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COLOMBO, Oct 3 - The World Bank revised up its forecasts for Sri Lanka's economy on Tuesday, noting the crisis-hit nation had made strides in reducing inflation and had benefited from tourism revenue as well as an appreciation in its currency.
In the last six months, Sri Lanka has seen runaway inflation drop to 1.3% in September, its currency appreciate by about 12% and foreign exchange reserves improve. It has also benefited from an increase in remittances. "Growth prospects will depend on progress with debt restructuring as well as continued implementation of growth enhancing structural reforms," Richard Walker, a World Bank senior economist told a media briefing.
Sri Lanka struck an agreement for a $2.9 billion bailout package from the International Monetary Fund in March but a potential shortfall in government revenue has meant that a second tranche of funds from the package may be delayed.
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