Category: Economy
Debt crisis in developing nations likely if slowdown continues: Kelegama
Mar 21, 2015 (LBO) – The main priority for policy makers worldwide should be to support a robust and balanced global recovery, a Sri Lankan economist said. This involves promoting cooperation in reforming the international financial system, and ensuring sufficient resource flows to developing economies, Saman Kelegama, executive director of the Institute of Policy Studies […]
European Commission announces Euro 38 mn for development in Sri Lanka
Mar 16, 2016 (LBO) – The European Commission co-signed two new support programmes worth 38 million Euros in the field of rural development and trade with Sri Lanka, a EU statement said. “Now our focus is on providing long-term support towards poverty reduction and local economic development,” Neven Mimica, EU Commissioner for International Cooperation […]
Sri Lanka foreign reserves at USD6.6bn; IMF support by mid 2016
Mar 16, 2016 (LBO) – Sri Lanka’s gross official reserves were estimated at 6.6 billion US dollars by today, Special Assignments Minister Sarath Amunugama said. Speaking at a media briefing Amunugama said it is sufficient for 4 months of imports. “It is recommended to keep at least 3 months of imports. So we are at […]
‘s GSP+ process on the right track: EU Commissioner
Mar 16, 2016 (LBO) – The European Union has noted progress made by Sri Lanka on GSP+ criteria and supports renewed application, a senior EU official said. With the election of the new government Sri Lanka intends to apply for tariff preferences provided under the special incentive arrangement for sustainable development and good governance (GSP+) […]
Sri Lanka’s economy grew 4.8-pct in 2015: Census Department
Mar 15, 2016 (LBO) – Sri Lanka’s economy has grown 4.8 percent in 2015 against the 4.9 percent growth recorded in the previous year, the statistics department said. The Gross Domestic Product (GDP) of Sri Lanka for the year of 2015 (January to December) has reached up to 8,622,825 million rupees. The GDP value reported […]
Sri Lanka on cusp of growth, say officials at Singapore Investment Summit
Highlights – Agreement with IMF possible mid April: Governor Central Bank – GDP growth seen at 6.5 pct, budget deficit at 5.9 pct vs 6.0: Governor – USD10 mln investment going into East, says Brandix – Initial discussion on FTA with Japan: Finance Minister Singapore, Mar 15, 2016 (LBO) – The Sri Lanka Investment Summit, […]
Sri Lanka gives official go ahead for China Port City; CHEC welcomes approval
Mar 15, 2016 (LBO) – Sri Lanka’s government officially informed the Chinese investors of resuming the construction of the Port City project in capital Colombo, yesterday one year after its suspension, a foreign news agency reported. According to China’s state media, Xinhua Sri Lanka’s Ministry of Ports and Shipping, in an official letter to the CHEC Port […]
Asia is ray of hope for global recovery: Narendra Modi
New Delhi, Mar 13, (LBO) – Prime Minister Narendra Modi said Asia, which is the most dynamic region in the world, brings a ray of hope for global economic recovery. Mr Modi delivered the opening keynote at the three-day high-level conference in New Delhi themed “Advancing Asia: Investing for the Future.” The conference is co-hosted […]
Monetary policy cannot substitute for structural reforms: Raghuram Rajan
New Delhi, Mar 13, 2016 (LBO) – “Structural reforms, typically ones that increase competition, foster innovation, and drive institutional change, are the way to raise potential growth,” said Raghuram Rajan, Governor of Reserve Bank of India (RBI). Rajan was speaking at a three-day high-level conference in New Delhi themed “Advancing Asia: Investing for the Future.” […]
Sri Lanka Investment Summit to kick off in Singapore
Mar 12, 2016 (LBO) – Sri Lankan and international delegates will congregate at the Sri Lanka Investment Summit in Singapore on Tuesday, with the island positioning itself as one of the fastest growing economies in Asia, the organizers said. The conference is expected to bring together Sri Lanka’s financial sector specialists and regional portfolio managers […]
IMF capacity development centre to be setup in India
New Delhi, Mar 12, 2016 (LBO) – Christine Lagarde, Managing Director of the International Monetary Fund (IMF) and Minister Arun Jaitley agreed today to establish a capacity development center in New Delhi. “I would like to thank Prime Minister Modi, Minister Jaitley and the Indian Government for offering to host the center and for their substantial […]
Standard &’s revises Sri Lanka outlook to Negative
Mar 10, 2016 (LBO) – Standard & Poor’s Ratings Services on Thursday revised the outlook on its ‘B+’ long-term sovereign credit ratings on Sri Lanka to negative from stable on rising fiscal and external imbalances . “We also affirmed the long-term rating and the ‘B’ short-term credit rating and left our transfer and convertibility risk […]