Written by Staff Writer
15 Feb, 2019 | 7:39 pm
Colombo (News 1st): According to World Bank Vice President South Asia Region Dr Hartwig Schafer Sri Lanka has great potential to grow and become one of the emerging South Asian economies. World Bank Vice President South Asia Region Dr Hartwig shared a few statistics which relate to different indicators of the island nation such as the growth rate, development projects, bonds and poverty ratio
According to him, the country’s growth rate should ideally be around 6% as opposed to the current 3.4%. The World Bank is currently facilitating about 14 projects with a value of US $ 1.8 billion, across diverse sectors. Dr Schafer said that the agency will “do more of that” to bring in newer investments to help the island nation have access to financing at lower costs to help reduce the cost of borrowing.
Sri Lanka’s economy expanded at a rapid pace and the country has done much to address extreme poverty with a decline from 15.4% in 2013 to 9.7% in 2016. As measured against the World Bank’s international poverty line of $3.20 per day Sri Lanka ranks at approximately $6 per day.
The majority of foreign currency denominated debt is now largely made up of market borrowings including International Sovereign Bonds (ISBs) and Sri Lanka Development Bonds (SLDBs), which in 2017 accounted for 53%, up from just 3% of total foreign currency denominated debt in 2000.
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