Sri Lanka expects an economic growth of 5% this year

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State Minister Ajith Nivard Cabraal says that an economic growth of 5% is expected this year. He told SLBC that new projects and investments are needed for a rapid development of the country. He said that essential institutions such as the Paddy Marketing Board have been made dysfunctional by the previous government. The present government has taken steps to strengthen the economy by reorganizing such institutions. State Minister Cabraal pointed out when 103 countries did not get any type of Covid vaccine, Sri Lanka received stocks of vaccines due to diplomatic relations of the present state leaders. He said that housing loan interest rate has been reduced to 8% from 17%. He added that government has also introduced loans on concessionary interest rates to revive the collapsed business ventures due to the pandemic

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