The accord sets out specific time bound targets including detailed mechanism to monitor progress and also represents ADB
quote s long-term commitment to Sri Lanka
quote s future economic development, ADB President, Tadao Chino told a news conference.
rnrnFinance Minister K N Choksy said the bank
quote s assistance would go a long way to help the government to create an environment for sustainable economic growth to effectively address poverty reduction in the country.
rnrnSome of the specific targets include reducing poverty levels to 25 percent by 2015, a 6 percent to 7 percent GDP growth by 2003, a 5 percent budget deficit by 2005 and 85 percent debt/GDP ration by 2005, ADB
quote s Resident Representative, John Cooney said.
rnrnIn the last few days, the government has been promising donor agencies to slash government spending and trim its budget deficit to 8.5 percent of GDP, from the current 11 percent.
rnrnHefty military spending, heavy losses from state corporations, falling revenues and external