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Sri Lanka President marks one year in office amidst continued violence
Nov 19, 2006 (AFP) – Sri Lanka’s President Mahinda Rajapakse came to power promising a new approach to peace.But as he marks the end of his first year in office Sunday, the country continues to be wracked by violence, pushing its defence budget to a record high. The International Monetary Fund warned last week the […]
Southern Airport
WEERAWILA, Sri Lanka, Nov 19, 2006 (AFP) – Sri Lanka’s president Sunday marked his first year in office by launching work on a new international airport to handle the giant Airbus A380 airliner and pledging a major new port.President Mahinda Rajapakse laid the foundation stone for a 125-million-dollar, 4,000-metre (13,200-feet) upgrade to a small airport […]
APEC leaders push global free trade; North Korea crisis unresolved
HANOI, Nov 18, 2006 (AFP) – Asia-Pacific leaders on Saturday put their political muscle behind the drive to free up global trade, but they struggled to find common ground on how best to tackle the North Korea nuclear crisis.The quest for consensus over the response to Pyongyang’s shock atom bomb test last month dominated both […]
Sea battle in Sri Lanka; seven killed in mine blast
Nov 18, 2006 (AFP) – Sri Lanka’s navy and Tamil Tiger rebels Saturday claimed they had sunk each others’ craft in a sea battle off the northwestern coast as seven people were killed following a mine blast elsewhere. The island’s northeastern seaboard is a vital supply route for security forces and civilians in Jaffna. The […]
Central Bank of Sri Lanka growth numbers get thumbs-up in online poll
November 18 (LBO) – An online poll shows that more LBO readers believe the economic growth numbers generated by the Central Bank of Sri Lanka than the Department of Census and Statistics, but a vast majority disbelieved both. The Central Bank data set has a slightly higher weight for agriculture, as a result the two […]
Sri Lanka plans 9.1 percent budget deficit in 2007
November 16, 2006 (LBO) – Sri Lanka is expecting a 9.1 percent budget deficit in 2007, with the revised budget deficit for 2006 being estimated at 8.7 percent of GDP. Sri Lanka’s Central Bank is estimating the debt to GDP ratio to fall to 91.5 percent from 93.9 percent by year end. For the second […]
‘s record deficit
Nov 17, 2006 (AFP) – Sri Lanka is set to borrow heavily abroad and at home in a bid to finance a record 2.18 billion dollar budget deficit next year, official figures showed Friday. The overall budget deficit for 2007 was estimated at 7.2 percent of Gross Domestic Product while the government revised the 2006 […]
” banks after two year experiment
Nov 17, 2006 (LBO) – After creating two new state banks in successive budgets, Sri Lanka’s government is planning to merge and consolidate them with a network of existing rural banks. Sri Lanka already has two development banks, as well as medium term credit facilities that are channeled through commercial banks.The SME Bank was created […]
Safety Net
November 17, 2006 (LBO) – Sri Lanka said Thursday they were exploring the possibility of setting up a 40 million dollar government guaranteed fund with World Bank assistance, to encourage private investment in the war torn north and east, officials said. Mooted under the Multilateral Investment Guaranty Agency or MIGA arm of the World Bank, […]
Sonia Gandhi outlines vision of future Indian superpower
NEW DELHI, Nov 17, 2006 (AFP) – Ruling Congress Party leader Sonia Gandhi on Friday outlined her vision of India’s future, not as a traditional military superpower, but as a force for world peace and prosperity.The Italian-born Congress leader, who spurned the premiership after her party scored an upset election victory in 2004, urged the […]