Category: Economy
China wants JV projects in Sri Lanka with Indian companies
June 06, 2016 (LBO) – China wants its projects in Sri Lanka to be joint ventures either with local companies or international companies, including Indian companies, the Chinese Ambassador in the island, Yi Xianliang, said.According to a New Indian Express report, the ambassador said the perception that Chinese projects are primarily meant to bolster China’s […]
IMF approves 36-month EFF facility of USD1.5 Bln to Sri Lanka
June 04, 2016 (LBO) – The Executive Board of the International Monetary Fund (IMF) has approved a 36-month Extended Fund Facility (EFF) to Sri Lanka for 1.5 billion dollars, to support the country’s economic reform agenda, the IMF said. The arrangement aims to meet balance of payments needs arising from a deteriorating external environment and […]
Ethics crucial to business, says SEC Chairman Karunaratne
June 03, 2016 (LBO) – Ethics is crucial to business in the context of redefining our social order, Thilak Karunaratne, the chairman of Sri Lanka’s Securities and Exchange Commission said, speaking to the Junior Chamber International Biz Meet. It is imperative that we “redefine the current social order and revitalize our actions and thoughts in […]
Sri Lanka Monetary Board statement on treasury bond auctions
June 02, 2016 (LBO) – Sri Lanka’s Monetary Board, in a statement, says a market based mechanism has been in place since February 2015 in auctioning of Treasury bills and bonds, in response to allegations of lack of transparency in processes followed. The full statement is below: This refers to the recent articles and discussions […]
Emerging market currencies fall on chance of Fed rate hike
June 01, 2016 (LBO) – Emerging-market currencies fell this week on the possibility that the Federal Reserve may raise interest rates in June or July. Fed Fund futures predict a 23 percent chance of a U.S. rate hike in June, which rises to 59 percent by July, after Fed Chair Janet Yellen said the strengthening […]
Colombo inflation accelerates 4.8-pct in May 2016
May 31, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 4.8 percent in May 2016 from a year earlier, up from 3.1 percent in April 2016 with the inflation index gaining 2.4 percent in the month, the state statistics office said. For the month of May, on year to year basis, […]
Japan extends 38 billion yen development loan to Sri Lanka
May 28, 2016 (LBO) – Japanese Prime Minister has offered a 38 billion yen (USD344 million) development assistance loan to Sri Lanka for water purification projects for Kidney diseases and establishment of electricity transmission lines connecting the entire country. Prime Minister Abe has also thanked President Sirisena for raising Asia’s voice and explaining the Asian perspective […]
Sri Lanka increases taxes for cars over 1000cc
May 27, 2016 (LBO) – Prices of vehicles above 1000 cubic centimeter engine capacity will increase following the increase of the minimum unit tax from today, the Vehicle Importers Association said. “Prices may go up by about 100,000 to 150,000 rupees while larger cars and Sports Utility range will see a steeper rise,” the association […]
World Bank team concludes visit to Sri Lanka
May 27, 2016 (LBO) – The World Bank Board of Executive Directors completed a five-day visit including site inspections on work being implemented under the Bank supported projects in the island. During the five-day visit, the team met with President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe and Minister of Finance Ravi Karunanayake to understand the current […]
Sri Lanka seeking to borrow USD3.5 bln through foreign debt: Finance Minister
May 25, 2016 (LBO) – Sri Lanka is in the process of borrowing up to 3.5 billion dollars from foreign sources via syndicated loans, sovereign bonds, and sukuk, the country’s finance minister said on Wednesday. The borrowing plan comes as the South Asian nation seeks to fix its precarious balance of payments position after a […]
Sri Lanka inflation accelerates 4.3-pct in April 2016
May 23, 2016 (LBO) – Sri Lanka’s consumer prices as measured by National Consumer Price Index rose 4.3 percent in April from the 2.2 percent inflation reported a month earlier on year-on-year basis, data from the state statistics office showed. Year-on-year inflation of Food Group reported for the month of April 2016 was 4.9 percent […]
Twilight of the Petrostate and the rise of alternatives
May 23, 2016 (LBO) – Russian billionaire Petr Aven and two Moscow economists have published an article titled the “Twilight of the Petrostate” warning of alternative energy sources and cheaper extraction techniques that could hurt revenues of oil exporting nations. “The influence of the Petroleum Leviathan — the handful of producing countries with the ability […]