Author: Riyad Riffai
Sri Lanka can balance growth with environment: expert
July 09, 2009 (LBO) – Sri Lankan policy makers should not over emphasize on pollution control as the economy is still at a early development stage, as it may hinder economic growth and slowdown job creation, a leading expert on carbon finance said. “Right now I think developing the economy and creating jobs should be […]
Sri Lanka public enterprises eating development capital: minister
June 29, 2009 (LBO) – Sri Lanka’s state enterprises are eating capital that could have been used for the country’s growth, while some workers are getting a salary and not even reporting to work, a senior government minister said. “For almost 50 years our state enterprises have stolen from the treasury,” deputy finance minister Sarath […]
Sri Lanka still negotiating IMF deal: minister
June 24, 2009 (LBO) – Sri Lanka is still negotiating with the International Monetary Fund for a bailout package, and the first tranche may come in two months, a senior minister said, indicating that an unfinished economic agenda remained to be resolved.“We are still working things out; the doors are not shut yet,” Amunugama told […]
Sri Lanka apparel maker in post-war manufacture
June 16, 2009 (LBO) – Brandix, a top Sri Lankan apparel maker, is planning to boost production at a factory built in Batticaloa, a former war-torn area in the east of the island where ex-female Tiger combatants are also working, an official said.“Our current production is 20,000 pieces and we want to push it up […]
Sri Lanka private sector, UNHCR pave the way for returning refugees
June 12, 2009 (LBO) – A United Nations agency is getting private sector support to help re-settle a part of the 660,000 refugees in the country who are starting to return to their former homes, officials said. Brandix Lanka, a top Sri Lankan apparel group, is working with the UNHCR to provide water and sanitation […]
Sri Lanka needs help to meet refugee challenge: UN chief
May 23, 2009 (LBO) – The UN chief Ban Ki-moon who pressed for access to camps housing nearly 300,000 refugees in northern Sri Lanka says more help is needed to meet their needs while a longer term solution is needed to permanently solve the conflict. “If equality is not delivered history could repeat itself,” Ban […]
‘s private sector must lead post-war revival: UNDP
May 10, 2009 (LBO) – Re-building Sri Lanka’s war-ravaged north and east should be eventually driven by the private sector, rather than an unsustainable donor-financed state sector, a senior United Nations Development Agency (UNDP) official said. Douglas Keh, head of UNDP in Sri Lanka, also said good governance and a government commitment to devolving adequate […]
Sri Lanka will be more attractive to investors after IMF bailout: CB official
Apr 14, 2009 (LBO) – Sri Lanka will become more attractive for investors once an International Monetary Fund stamp of approval comes with a bailout package, a top central bank official has said. “Once the IMF come in there would be more confidence, where you will find more development partners and foreign investors who would […]
Sri Lanka central bank urges lending rate cut
Apr 12, 2009 (LBO) – Sri Lanka’s central bank is urging commercial banks to cut lending rates to stimulate growth while heavy government borrowing continues to crowd out the productive sectors. On April 08, Sri Lanka’s average commercial bank prime lending rate was 19.34 percent. Banks are taxed to the hilt, and have to cope […]
Sri Lankan inflation will hit zero: central banker
Apr 11, 2009 (LBO) – Sri Lanka’s inflation will hit zero by the middle of the year, a senior central banker said, with 12-month price inflation in the capital Colombo already down to 5.3 percent in March 2009. However, analysts expect the rupee to weaken from May onwards adjusting to previous loose monetary policy under […]
Sri Lanka state enterprises a big burden: minister
March 25, 2009 (LBO) – Sri Lankan state enterprises come begging to the Treasury for money to pay staff salaries, instead of making profits and contributing to national development, a senior government minister said.“One of the strange functions as the minister of finance in Sri Lanka is to handout checks at the end of the […]
‘s economic troubles mostly home brewed: economists
Mar 22, 2009 (LBO) – Sri Lanka’s current balance of payments troubles are mostly home brewed and an expected return to an International Money Fund bailout is simply a new cycle in a long history of economic mismanagement, economists said.“This is a home brewed macro economic crisis,” Razeen Sally from the London School of Economics, […]