Sri Lanka think tank warns against reliance on foreign loans

Nov 01, 2010 (LBO) - Depending too much on foreign borrowings to fuel growth in post-war Sri Lanka can be risky, the Institute of Policy Studies (IPS), a think tank, has warned in a new report. Its annual 'Sri Lanka: State of the Economy' report for 2010 is devoted to an assessment of the economic challenges of post-conflict growth and stability in the island, whose 30-year ethnic war ended in May 2009.
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Early, robust economic growth that has an immediate widespread impact will go some way towards meeting the aspirations of a population weary after decades of war, it said.

First-half economic growth in excess of 7.5 percent has already signalled that a strong post-conflict economic recovery is underway.

"However, beyond the immediate recovery efforts must lie clear medium term policy goals that anticipate the transition to long term post-conflict economic development," the IPS said..

"A growth boom fuelled by an infrastructure-led investment drive that relies heavily on foreign borrowing can run up against problems," the institute warned.
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High economic growth can in turn fuel rapid growth in import expenditure and raise issues of external debt sustainability in the me