The Sri Lankan economy has seen robust annual growth at 6.4 percent over the course of 2003 to 2012. Almost five years after the end of the three-decade civil conflict, Sri Lanka is now focusing on long-term strategic and structural development challenges as it strives to transition to an upper middle income country.
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Sri Lanka's country context has evolved and changed in recent years. A 26 year long armed conflict ended in 2009. Since then, Sri Lanka has seen high growth at around 8% annually and 6.4% in 2012 driven by strong private sector demand, both in consumption and investment, and the public sector contributing through large infrastructure projects. Sustaining this level of growth will largely depend on fostering private sector development and private investment. Sri Lanka is now a middle-income country. Its demographics and health profile are changing. With an aging population, the share of the population at working age is reducing and, as in other MIC's, non-communicable diseases are on the rise, such as diabetes. As a consequence of achieving middle-income status, Sri Lanka has acquired access to International Bank of Reconstruction and Development (IBRD) financing as of FY12, allowing for significantly increased financial support from the World Bank during the coming years.
The project aims to transform Colombo into a modern, world-class capital by reducing the physical and socioeconomic impacts of flooding, and improving overall capacity for operating and maintaining metropolitan and local infrastructure.
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