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Shorter Cycles
The bank has also awarded local IT firm, DMS Oracle, the mandate to automate its General Ledger system.rn rnCentral Bank quote s Assistant to the Governor, Dr. Rani Jayamaha told Lanka Business Online that both IT systems will be funded through an existing US$ 30.3 mn World Bank loan awarded for Central Bank reforms.rn rnBacked […]
Third Shift
Keeping in line with its court promise, the Public Enterprise Reform Commission called for fresh bids to infuse private ownership into the cash starved 13 state transport companies.PERC said it was offering a 39 percent equity stake, out of the shares currently held by the Treasury on behalf of the government.rn rnProspective investors have to […]
Trigger Happy
The bank said improved economic activity and the promise of a permanent peace, has been clouded by lquote emerging political rivalry quote , jittering investor confidence.ldblquote If it continues, it will impact negatively on the economic front, dblquote the bank said.rn rnReleasing growth numbers for the April-June quarter, the bank said gross domestic product or […]
Dressed Up
Peoples Bank will use the grant to hire a consultant to draft the information memorandum to raise badly needed capital.rn rnThe State-owned giant has negative net assets to the tune of RS. 6 bn and is operating on a Letter of Comfort from the government.rn rnBank Chairman Lal Nanayakkara told Lanka Business Report that the […]
Transparency Online
Once data entry is complete the system will be put on line for anybody to check the status of public sector projects.rn rnAccess will come through the Internet site www.mpdinor.org.rn rnThis is part of an initiative of the Policy Development and Implementation Ministry to have a center to oversee all government spending in the country.rn […]
INFOTEL next month
The organizers have also put together a scheme to recognize champions in the industry through an awards scheme.
Shot In The Arm
According to a draft budget tabled before Cabinet on Wednesday, total government expenditure will go up to Rs.656 bn from 413 billion this year. Total revenue is expected to swell to 317bn from 278 bn.rn rnThe government hopes to borrow Rs. 349bn next year, with the overall budget deficit kept at 135bn or seven point […]
Pledging Aid
Government and LTTE are expected to jointly draw up plans to identify areas for reconstruction and rehabilitation.rn rnBoth parties agreed to focus on improving conditions in the north and east in their first round of peace talks in Thailand.rn rnldblquote We are now in the process on identifying the projects. We are working on donor […]
Parley on future
Private sector players wanted to see more competition in the Infrastructure fields especially in power and petroleum.rn rnThe private sector was also keen to get involved in policy formulation.rn
Putting Structures
Local banking laws do not as yet have provision let alone regulations for specialised commercial banking, with long delayed amendments still in the pipeline.rn rnBut as success stories show, Islamic banking is becoming big business even in Sri Lanka and the call for regulation may not be far off the mark. rn rnldblquote We are […]