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Sri Lanka economic revival better than expected: IMF
Wednesday, 23 September 2009 - 9:10 AM SL Time
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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 gross domestic product remained `ambitious` though revenue is picking up, he said.
The target is expressed in the program by limiting domestic borrowing.
Aitken said a 500 million US dollar Euro bond scheduled for next month was a positive development.
A smaller deficit and foreign borrowings reduce the need for borrowing from local markets, allowing the private sector to use savings of the people to generate economic growth.
The IMF said July targets had been `broadly satisfactory` and the mission review report would be given for board approval. Following board approval a 320 million US dollar second tranche could be expected in October under its 2.6 billion US dollar program.
Sri Lanka has been inundated in dollar inflows to capital markets since the rupee was floated in March, breaking a peg defence cycle followed by the IMF loan in July.
More than 1.2 billion US dollars has come into rupee Treasuries markets. Flows into bill markets are excluded from IMF reserve targets.
Gross reserves have reached 4.0 billion US dollars, the Central Bank has said.
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Imperator
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 23 Sep 2009 02:22:53 GMT Report for Abuse
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WTF? What about the 'Boycott Sri Lanka' campaign? What about the GENOCIDE(TM)? What about the WAR CRIMES(R)? What about the sanctions???
Oh stop! Please stop! This is just too much, especially after last night's slaughter of South Africa! Andawane, andawaaane!
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Adzam
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23 Sep 2009 02:25:27 GMT Report for Abuse
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Sri Lanka economic revival better than expected: IMF
Miliband's channel 4 may be able to prove it otherwise.
Edited By - Adzam - 23 Sep 2009 02:26:02 GMT |
AnuD
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 23 Sep 2009 02:43:52 GMT Report for Abuse
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Some in this it said, $ 4 Billion is enough for 04 months imports.
How Come Sri Lankans are consuming that much when Sri Lanka is not a exporting country ?
IT looks like Sri Lankan consumers are only second to Americans. USA is the largest consumer in the whole world.
Does Sri Lanka come a close second ? |
Naaca
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 23 Sep 2009 02:47:52 GMT Report for Abuse
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| Chennaiguu is going to be sick today and will be out of sight from LNP! |
AnuD
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23 Sep 2009 02:56:32 GMT Report for Abuse
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The target is expressed in the program by limiting domestic borrowing.
Aitken said a 500 million US dollar Euro bond scheduled for next month was a positive development.
A smaller deficit and foreign borrowings reduce the need for borrowing from local markets, allowing the private sector to use savings of the people to generate economic growth.
I think it is completely foolish planing.
they don't borrow in the domestic market and want to use that money to promote consumerism. Money is borrowed from outside, so the domestic money will be used to pay interest to overseas borrowings.
IT does not say anything about how this economic revival came, increased production or what was produced -- nothing.
Edited By - AnuD - 23 Sep 2009 02:57:56 GMT |
KonapuBandara
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 23 Sep 2009 02:57:02 GMT Report for Abuse
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A Tamil female who swallowed cyanide capsule when a team of police officials from the Galle District Crime Division attempted to arrest her died after being admitted to the hospital in Vavuniyaa on Tuesday early morning.
However, police claimed that the woman was an LTTE suicide cadre.
The body is yet to be identified.
Bugger! According to TamilNut retards this crazed tart is just another innocent woman who stocked her medicine cabinet with cyanide capsules. When the cops were banging on her door, she got a slight headache due to the pounding noise. She reached for an Aspirin but swallowed a cyanide capsule by mistake. Now you know the rest of the story!
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Damed
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 23 Sep 2009 03:00:19 GMT Report for Abuse
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Diaspora tamil nuts will say police raped this women.
Edited By - Damed - 23 Sep 2009 03:01:24 GMT |
Naaca
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23 Sep 2009 03:05:19 GMT Report for Abuse
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No production, no services...oh yes, economic revivals can fall from the sky!
Anud has got down from the wrong side of the bed today!
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23 Sep 2009 02:25:47 GMT