Sri Lanka looking to create national wealth fund

Sri Lanka
By Editor_1
Sri Lanka’s President Ranil Wickremesinghe - EN/File

COLOMBO – Sri Lanka plans to establish a national wealth fund using government assets, President Ranil Wickremesinghe has said.

The president’s media division quoted Wickremesinghe as saying that there were plans to establish a national wealth fund using government assets, similar to investment companies created by countries like Norway, Qatar, and Singapore, where profits from government revenues are used for public welfare.

Wickremesinghe who was speaking at the launch of a retirement insurance system by Sanasa held in Colombo on Monday (2) had also said that while traditionally, the funds from the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) had been used to purchase bonds, under the current program, government spending has been reduced, and plans are in place to increase state revenues.

“As revenues grow, the need to use provident fund money for bond purchases will diminish. We are in discussions to redirect these funds towards investment opportunities, and we intend to consult with trade unions and employers on this matter,” he had said, adding that new laws will be required to support these efforts, which would draw inspiration from existing legislation in countries like Denmark and Sweden.

“These laws will also address investments and retirement plans,” Wickremesinghe had said.

-economynext.com

 

Editor_1
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