Jan 03, 2019

Ranil explains rupee depreciation at 50K Orchid (pics) Featured

By August and September last year, around 8 billion of the country’s foreign reserves had diminished and the government got excited and increased expenditure, resulting in the depreciation of the rupee, said Prime Minister Ranil Wickremesinghe.

Within 51 days, all this money had been taken out of the country, he noted.

He made this statement during the opening of the up market “50K Orchid” restaurant.

The Prime Minister noted that although all measures to make Colombo into a mega city could not be implemented during the past 2-3 years, currently the light railway service, Kelaniya new bridge, port city and several other projects had been initiated.

He noted that Water’s Edge is currently making profits and said that through “50K Orchid” the country’s orchid industry and the tourism industry could be developed.

“We had planned a broad operation to develop the tourism industry from November last year, but due to the political crisis, all those plans collapsed. However, now we intend to recommence these plans from where we left off.

We have initiated discussions with the private sector as well to improve the facilities locally to attract more tourists. We had made certain plans earlier and we intent to implement them now.

We also discussed with the Finance Minister on measures to be taken to strengthen the rupee. If required, we could approach our friendly countries and obtain financial assistance. But these measures alone are not enough. We need to initiate export and tourism ventures that would generate foreign income,” he said.

Another 100 state institutions to Battaramulla

Addressing the gathering, Megapolis and Western Development Minister Patali Champika Ranawaka said that as Battaramulla has been identified as the administrative zone, nearly 100 state institutions in Colombo are scheduled to be shifted to Battaramulla.

“Today we added a new unit to Water’s Edge, which is the Orchid garden. This Orchid garden consists of 50,000 orchid plants and in the future, will no doubt be a sought after location for weddings. Although this is a state owned institution, it is on par with other private level hotel chains. This facility will improve more in the future with the commencement of the light railway service from Kaduwela to Pettah through this location. We want to develop this institution to especially cater to the middle class,” he added.

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