SL still growing below potential but economy expected to grow by 4.5% : Finance Minister

SL still growing below potential but economy expected to grow by 4.5% : Finance Minister

Written by Lahiru Fernando

16 Oct, 2017 | 9:51 pm

 Minister of Finance and Mass Media Mangala Samaraweera, addressed the World Bank and International Monetary Fund Annual Meeting today (October 16) in Washington D.C., USA.

Sri Lanka’s economic progress and its future intentions for further development was Minister Samaraweera’s highlight during the speech.

Sri Lanka is still growing below potential, said the Minister while addressing the gathering. However, he said the economy is expected to grow by around 4.5% in 2017.

Minister Samaraweera said Sri Lanka is projected to move to a higher growth path of around 7% by 2020 with the ongoing broader structural reforms and enhanced investor confidence.

The reform initiatives towards this direction are supported by the 3-year arrangement under the Extended Fund Facility of 1.5 billion USD that Sri Lanka entered in to with the IMF in June 2016, added the minister.

According to the Minister of Finance, the government is keenly working on addressing significant regional growth and income disparities in the country through a well-focussed development programme.

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