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ADB praises resilience in Sri Lanka’s economy

Apr 6, 2011 9:04:17 AM - itnnews.lk

The Asian Development Bank has praised Sri Lanka’s resilience, a day after the IMF’s endorsement of the island’s economy.

A statement said the Sri Lankan economy bounced back strongly last year, reflecting post civil war optimism and global recovery. The ADB said Sri Lanka is reaping the benefits from the end of the civil war. The business environment has seen improvement, while agriculture recorded strong growth. The Bank said the revival of tourism with 46 per cent growth, as well as freight and port-related activities, contributed to the growth momentum. The investor sentiment was strengthened by the approval of the IMF’’s standby facility. The IMF in July last year approved a USD 2.6 billion dollar facility, with just two instalments to be released. .ADB Country Director Richard Vokes said that Sri Lanka needs to continue to improve its economic infrastructure to consolidate its position as a middle income country.