Category: Economy and Markets
Steady Float
Sri Lankas foreign reserves slipped 3.7 percent dip in April, slightly above a 5.7 percent drop in January 2004, according to latest data released by the Central Bank.rnrn Official or rnCentral Bank reserves slipped to US$ 2,242.3 mn, while total reserves, which rnalso include private holdings, rose 3.3 percent to US$ 3,323.6 mn.rn rn Sri […]
Driving Hard
Sri Lankas slow moving infrastructure projects are lined up for fast forward implementation through a new central coordinating body, says the Treasury Secretary.The government is hoping to fast forward Sri Lankas slow moving roads, ports and power projects through a central procurement agency that will function under the recently set up National Council for Economic […]
Naked Truth
Visiting Singaporean Premier asked Sri Lanka to come up with an overall competitive package and not just incentives, if it wants to lure foreign investors.“Sri Lanka is a good place to invest in, but it is not the only place,” Prime Minister Goh Chok Tong, told a gathering of local business people in Colombo on […]
Recycling Debt
The Central Bank says it will re-issue Rs. 7 bn worth of two-year treasury bonds and Rs.44,837 mn in treasury bills to the debt market, as part of its borrowing programme for July.Of the Rs. 46,837 bn worth of treasury bills maturing, the bank has opted to re-issue only Rs.44,837 bn worth of paper. The […]
Going Blue
Sri Lanka may have missed the bus with the green revolution, but the blue can work in the islands favour, say local scientists. With hungry mouths increasing faster than food production, the world is looking to a lquote blue revolution to provide some of the solutions.rn rn”Most scientists are now of the opinion the green […]
Not Their Style
The Freedom Alliance Government says recent security scares are not the LTTEs style, but suspect other interested parties working to frighten citizens and foreign investors. Media spokesperson and Minister of Shipping and Aviation Mangala Samaraweera told reports on Thursday that recent security scares are more of a conspiracy to create a fear psychosis within the […]
Hideaway
Sri Lankas government admitted Thursday that somernmilitary personnel supported and possibly sheltered a renegade rebel leaderrndespite Tamil Tiger warnings that such acts would damage efforts to end thernislands 19-year civil war.rnIn March, rebel leader Vinayagamoorthy Muralitharan, also known asrnKaruna, broke away from the main Liberation Tigers of Tamileelam faction,rntaking with him 6,000 of the separatist […]
Smooth Talk
The United States says it will revive talks on a free trade agreement (FTA) with Sri Lanka but will not remove the terrorist label from the LTTE.“We will revive our talks on the FTA,” said US Assistant Secretary of State for South Asian Affairs, Christina Rocca, speaking to the House of Representatives Committee about US […]
Big Jump
Sri Lankas import bill for April overtook the countrys export revenues, despite higher earnings from money spinners like apparels and tea, the Central Bank said Wednesday.Trade deficit for April widened for US$ 259 mn from US$ 230 mn, as foreign inflows from tourism, ports, private transfers and net inflows of portfolio investments eased the pressure […]
Hard Landing
Sri Lankas economic growth is expected to have fallen sharply in the first quarter of 2004 from the previous three months, as the services sector suffered from the islands political turmoil.The average estimate of several economists polled by Dow Jones Newswires put first quarter GDP growth at 5.2% on year, down from 6.9% in the […]
Pipe Dreams
An independent US economic think tank says that a potential trade pact with the United States will help the Sri Lankan economy grow by at least three-percent.The International Institute for Economics (IIE) in an ongoing study says that a US-Lanka free trade pact “will have far reaching positive implications on Sri Lankas economy and predicts […]
Lets Chat
The United States says it is keen to pursue a trade pact with Sri Lanka and agreed to meet in October to iron out issues.US Trade Representative, Robert B Zoellick told visiting Sri Lankan Trade Minister Jeyraj Fernandopulle that the TIFA process should be deepened to facilitate business and investment issues between the two countries.rn […]