Prime Minister and Finance Minister Mahinda Rajapaksa stated in Parliament that the government has decided to review all project loans of nearly nine billion rupees received during the previous administration.

Presenting the vote-on-account in parliament yesterday, the Prime Minister said that some of the loan projects launched in the recent past had the potential to be completed at a lower cost by the local contractors while some of the projects had no economic or social benefits.

The Prime Minister said the present government will give priority to investment promotion instead of debt and will formulate a program to reduce government expenditure and strengthen the economy.

Speaking further Prime Minister Rajapaksa said the previous government was importing everything from a pin to large scale machinery. Even items like tamarind, turmeric and Vesak Lanterns were imported and as a result local industrialists were discouraged and even abandoned bringing new products to the market, he said.

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