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‘s needy grow: MSF
GENEVA, Nov 14, 2006 (AFP) – Drug prices have increased in the past five years despite a commitment by the World Trade Organisation’s 149 members to make them more accessible to the world’s poor, the charity Medecins Sans Frontieres (MSF) said on Tuesday.MSF said in a statement that newer HIV medicines recommended by the World […]
Singapore to hike tax in effort to help poor
SINGAPORE, Nov 14, 2006 (AFP) – Singapore will raise its consumption tax next year to fund social programmes for its lower income households rather than turn to Scandinavian-style welfare systems, Prime Minister Lee Hsien Loong said in remarks published Tuesday.Raising the goods and services tax (GST) from the existing five percent to seven percent will […]
Body of slain Sri Lankan MP flown to Jaffna for cremation
Nov 14, 2006 (AFP) – The body of assassinated Tamil legislator Nadarajah Raviraj was flown Tuesday to his home constituency of Jaffna for cremation the following day.Raviraj, 44, was shot dead by unidentified gunmen as he drove to work in Colombo on Friday morning.He was the second member of the Tamil National Alliance (TNA) to […]
Britain to push Sri Lanka peace bid amid child soldier charge
Nov 14, 2006 (AFP) – A British envoy arrived in Sri Lanka on Tuesday in a bid to salvage a tottering peace process as the former British colony faced UN charges of recruiting child soldiers.British MP Paul Murphy held talks with Sri Lankan officials handling the Norwegian-backed peace process, officials said, adding he planned to […]
Sri Lanka says four Tigers killed amid artillery duels
Nov 14, 2006 (AFP) – At least four Tamil Tiger rebels were killed in a fire fight in eastern Sri Lanka, the defence ministry said Tuesday as sporadic artillery duels raged elsewhere.A security force patrol confronted a group of Tiger rebels at a village in the district of Batticaloa on Monday and the four rebels […]
Energy pricing helps but better monetary policy and fiscal framework needed in Sri Lanka
Sri Lanka’s is now experiencing stronger growth, and declining unemployment. Though oil prices are now falling, expansionary fiscal policy and accommodative monetary policy continue to destabilize the economy by pushing inflation up and putting pressure on the country’s balance of payments. The International Monetary Fund this month presented its report on this year’s Article iv […]
‘s economic scorecard
November 14, 2006 (LBO) – The International Monetary Fund Tuesday says Sri Lanka’s economy in under siege from galloping inflation, a wider current account deficit, declining official reserves and a high debt service burden. Large fiscal deficits and a high level of public debt are sources of macro-economic instability while inflation is galloping away and […]
Fitch rates six Sri Lankan Regional Development Banks
Nov 13, 2006 (LBO) – Six Regional Development Banks or RDBs secured investment grade ratings from Fitch Ratings Lanka, who said the risk evaluation took into account the banks’ higher risk profiles. The lack of automation has been one of the key constraints in this area. The six: • Rajarata Development Bank – ‘BBB+(lka)’; • […]
Sri Lanka faces tough call on interest rates in face of rising inflation
November 13, 2006 (LBO) – Sri Lanka faces a tough call on interest rates on Tuesday as it balances the need to keep inflation in check and ensure economic growth remains on track, analysts said. Sri Lanka’s economy is growing by near eight percent, the stock market is at record highs, corporate profits are strong […]
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November 13, 2006 (LBO) – HDFC Bank, Sri Lanka’s largest housing bank, retained its ‘AA-(lka)’ rating for their home loan securitization trust series, Fitch Ratings Lanka said Monday. The rating is for the timely interest payment and the ultimate payment of principal. The pass-through certificates or PTCs are backed by a pool of residential mortgage […]