22 September 2009

IMF Says Sri Lanka's Economic Revival is Better than Expected

22nd September 2009, www.lankabusinessonline.com

Sri Lanka's economic revival is better than originally expected when the International Monetary Fund approved a stand by loan, and tax revenues are improving, a review mission said in Colombo.

The IMF was originally expecting 3.0 percent growth for the island for 2009 but has revised it up to 3.5 percent.

"Things are on the upside, the economy is bottoming out," IMF mission chief Brian Aitken said.

"Export and imports are improving and we have a. cautiously positive outlook."

Sri Lanka has met the key foreign reserve target in the program defined as net international reserves, and a budget target of 7.0 percent remained "ambitious" though revenue is picking up, he said.

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