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| Sunday, 23 March 2003 |
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ADB predicts 5% growth for this year by Don Asoka Wijewardena Macro-economic recovery took hold in Sri Lanka during the third quarter of 2002, boosting growth prospects for the year to three per cent. The Government is on track to reach its revised fiscal targets, but more efforts are essential to bring inflation under control. Having progressed on regaining macro-economic stability, the medium-term outlook is promising with five per cent growth expected for this year, John R. Cooney, Asian Development Bank (ADB) representative in Sri Lanka told a recent media conference. Addressing the media, ADB President Tadao Chino said the bank had already asked the government to prepare a 'Comprehensive Needs Assessment Report' to be submitted to the donor conference to be held in June in Japan. He said the ADB was working with the World Bank, United Nations and the Subcommittee for Immediate Humanitarian and Rehabilitation Needs to develop Sri Lanka's economy in almost all spheres of development, with emphasis on devastated areas in the North and East. Chino stressed that he was impressed with the ongoing development activities in the country with ADB assistance. He said the success of the Tokyo donor conference would depend entirely on the level of commitment of the parties concerned in the peace process and how the international community would perceive this process. On ADB's ongoing and future development programs in Sri Lanka, he said that after more than 20 years of conflict, the overall development of the country would take a few years, but that the ADB would be ready to be Sri Lanka's main development partner with primary objectives in poverty reduction and developing transport, energy, education and water supply projects with the aim of creating a prosperous and healthy economy in the island. |
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