Economic growth of 9.5% targeted by 2013

Sri Lanka is expected to achieve an accelerated economic growth within the next two years. The target for 2011 is to reap an economic growth of 8.5% and increase this rate to 9.5% by 2013. The target set for 2012 is an economic growth of 9%.

The Governor of the Central Bank disclosing the monetary policy road map for 2011 said that the overall budget deficit is expected to decline further to 6.8 percent of gross domestic product and to around five percent of GDP in the medium term. Accordingly the expected balance of payments surplus in 2011 will be around 350 million dollars.

He said the Government revenue and grants are expected to increase to 15.6 percent of GDP while expenditure and net lending is expected to decrease to 22.4 percent of GDP. Similarly the recurrent expenditure is estimated to decrease to 16.1 percent of GDP and public investment is expected to be maintained at 6.5 percent of GDP.

Mr. Cabraal further said that the gross foreign exchange reserves reached 6.6 billion US dollars by the end of 2010, and the country’s external outlook had improved with higher export and tourism earnings and inflows from foreign direct investment and lending institutions, Govt. Information Department reports.

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Ukrainians injured as police dismantle Kiev 'tent city'

At least 10 demonstrators have been injured in clashes with Ukrainian police and another 100 detained in the capital Kiev after authorities began dismantling a makeshift "tent city" protesting against corruption. The tent city was set up in October by supporters of Mikheil Saakashvili, a former president of Georgia who has become an opposition politician in Ukraine. Saakashvili, a critic of corruption in Ukraine, was deported to Poland in February. He said he was "kidnapped" by Ukrainian authorities and removed from the country against his will. Andriy Kryshchneko, police chief of police, said at the camp on Saturday that "two court decisions" allowed authorities to search and dismantle the camp. Police said that explosives and other weapons were found at the scene

PayPal wants report from Sri Lanka: Sampath, three other banks to introduce service

Though the Central Bank of Sri Lanka (CBSL) was first to introduce PayPal to Sri Lanka through the Sampath Bank, it is revealed that three other banks too have been now earmarked by the CBSL. A senior official from the CBSL told AdaderanaBiz, “We were to first introduce PayPal through the Sampath Bank. However, we now plan to introduce this service to the country through four banks. We also plan to gradually involve the rest of the banks in the country.” While the CBSL is discussing with the PayPal branch in India to introduce the service to Sri Lanka, PayPal’s Indian arm has reportedly requested a report on Sri Lanka’s exports. The senior CBSL official told AdaderanaBiz that they would be submitting such a report and hence the introduction of PayPal to Sri Lanka would face a slight delay. Though cash cannot be remitted to Sri Lanka through the world renowned PayPal money transfer service sending money from Sri Lanka is possible even now.

ASSIGNING OF PREFERENTIAL NUMBERS FOR LG POLLS COMPLETED

The Election Secretariat announced that assigning preferential numbers for candidates of the Local Government election to be held for 67 bodies has been completed. Preparations are currently underway to hold the polls under the 2010 electoral register, Additional Elections Commissioner W.P. Sumanasiri said. The electoral register of the year 2010 is scheduled to be certified on June 31.

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