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Tuesday, January 04, 2011 - 08.36 GMT

Economy expanded by 8% in 2010 - Central Bank

 

An estimated 8 percent economic growth was achieved in 2010, the Central Bank said in its ‘Roadmap: Economic and Financial Sector Policies for 2011 and Beyond’, announced today (4 Jan).

The Roadmap also said that Sri Lanka was able to maintain historically high foreign reserves amounting to USD 6.6 Billion at the end of 2010. Year 2010 also marked a rapid decline in poverty level in the country, low and stable inflation, stable exchange rates, Middle-income Emerging Market Country status among other achievements.

The Central Bank added that Sri Lanka showed strong growth momentum in 2010 as the peace dividend was clearly observed with impressive performance in all sectors and more business confidence.

Sri Lanka has met end-December IMF targets for net domestic financing, net international reserves, and reserve money required under a $2.6 billion loan, Central Bank Governor Ajith Nivard Cabraal said.

In its last assessment, the IMF said Sri Lanka had made substantial progress in making fiscal policy more sustainable.

Asia Development Outlook 2010 of the Asian Development Bank also said Sri Lanka's political stability, improved credit ratings, private sector revival and government infrastructure investment underpin a strengthened economy.

During her visit to Sri Lanka in December, Managing Director of the World Bank Dr. Okonjie-Iweala said “Sri Lanka has what it takes to be the Wonder of Asia through inclusive growth acceleration… implementing policies that promote the inclusion of all segments of society in the growth process, as envisaged in the Mahinda Chintana, will be crucial”.

She announced Sri Lanka’s eligibility for financing from IBRD, the World Bank’s lending arm for middle income countries, in addition to continued financing from IDA. It’s a move which has the potential to more than double the amount of resources available to Sri Lanka every year from the World Bank to realize the country’s ambitious development goals.

Roadmap: Economic and Financial Sector Policies for 2011 and Beyond at
http://www.cbsl.gov.lk/pics_n_docs/latest_news/roadmap_2011.pdf









 

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Last modified: January 04, 2011.

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