Category: Economy and Markets

The Marxist Janatha Vimukthi Peramuna says it will re-negotiate the US$ 567 mn structural loan facility with the IMF, when it comes to power next month.The IMFs concessionary loan package endash the largest ever granted to Sri Lanka last April endash was to be disbursed in equal tranches of US$ 81 mn over a three-year […]

Sri Lankas Buddhist clergy Monday accused President Chandrika Kumaratungas Marxist allies of launching a “smear campaign” against them in the run up to parliamentary elections. The Marxist JVP, or Peoples Liberation Front, which partnered with Kumaratungas Freedom Alliance for the snap April 2 polls, had began clandestinely distributing pamphlets protesting the entry of clergy into […]

The Asian Development Bank (ADB) on Monday approved US$ 800,000 for a second phase private sector development programme to push through reforms to the financial sector and the states privatisation programme. The monies will be diverted to design of the second phase, which will aim to foster a competitive capital market and nonbank financial sector, […]

An electoral candidate was shot dead in Eastern Sri Lanka Monday in the first political killing in the run up to parliamentary polls in April, police said.A gunman stormed a hospital in the town of Batticaloa and fired at Sinnathamby Sunderapillai who was receiving treatment for gunshot injuries suffered in an attack on Saturday, police […]

An expert on fiscal federalism says knowing when and how to change state institutions according to changing needs is essential for a government to be successful. Robert Inman, a Professor from University of Pennsylvania said that successful democracies should be capable of responding to changing realities of economy and people.rn rnldblquote Federal system is a […]

Confident of 113 seats in the bag, the Freedom Alliance is now working on strategies to push the number above 120.Winning the April poll is among the remaining chances President Kumaratunga has to extend her term in power, which technically end in 2005 November.rn rnIn theory, if the Executive Presidency is abolished after an Alliance […]

rnrn Inrnthe 2004 pre-election budget report, the Treasury says handouts for drought costrnRs. 900 mn, transport sector Rs. 1.8 bn, backward wages for the health sectorrnRs.1.7 bn and Rs. 800 mn for a snap poll.rn Inrnaddition to that, a further Rs. 1.5 bn has been doled out since last November,rnto cushion import prices of oil, […]

Sri Lankas gross official foreign exchange reserves stood a provisional US$ 2.33 bn, up 37.0 percent from US$ 1.70 bn in December 2002, the Central Bank said Friday. rnrn rn rn rn End Dec. 2003rn US$ bn rn rn End Dec. 2002rn US$ bn rn % Change rn rn rn Gross Official Reserves rn 2.33 […]

Industrial and agro exports claimed higher prices in 2003 compared to the prices for imports, shifting the terms of trade in Sri Lankas favour. The trend however did little to contain the trade deficit rising to US$ 1.54 billion for the full year in 2003, US$ 133 million over the 2002 deficit.rn rnCentral Banks said […]