
without having a single cent in their hand.
She noted that a lot of these projects had been launched during the last
year on the assumption a presidential election would be held by end 2014.
These projects have been now stopped as there are no funds allocated to
carrythem outfurther.
One of the key concerns of the investors were that project costs were much
higher than they should be and as a result, the country lost many good
investment opportunities.
She went on to say that the previous regime borrowed loans at very high
rates of 9% whereas the norm was to borrow at around 2%.
The majority of these borrowings were from China at very high rates. Now
the Government is renegotiating and trying to bring it down. Sovereign
governments have the right to break any of these agreements, but I do not
think this Government wants to act in an irresponsible manner.
Lashing out at the Mahinda Rajapaksa regime, she said that they had
signed agreements without going through accepted tender procedures, so it
was illegal and could be very easily cancelled.
We do not want to affect the companies that have come in. They are
renegotiating the terms to bring down the prices to the levels at which they
should stand.
Rupee hits record low; CB chief warns of fixing FX rate
The spot currency ended at 134.00 per dollar, weaker from Thursdays close
of 133.80.
The Central Bank lowered the spot by 20 cents, now the State bank is
selling dollars at 134 (rupees per dollar), a currency dealer said on
condition of anonymity.
Two other dealers confirmed the move. Officials from the Central Bank were
not immediately available for comments.
On Tuesday, the State-run bank cut the spot rupees level by 10 cents to
133.80 after retaining it at 133.90 during the previous five sessions through
Monday.
The move came amid tepid dollar sales by exporters and the continuing
political uncertainty, dealers said.
The market expects the rupee to be stable as long as the Central Bank
offers dollars, but its stability will depend on inflows into the country,
currency dealers said.
Finance Minister Ravi Karunanayake said on Thursday that Sri Lanka is
planning to borrow $1 billion via five-year syndicated loans as early as this
week from international banks and it could borrow up to $2 billion.