Sri Lanka, Sept. 11 -- The World Bank stated that Sri Lanka has made remarkable strides in stabilising its economy by undertaking one of the largest fiscal adjustments in its history, which is equal to nearly 8% of GDP over three years.

The World Bank's latest diagnostic review, 'Sri Lanka Public Finance Review: Towards a Balanced Fiscal Adjustment,' highlights that the country's fiscal adjustment was faster and sharper than most international comparisons.

Despite restoring stability, these measures have also put pressure on households through higher indirect taxes, reduced real public sector wages, and slowed growth.

The review concludes that Sri Lanka is now well-positioned to focus on making its public finances work better for every...