Category: Economy

June 24, 2012 (LBO) – Sri Lanka has notched up 2.53 billion US dollars in funding from China, since 2007 and 1,205 billion US dollars already disbursed into roads, power, ports and airports, a finance ministry report said. Sri Lanka’s Ceylon Electricity Board built its first 300 MegaWatt coal plant with Chinese financing and the […]

June 22, 2012 (LBO) – Sri Lanka’s banking system is sound and well capitalized officials said, though bad loans have started to pick up slightly as a developing credit bubble was rudely jerked to a halt by the island’s dollar peg. Data published by the Central Bank show that bad loans which peaked at 8. […]

June 21, 2012 (LBO) – A boat believed to have 200 people from Sri Lanka has capsized of Australia’s remote Christmas Island which reports day could become one of the worst refugee disasters in the country. Australia, a country of immigrants has tightened immigration barriers in recent years and followed a controversial policy of detaining […]

June 20, 2012 (LBO) – Growth in Sri Lanka’s real estate sector may slow in the coming months, as rising interest rates and higher construction costs begins to bite, a new report has forecasted. Sri Lanka is in the midst of a post-war property boom, with key real estate drivers centered around the leisure and […]

June 19, 2012 (LBO) – Sri Lankans give generously to help the poor, the needy, the religious and their old schools, but fight shy on giving to civil society organisations, a preliminary study showed. However, the long-term potential of these practices – and where they may lead – remains an open question, the researchers noted. […]

June 18, 2012 (LBO) – Sri Lanka should be careful about the inflationary effects of liquidity created by large foreign exchange swaps with the Central Bank, an International Monetary Fund official said. Analysts have warned that liquidity created by all central bank purchases for foreign exchange – including outright purchases – would flow out through […]

June 18, 2012 (LBO) – Sri Lanka’s economy expanded by a slower 7.9 percent during the first quarter of this year, from the same period a year earlier, dragged down by a fall in farm output, the national statistics office said. The Indian Ocean Island’s economy has quickened at a rapid pace since Sri Lanka’s […]

June 17, 2012 (LBO) – Sri Lankans are suffering due to wrong economic policy actions especially those involving state interventions in markets that are backfiring, a legislator who has earlier raised red flags about the balance of payments has said. Harsha de Silva, an economist who represents Sri Lanka’s main opposition United National Party said […]

June 16, 2012 (LBO) – Sri Lanka is eyeing a new deal with the International Monetary Fund with the end of three year program in July 2012 whose success was marred at its tail end by a new balance of payments crisis triggered by energy price manipulations. The three year 2.5 billion US dollar program […]

June 15, 2012 (LBO) – Sri Lanka’s state-run University of Colombo is part-financing a 395 million rupee building with cash generated by lecturers who conduct post graduate programs, as well as bank financing, officials said. “There is big demand for post graduate studies from the private sector,” professor Hirimburegama said. “I don’t think we should […]

June 15, 2012 (LBO) – Sri Lanka’s economic growth may slow to 6.75 percent in 2012 and inflation may rise to 9.5 percent by year end, requiring monetary policy to be kept tight, for the time being the International Monetary Fund official said. Discussions were also underway for a follow up program. John Nelmes, head […]

June 14, 2012 (LBO) – Sri Lanka has signed a 4. 0 billion US dollar deal to build port related heavy industries around the north eastern Trincomalee harbhour, the island’s state investment promotion agency said. Sri Lanka Gateway Industries (Pvt) Ltd, a foreign invested project company will build a deep water jetty, bulk commodities terminal […]