Category: Economy
‘s Central Bank holds interest rates unchanged
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Central Bank invites proposals for USD1bn 3-year foreign financing facility
Dec 28, 2016 (LBO) – Sri Lanka’s Central Bank today said the government intends to raise a Foreign Currency Term Financing Facility (FTFF) denominated in USD up to a limit of 1 billion dollars in 2017. The FTFF is expected to be raised at a fixed rate or a floating rate, linked to the USD […]
‘s USD75mn Social Safety Nets Project
Dec 29, 2016 (LBO) – Sri Lanka has signed a 75 million dollar World Bank credit to support the country’s welfare programs. The project includes an integrated system to better manage the selection, administration, and payments to beneficiaries. It will help improve the equity, efficiency and transparency of the social safety net system, a statement […]
Sri Lanka Central Bank most likely to keep rates steady: POLL
Dec 28, 2016 (Reuters) – Sri Lanka’s central bank is most likely to keep its key interest rates steady on Friday, even as some economists expect further tightening to ease pressure on the rupee following the Fed rate hike earlier in the month, a Reuters polls showed. The central bank has already tightened its monetary […]
Sri Lanka to improve public transportation in 2017: Fin Min
Dec 23, 2016 (LBO) – Several steps have been taken to improve public transportation with the building of new roads, upgrading railway, deploying priority bus lanes and building light rail, Sri Lanka’s finance ministry said on Friday. Plans are underway to construct two new roads, one between New Kelani Bridge and Athurugiriya and, the second […]
Strong safeguards must accompany Asia’s infrastructure drive: ADB
Dec 21, 2016 (LBO) – Asia’s spending on growth-boosting infrastructure is set to get a tailwind from development financing while the safeguard systems used by the Asian Development Bank (ADB) and other development banks as conditions for their loans are under international scrutiny. More financing for infrastructure is becoming available from established and new lenders […]
India taking steps to promote digital, mobile transactions
Dec 21, 2016 (LBO) – India is taking steps to promote digital and mobile transactions in the country after its demonitisation program. After the cancellation of legal tender basis of old 500 rupee and 1,000 rupee notes there has been a surge in use of credit and debit cards, mobile phone applications and e-wallets in […]
‘s Lagarde guilty of negligence
Dec 20, 2016 (LBO) – A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence in allowing the misuse of public funds, during her term as French finance minister. The judges did not question Lagarde’s decision to seek an out-of-court settlement with tycoon Bernard Tapie, but they said her failure to […]
‘s festive demand for rice: Ministry
Dec 20, 2016 (LBO) – Sri Lanka’s Ministry of Industry and Commerce will increase supply of freshly milled rice to meet a surge in demand during the festive season, a statement said. Sri Lanka will import 10,000 tonnes of rice, and buy 20,000 tonnes of paddy (both White Rice and Nadu) from the Paddy Marketing […]
Sri Lanka govt revenue up 23-pct: Finance Ministry
Dec 19, 2016 (LBO) – Sri Lanka’s Finance ministry says that state revenue has increased by 23 percent during the first nine months of this year compared with the same period in 2015. “Accordingly, the state revenue in the first nine months of 2016 rose to 1,180 billion rupees from the 959 billion rupees earned […]
‘s
Dec 19, 2016 (LBO) – Moody’s Investors Service says that Sri Lanka’s (B1 negative) program with the International Monetary Fund (IMF) has helped stabilize the balance of payments and established an ambitious roadmap to fiscal consolidation and structural reform. The investors service however says sustained implementation of reforms will be challenging. The 2017 budget confirms the […]
‘s visit
Dec 19, 2016 (LBO) – Malaysia and Sri Lanka will consider the possibility of free trade agreement, a joint statement said, after the official visit of President Maithripala Sirisena to Malaysia. President Maithripala Sirisena was on a visit to Malaysia last week at the invitation of Malaysia’s Prime Minister Abdul Razak, during which five memoranda […]