Sri Lanka’s economy is now growing at a sustainable pace according to Fitch Ratings.
“The economy is growing at a more sustainable pace as real GDP grew 6.3% yoy in H113 and CPI inflation has moderated, rising 6.2% yoy in Q313 (vs 6.8% in Q213),” Fitch said with regard to Sri Lanka in its 2013 third quarter Asia Pacific Sovereign Credit Overview released yesterday.
“Foreign reserves, however, remain at an adequate level, standing at US$ 6.3 b at end-July 2013,” Fitch added.
Fitch has affirmed Sri Lanka’s Foreign Currency (FC) and Local Currency (LC) ratings at “BB-“ with a stable outlook in April, 2013, which balances the strength of the country’s resilient growth performance.
The need for Sri Lanka to fund high investment rate via foreign investment was also emphasized by Fitch, stated the Daily FT.