Category: Economy and Markets
Axe On Dollars
The government has drastically cut its planned commercial dollar borrowings in the wake of large aid flows and promised long term structural adjustment loans.The treasury, which was planning to borrow up to US$ 350 million in the international markets, has cut that amount to US$ 100 million, which is expected later this month.rn rnCitibank that […]
Balance Sheet
The proposed Public Finance Act is to be pushed through to Cabinet as an urgent bill, as Parliament resumes work in the New Year. The new Bill raises financial reporting standards for public enterprises and gives legal backing to existing financial regulations.rn rnAs it exists, all financial regulations are compiled into a book of administrative […]
Lending Long-term
The Central Bank plans to issue a 10-year bond issue in January, as part of its efforts to build a long-term yield curve.Officials from the banks Public Debt Dept.said around Rs. 1 bn will be offered at the initial issue.rn rnThe bond is likely to carry a coupon of about 10 percent, though market players […]
Long-Term Borrowings
The government is planning to issue its first long term bonds next month on the back of low risk interest rates.A ten-year government bond will be auctioned early next month in a move that will almost double the length of the government risk free yield curve.rn rnThe public debt department of the Central Bank is […]
New Debt Office
The Central Bank, which has been managing the countrys debt issues for years, will hand over the function to a new agency next year. The new government public debt management office is to combine local and foreign debt raising and government cash flow management.rn rnAt present external debt is raised by a division in the […]
Shedding Weight
The government is to offer voluntary retirement to at least 10,000 state sector employees every year starting from 2003, as it plans to cut around 100,000 jobs in the clerical and lower grades.rn rnExecutives and higher grades will not be targeted for retirement, officials say. Officials say a detailed analysis of all government sector jobs […]
Subcontract
A lquote Reverse Fair quote kicked off Friday that attempts to forge links for subcontracting between small enterprises and five sector-specific industries, here and abroad.
Band Strategy
A series of concerts by international artists is expected to put Sri Lanka on the centre stage in the global arena.rn rnThe Commerce and Consumer Affairs Ministry initiative will kick off in December with UB40, the UK based reggae band from the 1980s playing to a packed audience at the Parliament in Colombo. rn rnThe […]
Expected Cut
The Central Bank Thursday lowered its key short-term rates with immediate effect, signaling an improvement in macro economic fundamentals.The bank cut its repurchase rate by 50 basis points to 9.75 percent and the reverse repurchase rate by 100 basis points to 11.75 percent.rn rnCommercial banks and other financial institutions are also expected to reduce their […]
Growth Spurt
The government is mobilizing an island wide network of private sector consultants to advise the Small and Medium Scale (SME) sector.rn rnAlready 300 private sector firms have signed up for the initiative, with the government working closely with the International Labor Organisation (ILO) to train new members. rn rnThe fee levying service is expected to […]
Human Quota
The Labour Ministry is campaigning several European countries for lquote job quotas quote to ease staggering unemployment levels and tackle illegal immigration head-on.rn rnDiscussions are already underway with Canada, Germany, France, Switzerland and several oil rich Central Asian countries where development and a demand for labour are just picking up.rnrnldblquote We have already begun talking […]
Seeing White
Setting the base for the donor meeting on November 25 in Oslo, the government is releasing a white paper outlining urgent funding needs. rn rnThe paper sets out priority areas where funding is needed including the requirements for housing projects for resettlement, road and other basic infrastructure facilities and community development projects. rn rnTo expedite […]