Category: Economy
Sri Lanka obtains USD200Mn from WB for primary health care system
Jan 23, 2019 (LBO) – Sri Lanka is to obtain USD 200 million from the International Bank for Reconstruction and Development (IBRD) of the World Bank to implement the primary health care system strengthening project. The development objective of the proposed project is “to increase the utilization and quality of primary health care services, with an […]
Sri Lanka inflation decreased to 0.4-pct in December 2018
Jan 21, 2019 (LBO) – Headline inflation measured by the National Consumer Price Index has decreased to 0.4 percent in December 2018 from 1.0 percent in November 2018, the Central Bank data showed. The Central Bank said the decrease observed in year-on-year inflation in December is driven by the decrease of prices of items in […]
Govt calls for exploration bids in block M2, Mannar Basin
Jan 18, 2019 (LBO) – Sri Lanka’s government has called for international competitive bids for exploration and development activities in Block M2, Mannar Basin, the Petroleum Resources Development Secretariat said.The M2 Block covering approximately 3,500 km2, has two gas discoveries, Dorado 91H/1z and Barracuda 1 G/1 and a number of un-drilled prospects, it added.The bidders are expected […]
Sri Lanka manufacturing activities decrease in Dec 2018
Jan 19, 2019 (LBO) – Manufacturing activities increased at a slower rate in December compared to November mainly driven by the slowdown in employment and production, especially in manufacturing of textiles, wearing apparels, leather and related activities, the Central Bank said. “A significant decline in employment was experienced as some employees moved to seasonal jobs for […]
President signs USD455mn loan agreements with ADB for education, transport
Jan 17, 2019 (LBO) – Sri Lanka’s President Maithripala Sirisena made his first visit to the Asian Development Bank headquarters today while conducting a state visit to the Philippines and met with ADB President Takehiko Nakao. During the visit, Sirisena and Nakao have discussed development challenges faced by Sri Lanka and ADB’s role in helping address […]
Ailing rupee and price controls may lead to a shortage of milk powder: Advocata
Jan 17, 2019 (LBO) – A cup of tea is every Sri Lankan’s morning mantra. This might not be the case much longer as Sri Lanka may face a shortage of milk powder as several leading milk powder importers are reported to have taken a collective decision to suspend imports. The recent depreciation of the rupee […]
Finance Minister meets IMF Managing Director in Washington
Jan 16, 2019 (LBO) – Sri Lankan delegation headed by Finance Minister Mangala Samaraweera has met with Christine Lagarde, Managing Director of the IMF in Washington D.C. yesterday to have discussions on the possibility of resuming the IMF programme in Sri Lanka. The Finance Ministry released a statement saying Minister Samaraweera at the meeting updated the […]
IMF to visit Colombo in mid-Feb to resume program discussions: Christine Lagarde
Jan 16, 2019 (LBO) – The International Monetary Fund remains ready to support the Sri Lankan authorities and an IMF team is scheduled to visit Colombo in mid-February to resume program discussions, IMF Managing Director Christine Lagarde said. Managing Director of the IMF who met with Sri Lanka’s Finance Minister Mangala Samaraweera and Governor Indrajit […]
‘s Colombo Port- city dredging completed ; Ready for investors
Jan 14, 2019 (LBO) – Sri Lanka’s proposed Financial City better known as the Port City has now fully completed land reclamation, Ministry of Megapolis and Western Province Development said. The new city will function as a special jurisdiction area with its own economic and commercial laws to facilitate operations of global multinational corporations. The completed […]
Sri Lanka Govt., IMF talks to start
Jan 14, 2019 (LBO) – Sri Lanka’s Finance Minister Mangala Samaraweera led delegation arrived in Washington, Sunday for talks with the International Monetary Fund (IMF). In a twitter message the Finance Minister said that he plans to put the US 1.5 billion dollar Extended Fund Facility (EFF) program back on track. “Arrived in DC with @MangalaLK […]
Sri Lanka GDP growth up 4.1-pct, Global slows to 2.9-pct : World Bank
Jan 10, 2019 (LBO) – Sri Lanka Gross Domestic Product growth is anticipated to speed up slightly to 4 percent in 2019, supported by robust domestic demand and investment boosted by infrastructure projects, the World Bnak’s January 2019 Global Economic Prospects says. It also says that regional growth is expected to accelerate to 7.1 percent in 2019, underpinned […]
FM to meet IMF Managing Director in Washington on IMF Fund Facility
Jan 09, 2019 (LBO) – Minister Mangala Samaraweera will leave for Washington on Friday, to get the IMF External Fund Facility (EFF) back on track, the Finance Ministry said. The ministry said in a statement that the minister will be meeting Christine Lagarde, Managing Director, Mitsuhiro Furusawa, Deputy Managing Director, Chanyong Rhee, Director, Asia Pacific Department, Manuel Goretti, […]