Category: Economy

Mar 31, 2010 (LBO) – Sri Lanka’ RAM Ratings said it had appointed Priyanthi Liyanage, a former central banker to its board as an independent director. She is a qualified banker with service at the Bank of Ceylon and also in the Sri Lanka Administrative Service. Liyanage has 37 years’ experience in the state sector […]

Mar 30, 2010 (LBO) – Sri Lanka’s listed Commercial Bank’s an annual general meeting of shareholders had not been held Tuesday due to the lack of a quorum, the Colombo Stock Exchange said. The meeting has been postponed to April 06. The shares due to be quoted ex-dividend from yesterday.

Mar 27, 2010 (LBO) – Sri Lanka’s economy grew 3.5 percent in 2009 pushed by growth in all three major sectors of economic activity, agriculture, industry and services, the Department of Census & Statistics (DCS) said in a statement. The Gross Domestic Product (GDP) growth was much slower than the six percent achieved in 2008, […]

HANOI, Mar 27, 2010 (LBO) – Sri Lankan businesses have opportunities to get into the service sector in fast growing Vietnam while benefiting from Vietnamese agricultural technology and trade, the island’s envoy to Hanoi said. The Sri Lanka mission here and Vietnamese authorities and business chambers are putting together a trade delegation to visit the […]

Mar 26, 2010 (LBO) – The World Bank has approved a loan of 18 million US dollars to Sri Lanka to develop sustainable tourism, international trade minister Gamini Peiris said. “These funds are to be used for infrastructure development,” Peiris said. “This is a matter of high priority for Sri Lanka now,” he told a […]

Mar 24, 2010 (LBO) – Sri Lankan businesses should be prepared for economic downturns and watch for warning signs from other economies to avoid being hurt during crises, Central Bank governor Nivard Cabraal said. “The first lesson is, strengthen yourself in good times,” he said, recalling how the central bank prepared to face the global […]

HANOI, Mar 23, 2010 (LBO) – Sri Lanka was among the countries that ran counter-cyclical monetary policy in 2009 without damaging fallouts but low income Asian nations have to invest more, International Monetary Fund officials said. Sri Lanka is estimated to have grown by about 3. 5 percent in 2009 recovering from a slump from […]

Mar 23, 2010 (LBO) – Development of townships around Sri Lanka’s capital Colombo offers investors a range of investment opportunities to build infrastructure and supply services, a senior official said. The Greater Colombo township development, known as the ‘3K’ project from the three towns covered – Kottawa, Kaduwela and Kadawatha – is connected with construction […]

Mar 23, 2010 (LBO) – Sri Lanka’s right wing United National Party (UNP) promises socialist style intervention to fix economic problems by clamping down on errant banks, increasing state-sector pensions and wages and threatening to cancel foreign commercial loans. Troubled assets of the Sri Lanka’s banking system will be absorbed into the state by a […]

HANOI, Mar 22, 2010 (LBO) – Sri Lanka is looking for more flexibility and backing from multilateral lenders as the country emerges from a war and a global crisis and is planning sustainable growth for the future, a top official said. IMF only lends money to the central bank to boost its reserves and budgetary […]

HANOI, Mar 22, 2010 (LBO) – Government officials, international financial institutions and policy researchers are discussing developing Asia’s response to the global crisis and the way ahead for lower poverty and growth at a forum in Hanoi Monday. Sri Lanka’s finance secretary P B Jayasundera, Nepal’s minister of finance, Surendra Pandey and advisor to Bangladesh’s […]

Hanoi, Mar 22, 2010 (LBO) – International support and policy advice on macro-economic management has helped Vietnam recover from a slowdown in 2009 and the country intended to use global links to cut poverty, officials said. Vietnam’s economy slumped in the fist part of 2009 but recovered later and the country was expected to record […]