Category: Economy

May 25, 2012 (LBO) – Sri Lanka has cleared over 90 percent of the area where land mines believed to have been laid during a 30-year civil war which ended in 2009, the island’s finance ministry said. The finance ministry additional human and financial resources are needed to make Sri Lanka mine free by 2020. […]

May 25, 2012 (LBO) – Sri Lanka’s economy will expand around 7. 0 percent in 2012, but a drought can hit agricultural output which may undermine growth, Treasury Secretary P B Jayasundera said. “We think the economy will grow around 7. 0 percent,” Treasury secretary P B Jayasundera said. “Nobody should under-estimate the prevailing drought […]

May 25, 2012 (LBO) – United Nation’s effort to raise 147 million dollars to fund humanitarian assistance in the former conflict-hit northern region this year, is facing a severe funding shortfall, official data showed Friday. The UN said 6,063 people continue to live in the Menik Farm displaced centre, three-years after security forces crushed the […]

May 24, 2012 (LBO) – Sri Lanka’s aims of improving investment, supporting structural shifts and improving living standards as a middle income country will be the focus of a new 4-year program, multilateral lender, the World Bank said. Sri Lanka already had ‘well articulated’ vision for development, it said. “The road ahead in achieving the […]

May 24, 2012 (LBO) – A plan to give a facelift to Sri Lanka’s capital Colombo by sprucing up key roadsides rehabilitating lakes and wetlands and reducing flooding will be backed by a 213 million US dollar World Bank loan, the finance ministry said. The ‘Metro Colombo Urban Development Project’ covers metropolitan area of the […]

May 24, 2012 (LBO) – Sri Lanka will spend 32 million US dollars to upgrade the country’s state-run blood bank with financial assistance from The Netherlands, minister Lakshman Abeywardene said. Sri Lanka’s national blood transfusion service will get new freezing facilities which can keep blood and components up to 10 years, he said. The national […]

May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south with 1.98 billion rupees in commercial bank credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. The road from Matara to Hakmana will connect to a planned expressway running to Hambantota, he said. The road […]

May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south for 1. 98 billion rupees with credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. Both loans will be covered by Treasury guarantees. The road from Matara to Hakmana will connect to a planned expressway […]

May 22, 2012 (LBO) – Small construction contractors in former war zones in Sri Lanka’s East are being given technical help to win construction projects involving post-war rebuilding which they were losing earlier, a German aid agency said. They will be trained in contract management, bidding documents, preparation of bids and claims, quality assurance and […]

May 17, 2012 (LBO) – Singer (Sri Lanka) Plc, a top consumer durables retailer said sales were strong despite currency depreciation in the first quarter as harvests were good in rural areas, thought television sales fell. In the March 2012 quarter profits grew 35 percent to 337 million rupees. The firm reported earnings of 2. […]

May 17, 2012 (LBO) – Sri Lanka will introduce an ‘Overseas Sri Lankan’ status for people who have renounced citizenship and their children which will be followed by dual citizenship later, minister Lakshman Abeywardene said. ‘Overseas Sri Lankans’ would be able to come and reside in the country dual citizenship will be given after a […]

May 14, 2012 (LBO) – Sri Lanka’s central bank is expecting to increase foreign reserves in 2012 and narrow the current accounts deficit in the balance of payments, despite strong capital inflows, which will increase domestic spending power. BOP Surplus The bank is projecting a 1.25 billion US dollar ‘balance of payments’ surplus for 2012. […]