Category: Economy

June 12, 2009 (LBO) – Import duty waivers for Sri Lankan state workers to buy cars has lost the country over 10 billion rupees in revenue in 2008, a report by the finance ministry said. The import of motor vehicles under a concessionary duty structure was implemented under different government circulars in 2008, the finance […]

June 12, 2009 (LBO) – A United Nations agency is getting private sector support to help re-settle a part of the 660,000 refugees in the country who are starting to return to their former homes, officials said. Brandix Lanka, a top Sri Lankan apparel group, is working with the UNHCR to provide water and sanitation […]

June 12, 2009 (LBO) – Sri Lanka’s state salaries and pensions ate up 53.6 percent of tax revenues in 2008, while 129,135 workers were added to an already bloated public sector, which is the biggest in South Asia, the latest official data shows. The finance ministry said 71,323 workers were added to state services in […]

June 10, 2009 (LBO) – The electoral popularity of President Mahinda Rajapaksa could help improve Sri Lanka’s budget by reducing the clout of smaller extremist parties, Standard & Poor’s rating agency has said. “With slowing growth, sharply falling imports and much lower inflation, official revenue goals and the deficit target of 7.5 percent of GDP […]

June 9, 2009 (LBO) – A left-oriented politician who has successfully returned a large insurer back into state hands through court action says there about 40 other privatizations that need to be re-examined. Sri Lanka’s Supreme Court, in reversing the deal said it was illegal as proper procedure had not been followed and the transaction […]

June 7, 2009 (AFP) – Japan will send a special envoy to Sri Lanka this week to discuss the plight of nearly 300,000 Tamil civilians displaced by recent fighting, diplomats said Sunday. Japan, Sri Lanka’s largest single aid donor, was sending Yasushi Akashi on a three-day visit starting Monday to assess Colombo’s moves to re-settle […]

TEHRAN, June 7, 2009 (AFP) – Iran’s inflation rate, one of the biggest economic challenges facing its next president, dipped last month to under 24 percent, the ISNA news agency reported on Sunday. His claim was dismissed by Karroubi.Inflation fell to 23.6 percent in the Iranian calendar month of Ordibehesht ending May 21 from 24.5 […]

June 05, 2009 (LBO) –Sri Lanka’s government is to take a 500 million dollar 20-year loan from China to build 100,000 low cost houses for state sector employees, shanty dwellers and people affected by disasters, the Cabinet office said. A Cabinet memorandum on the project said the loan is to be arranged by state-owned China […]

June 04, 2009 (LBO) – Sri Lanka’s Hayleys said net profit for the 2008-09 financial year fell 31 percent to 311 million rupees from a year ago as the export-oriented group was hit by the global economic slump.Gross turnover rose five percent to 32 billion rupees in the year ended March 31, 2009, according to […]

June 4, 2009 (LBO) – Sri Lanka’s Supreme Court said a 2003 privatization of Sri Lanka Insurance Corporation (SLIC) to listed Distilleries group was illegal and ordered the firm to be returned to the government and the purchase price refunded.Court ordered the government to repay more than six billion rupees originally paid by the private […]

NEW DELHI, June 2, 2009 (AFP) – The global financial crisis and a spike in fuel and food prices have left 100 million more people without adequate food in South Asia compared to two years ago, according to a UNICEF report Tuesday. More than 400 million people face hunger in a region where over 75 […]

June 3, 2009 (LBO) – Sri Lanka should cut the budget deficit, drop popular politics and ideologies in meeting the challenge of developing the country, President Mahinda Rajapaksa said.“Reducing the budget deficit, investment promotion and economic development is possible after defeating terrorism,” President Rajapaksa said in a nationally televised speech at a ceremony in Colombo. […]