Sri Lanka’s 2014 economic growth upgraded to 7.0-pct by IMF

May 06, 2014 (LBO) - Sri Lanka's economic growth forecast for 2014 has been upgraded to 7.



0 percent by the International Monetary Fund in its latest regional outlook for the Asia Pacific region, up from 6.5 percent in December. The 6.5 percent growth for 2015 published following a post program monitoring mission has been kept unchanged.

Sri Lanka has ended a 2.5 billion US dollar IMF bailout program it entered in 2009, following a balance of payments trouble, but entered another one in 2011/2012 by trying to subsidize energy with state bank credit at a time when overall credit growth was already high.

Sri Lanka's central bank has forecasted a gross domestic product of 7.

8 percent for 2014 helped by a recovery in exports.

Sri Lanka reported gross domestic product growth of 7.

3 percent for 2013 up from 6.3 percent in 2012 as the country recovers from a balance of payments crisis.