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Sri Lanka hotel group calls for destination marketing
Feb 15, 2013 (LBO) – A top Sri Lankan resort operator which also has overseas operations has again called for tourism authorities to have strong destination promotion in line with regional competitors. Aitken Spence said it had strong results from the Maldives, which is set up as a niche high end destination. “We are keen […]
Charity Music
Feb 15, 2013 (LBO) – An annual country music concert will be held for the 25th time in Sri Lanka’s capital Colombo to raise funds for needy children with European and US performance along local artistes performing, its organizers said.Colombo-base Country Music Foundation said its ‘Country Roads’ festival is the longest running concert of its […]
Petro Balance
Feb 15, 2013 (LBO) – Profits at Lanka IOC, a Sri Lanka unit of Indian Oil Corporation rose 16 percent to 728 million rupees in the December 2012 quarter from a year earlier, partly helped by forex gains, an official said. About 27 percent of the retail price of petrol is made up of government […]
Sri Lanka Treasuries auction yields down
Feb 14, 2013 (LBO) – Sri Lanka’s Treasuries yield fell across maturities at Wednesday’s auction with the 3-month yield falling as much as 15 basis points to 9.10 percent, data from the state debt office showed. The 6-month yield fell 8 basis points to 10.08 percent and the 12-month yield fell one basis point to […]
Sri Lanka economy will be stable with cost-based energy prices: IMF
Feb 14, 2013 (LBO) – Sri Lanka’s economy will be stable and more domestic resources will be available for high value spending if energy prices are adjusted to match import costs, the International Monetary Fund had said.“Step number one could be to adjust prices closer to cost-recovery, if not have cost recovery,” IMF mission chief […]
Sri Lanka seeks US200mn from World Bank for health
Feb 14, 2013 (LBO) – Sri Lanka is seeking a 200 million US dollar credit from the World Bank to improve the health care system and reduce non-communicable diseases, minister Keheliya Rambukwelle said.The money will be used in programs to reduce malnutrition, prevent and control non-communicable diseases and improve maternal and child care. The program […]
‘s tax-take weakens amid slowdown, exemptions: IMF
Feb 14, 2013 (LBO) – Sri Lanka’s tax revenues had fallen below target in 2012 amid an economic slowdown, declining imports and tax exemptions, the International Monetary Fund said. The IMF said Sri Lanka’s value added tax (VAT) regime is yielding less taxes than it should at current rates in force. “Strengthening the administration of […]
Sri Lanka investments eyed by Polish businesses
Feb 14, 2013 (LBO) – Sri Lanka’s state investment promotion agency said Polish investors met the agency to assess possible investments in power generation and pharmaceuticals manufacture.A delegation from Polska Izba Gospodarcze, the Polish Chamber of Commerce headed by Leszek Lazarczyk of Linter group in Poland had visited Sri Lanka’ the Board of Investment said. […]
Sri Lanka should hold policy rates till inflation falls: IMF
Feb 13, 2013 (LBO) – Sri Lanka should freeze policy rates until inflation starts to fall, International Monetary Fund said as the country is going through the highest inflation generated by the central bank in nearly four years.Inflation Risk Sri Lanka should hold policy rates till inflation falls: IMF Feb 13, 2013 (LBO) – Sri […]
Sri Lanka war zones get two hospitals with US support
Feb 13, 2013 (LBO) – Two new hospitals built with American and Sri Lankan government involvement in former war zones in the north had been opened on February 12, the US embassy in Colombo said.The Mulankavil base hospital in Kilinochchi and Oddusuddan divisional hospital in Mullaitivu were built at a cost of a million US […]
Sri Lanka economy to grow 6.25-pct in 2013: IMF
Feb 13, 2013 (LBO) – Sri Lanka’s economy is expected to grow 6.25 percent in 2013 after dipping to 6.0 percent in 2013, with high inflation reducing space for monetary easing, the International Monetary Fund said.“The recovery will be constrained by high inflation which limits room for near term monetary easing,” IMF mission team leader […]
Sri Lanka will be forced into expensive loans with IMF out: legislator
Feb 13, 2013 (LBO) – Sri Lanka will have to rely on high interest loans from international capital markets and China with the International Monetary Fund refusing budget support, a legislator has said.“What this country now needs is neither budget support nor balance of payments support,” opposition legislator Harsha de Silva said. “What this country […]