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Sri Lanka’s economy is brighter – IMF

Feb 5, 2011 10:24:13 AM - itnnews.lk

Sri Lanka after emerging from a decades-long civil conflict is seeing strong economic growth.

Sri Lanka has now entered a new path after routing terrorism which plagued the country for three decades. Brian Aitken, the IMF’s mission chief for the country said Sri Lanka was now confronting the challenge of reaching massive economic goals. Since 2009, the IMF has been assisting the island nation with a $2.6 billion loan program designed to help the country recover from a balance of payment crisis triggered by the global financial crisis and return it to long-term, sustainable growth. To help generate money for increased spending, and keep deficits under control, the IMF supported a fundamental reform of the tax system. IMF’s stand is that the Government’s journey developing infrastructure and encouraging investors is satisfactory. The North and the East have again been added to the economic process. IMF said the Government was expanding garment and tea exports and it has already begun taking advantage of its strategic location and comparative advantage in services.