WB warns:

Economic growth slide

by Dhaneshi Yatawara

The World Bank has warned that Sri Lanka's economic growth would slow down to 6.9 percent in 2015-2016, owing to the slowing down in construction activities but the Finance Ministry is confident that the slide is not likely to create a huge impact.

Finance Minister Ravi Karunanayake said, there were several aspects in the island's economic affairs that needed to be urgently streamlined, a serious 'repair job,' but claimed, the new Government's disciplined focus and financial governance have boosted the World Bank's confidence.

Karunanayake said that both the International Monetary Fund (IMF) and WB have pledged to assist Sri Lanka to reduce its debt burden through a serious of mechanisms. "Both the institutions are closely monitoring the 100 Day Program of the Government and are pleased with the progress made as well as the processes we follow," he said.

Following discussions with IMF and WB officials during the ongoing Spring meetings in Washington DC, Minister Karunanayake said, not just institutions such as the IMF and WB but countries such as Japan and US too have pledged their support to help the island overcome its debt-ridden status and fast- track development activities.