On Target

The Sri Lankan economy grew by 5.5 percent in the first quarter of 2003, up sharply from growth of 0.1 percent in the same period last year, Finance Minister K N Choksy said Monday.
“All the main sectors of the economy showed resilience and greater output,” Choksy said making his comments when releasing the governments economic performance. rn

rnUnder the new Fiscal Responsibility (Management Law), the government has agreed to a set of fiscal disciplinary targets, and also release its performance on the nations to parliament and the public every six months.rn

rnChoksy said overall economic growth is in line to achieve a 5.5 percent target for GDP, reduce the budget deficit to 7.5 percent of GDP, increase government revenue to 17.1 percent of GDP, cut public expenditure to 19.3 percent and increase public investment to 5.3 percent of GDP.rn

rnHe said increased revenues from a value-added tax, privatisation of state-owned enterprises and lowered defence spending due to a peace process has helped t