In the four years from 2006 to 2009, Sri Lanka’s total defence expenditure amounted to Rs. 605 billion or U.S.$ 5.5 billion; an average of Rs. 151 billion or U.S.$ 1.4 billion per year, about 3.5 to 4% of G.D.P, Central Bank of Sri Lanka’s (C.B.S.L.’s) 2009 Annual Report said.
With the long awaited peace now in place, Sri Lanka will be able to finally create opportunities to unleash its potential to grow rapidly and usher economic prosperity to its people who have suffered from terrorism for several decades. Peace is a vital prerequisite in achieving sustainable economic growth and alleviating poverty. This is because of the adverse repercussions associated with war, which ranges from the destruction of physical wealth to the loss of human lives. In addition, wars divert resources from productive sectors to not so productive sectors.
Hence, peace is paramount as the real benefits of economic development and freedom can be enjoyed only in times of peace.
© The Sunday Leader
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