Author: Asantha Sirimanne
Sri Lanka could tap new World Bank agriculture aid, new strategy promised
WASHINGTON, Oct 21, 2007 (LBO) – The World Bank is putting up new money for agriculture development in rural areas but is promising not to repeat past mistakes that sowed small holder-based entrenched poverty in countries like Sri Lanka. In the 1980’s Sri Lanka embarked on a sweeping agricultural development drive building massive reservoirs and […]
Sri Lanka should act on inflation, budget deficit: IMF
WASHINGTON, Oct 20, 2007 (LBO) – Sri Lanka should pay more attention to rising inflation and address the problem with the country’s budget, a top IMF official said. “Inflation has picked up and they need to pay more attention to that,” IMF’s Asia Pacific Director David Burton said at the launch of the Asia and […]
Sri Lanka, middle income countries, in line to get more World Bank aid
WASHINGTON, Oct 19 2007 (LBO) – World Bank chief Robert Zoellick’s new push to lend to middle income nations is opening up new opportunities for countries like Sri Lanka to tap low cost funding, if good economic policies are followed. Zoellick said the bank was already working with the Gates Foundation. He said approaches by […]
IMF urges fresh thinking on oil prices as dollar continues to fall
Washington, Oct 17, 2007 (LBO) – The International Monetary Fund’s top economic researcher said the Fund was having a fresh look at the phenomenon of high oil prices which is partly caused by a weakening dollar, and urged emerging economies to re-think their exchange policies. . “Oil is denominated in dollars. As the dollar depreciates […]
Rocketing Sri Lanka prices prompt calls for inflation targeting
Oct 06, 2007 (LBO) – The overshooting of a self-declared Central Bank 10 percent inflation target for 2007 is strengthening the case for reforming the institution and bringing legislated inflation targeting to Sri Lanka. . In January 2007 the Central Bank issued a monetary policy road map promising to debauch the internal value of the […]
Sri Lanka aviators call for greater freedom of the skies
Sept 29, 2007 (LBO) – Sri Lanka’s aviation professionals are calling for practical security rules and an enlightened approach by authorities to prevent a once high flying sector from going completely off radar. The Indian Ocean island’s aviation sector is now strangled in security regulations where even a little child is not allowed to fly […]
Sri Lanka minister block queries over pension fund losses; new questions emerge
Sept 20, 2007 (LBO) – A government minister blocked reporters from questioning officials about real losses made by a pension fund of private sector workers, as disturbing new information about its management in state hands continued to emerge. The Employees’ Provident Fund (EPF), Sri Lanka’s largest pension fund, is estimated to have made a 37 […]
Sri Lanka foreign reserve outflow under control: Central Bank
July 26, 2007 (LBO) – Sri Lanka’s balance of payments is under control despite the steady loss of foreign reserves in the past few weeks and the rupee coming under pressure, Central Bank officials said. The country has been losing foreign reserves since April when international reserves peaked in the wake of tight monetary policy […]
Sri Lanka petroleum retailer to look again at hedging after May
April 21, 2007 (LBO) – Sri Lanka’s largest petroleum retailer, the state-owned Ceylon Petroleum Corporation (CPC), is setting its sights on crude oil hedging after ending up on the right side of its maiden gas-oil options position, an official said. During those periods Ceylon Petroleum had run losses around 200 million US dollars. CPC received a […]
Sri Lanka tea trade under pressure in first quarter, after record earnings in 2006
February 03 (LBO) – Sri Lanka’s tea crop is set to drop in January after record earnings in the past year, as unfavourable weather slowed a recovery of strike-hit estates, industry officials said. “Estates which normally send had 8,000 to 10,000 kilograms to the auctions, are sending about 2,500 kilograms,” says Lal Alawattegama, of Asia Siyaka […]
Sri Lanka advised to boost reserves as IMF quits the country
February 02 (LBO) –Sri Lanka should have a higher target for foreign exchange reserves in 2007 the World Bank said, days before its Bretton Woods twin, the International Monetary Fund closed its office in Sri Lanka. Analysts say the tight monetary policy that started in December is helping the rupee, as is the current petroleum […]
Central Bank of Sri Lanka to limit money printing in 2007: calls for fiscal prudence to stabilize economy
January 04, (LBO) – Sri Lanka’s Central Bank has set itself tight targets to limit money printing, contain runaway inflation and stabilize the economy in 2007 and has called for fiscal restraint from the government to help meet its objectives.