Category: Economy

Jan 03, 2012 (LBO) – Sri Lanka’s economy is projected to grow at 8.0 percent in 2012 with a new deal in the offing with the International Monetary Fund, Central Bank governor Nivard Cabraal said. The island economy had grown at about 8. 3 percent in 2011, he said. In 2012 Sri Lanka is targeting […]

Jan 03, 2012 (LBO) – Sri Lanka will negotiate a “follow up or surveillance” program with the International Monetary Fund with a standby facility ending in December 2011, Central Bank Governor Nivard Cabraal said. Sri Lanka had a 2.6 billion US dollar stand by deal with the International Monetary Fund from May 2009 after the […]

Jan 02, 2012 (LBO) – Sri Lanka is looking for stronger economic ties with countries in the Association of South East Asian Nations, foreign minister Gamini Lakshman Peiris said in Colombo. Sri Lanka has also started participating in the ASEAN Region Forum (ARF) to promote security in the region. ASEAN bloc has broken trade barriers […]

Dec 30, 2011 (LBO) – Sri Lanka’s inflation rose to 4.9 percent in December 2011 from a year ago, going up from 4. 7 percent in November 2011, the state statistics office said. Annual average inflation for 2011 was 6. 7 percent compared with 6.2 percent the year before, according to a 12-month moving average. […]

Dec 28, 2011 (LBO) – Sri Lanka should be prepared for a slow external environment with stimulus by deficit spending having failed in advanced economies and China and India also losing momentum, an international economist said. Both Hayek and fellow Austrian economist Ludwig von Mises had seen at firsthand what money printing, deficit spending and […]

Dec 26, 2011 (LBO) – A partially built high rise building in Sri Lanka’s capital Colombo which will be taken over and completed by a consortium of state entities following its expropriation, a media report said. Celestial Residencies, a building initiated by the troubled Ceylinco group where construction was halted will be completed with 9.2 […]

Dec 24, 2011 (LBO) – Sri Lanka’s forex reserves fell 14. 8 percent off a high reached in July to 6,896 million US dollars by October 2011, as the island’s soft-dollar peg continued to be pressured, official data showed. Sri Lanka ‘sterilizes’ interventions to control the interest rate. A monetary regime in which both the […]

Dec 23, 2011 (LBO) – Sri Lanka will have to showcase better indicators than larger countries in the region to attract investments as a global downturn remains in place, an international economist who has a special focus on Asia said. To draw large volumes of foreign investment macro-economic stability and a good business environment was […]

Dec 23, 2011 (LBO) – Rapid credit growth and rising asset prices has put Sri Lanka among the highest-risk financial systems, according to a new report by Fitch Ratings which has cut its growth forecast for emerging Asia. Asian economies were not immune from the financial crises in the industrialised countries. Fitch has cut its […]

Dec 22, 2011 (LBO) – Sri Lanka is collaborating with Japan and China to study oceanographic conditions and weather in the Indian Ocean, the head of the island’s aquatic resources agency said. Jayewardene said the Chinese were interested in the origination of monsoon off the shores of Sri Lanka which will help the country understand […]

Dec 22, 2011 (LBO) – Workers of Sri Lanka’s state enterprises will get a 7,500 rupee bonus, but those in loss making enterprises will get less, information minister Keheliya Rambukwelle said. Sri Lanka’s state enterprises were set up over several decades as Sri Lanka’s rulers tried to do business with people’s tax money. Though state […]

Dec 22, 2011 (LBO) – Sri Lanka’s military will renovate key locations in the capital Colombo as part of continued efforts to modernize the city, under a master plan of the country’s urban development agency, minister Keheliya Rambukwelle said. “The construction work will be entrusted to the engineering services divisions of the Sri Lanka Army, […]