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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World ADB asks Sri Lanka to reduce size of budget AFP - 2 hours 53 minutes ago Send IM Story Print ADB asks Sri Lanka to reduce size of budget Slideshow: Full Photo Coverage: Business & Economy COLOMBO (AFP) - – The Asian Development Bank on Friday asked Sri Lanka to prune the size of its budget to sustain economic stability as the island emerges from decades of ethnic conflict. The Manila-based bank's President Haruhiko Kuroda said Sri Lanka's top priority now is to rebuild infrastructure in the island's war-ravaged north and east; and ensure economic stability reaches everyone in the country. "For that, macro-economic stability, particularly a sustainable budget deficit, is crucial for sustained economic growth," Kuroda told reporters in Colombo at the end of his three-day visit to the island. Sri Lanka's fiscal deficit shot up to 9.7 percent of gross domestic product in 2009, above a seven percent target set by the International Monetary Fund when they released a 2.6 billion dollar bailout package last July. "Fiscal deficit close to 10 percent of GDP is too large and must be reduced over the medium term," Kuroda said urging the government to widen its tax net and increase government revenue. ADB forecasts Sri Lanka's economy to expand strongly by 6.0 percent this year from 3.5 percent last year, but Kuroda warned the Indian Ocean Island needed to trim its expenses. "You may be able to increase growth in the short run by increasing spending and reducing taxes. But in the medium to long run if there is no prudent and sound fiscal policy, you cannot have sustained growth," he said. ADB Sri Lanka country director Richard Vokes said about 450 million to 500 million dollars has been earmarked to disburse in the tropical island between end 2009 and 2010. Kuroda said about 50 percent of the project loans will be disbursed in the island's war-ravaged north and east for reconstruction work and livelihood support. Sri Lanka is emerging from a 37-year ethnic conflict after government forces last May, crushed the Tamil Tiger rebels who were fighting for an independent homeland for minority Tamils from the majority Sinhalese community. The United Nations estimates some 100,000 people died in the conflict, while tens of thousands are unable to return to their villages and still live in makeshift homes. Recommend Send IM Story Print Related Articles Judge orders Toyota to release documents in lawsuit AFP - 1 hour 44 minutes ago ADB asks Sri Lanka to reduce size of budget AFP - 2 hours 53 minutes ago Standard Chartered bank's India offer oversubscribed AFP - Saturday, May 29 Toyota says global April sales up 21.3 percent on-year AFP - Saturday, May 29 Reliance Industries strikes oil in western India AFP - Saturday, May 29 News Search Top Stories Fitch cuts Spain's debt rating over weak growth prospects Bright sparks Nadal, Federer shine in Paris tennis OECD pledges to cut deficits, protect growth German bank gets fresh 10-billion-euro boost BP pushes on with 'top kill', true slick size emerges More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Fergie to appear on Oprah show after scandal BP pushes on with 'top kill', true slick size emerges French protest as Europe implements austerity Obama and family back in Chicago for holiday weekend US economy weaker than estimated in first quarter More Most Viewed » Scientists stunned as grey whale sighted off Israel Hubble catches planet being devoured by its star UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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