Category: Economy

Feb 02, 2011 (LBO) – Sri Lanka needs to boost its export sector at least to regain where it was in the share of exports to Gross Domestic Product about 10 years ago, a visiting economist said. “Probably Sri Lanka has the need to boost the export sector at least to regain where it was […]

Jan 31, 2010 (LBO) – Sri Lanka’s central bank has spent about 11 billion rupees last year to sterilize excess liquidity generated mainly from external sources, and existing excess liquidity is not a threat at the moment, officials said. A large stock of foreign reserves, significantly higher than the local monetary base, can make seigniorage […]

Jan 31, 2011 (LBO) – Sri Lanka’s inflation in January 2011 rose 6. 8 percent from a year ago after rising 6.9 percent in December 2010, the central bank said. Prices rose 1.3 percent during January 2011 with the index rising 231. 2 in the month, it said in a statement. The seasonally adjusted, moving […]

Jan 27, 2011 (LBO) – Sri Lanka’s US embassy said it had set up an ‘American Corner’ in the northern Jaffna city, which will help people tap educational opportunities, knowledge and information technology. “An American Corner is much more than a small library where people can read books, magazines, or current newspapers,” Ambassador Patricia Butenis […]

JOHANNESBURG, 2011 (AFP) – The global economic recovery is gaining traction but is “still at risk” because of eurozone debt worries and a lack of financial reform, the International Monetary Fund said on Tuesday. “Banks face significant funding needs now and over the next two years. In many advanced economies, we need to deal with […]

January 26, 2011 (AFP) – The Sri Lankan government said Wednesday it was relocating the defence ministry and main army headquarters in Colombo to make way for a billion-dollar hotel project. An information department statement said the cabinet had decided to shift the military facilities from their prime, seafront location in the capital to the […]

Jan 24, 2011 (LBO) – Sri Lanka is to raise up to 500 million US dollars from land sales in 2011, a top official has said as November data indicated that the 2010 budget has been contained within targets. Treasury secretary P B Jayasundera was quoted as saying in Bloomberg, a newswire that Sri Lanka […]

Jan 22, 2011 (LBO) – Organizers of Sri Lanka’s Galle Literary Festival has defended its tradition of openness after two star writers pulled out of the event in the wake of protest from rights groups, while India denied that its visa rules hindered writers. “We are looking forward to welcoming writers and festival goers, to […]

JAIPUR, January 21, 2011 (AFP) – Nobel-winning Turkish author Orhan Pamuk and fellow writer Kiran Desai have pulled out of Sri Lanka’s main literary festival, Pamuk’s publisher said on Friday, following pressure from press freedom groups. Reporters Without Borders and a Sri Lankan rights group had targeted foreign writers in a campaign that called on […]

Jan 21, 2010 (LBO) – Sri Lanka’s Piramal Glass Ceylon, a unit of India’s Piramal Glass said profits in the December 2010 quarter rose more than five fold to 190 million rupees from 28. 6 million a year earlier. The firm which makes glassware saw revenues grow 28. 2 percent to 1,166 million rupees according […]

Jan 20, 2011 (LBO) – Sri Lanka’s Jaffna hospital, the main state health facility in the former war torn northern peninsular is being upgraded with a 2. 9 billion rupee grant in a three year project which began Thursday, the Japan International Co-operation Agency said. A central facility to house surgeries, intensive care, diagnostic imaging, […]

January 19, 2011 (AFP) – The United Nations on Wednesday sought 51 million dollars to meet the urgent needs of more than one million people affected by recent monsoon floods in Sri Lanka. Bragg will end her visit on Friday after meeting with senior Sri Lankan government officials. The UN issued the appeal as its […]