Category: Economy and Markets
Number Game
Also referred to as the Fiscal Responsibility Act, a finance minister is also bound to make mid/final year budget and fiscal position report.rn rnWhile the new law prevents the misuse of public funds, it also exposes the impact of vote catching election proposals on the exchequer.rn rnElection manifestos of major political parties will go before […]
Trigger Happy
The bank said improved economic activity and the promise of a permanent peace, has been clouded by lquote emerging political rivalry quote , jittering investor confidence.ldblquote If it continues, it will impact negatively on the economic front, dblquote the bank said.rn rnReleasing growth numbers for the April-June quarter, the bank said gross domestic product or […]
Shot In The Arm
According to a draft budget tabled before Cabinet on Wednesday, total government expenditure will go up to Rs.656 bn from 413 billion this year. Total revenue is expected to swell to 317bn from 278 bn.rn rnThe government hopes to borrow Rs. 349bn next year, with the overall budget deficit kept at 135bn or seven point […]
Parley on future
Private sector players wanted to see more competition in the Infrastructure fields especially in power and petroleum.rn rnThe private sector was also keen to get involved in policy formulation.rn
Pledging Aid
Government and LTTE are expected to jointly draw up plans to identify areas for reconstruction and rehabilitation.rn rnBoth parties agreed to focus on improving conditions in the north and east in their first round of peace talks in Thailand.rn rnldblquote We are now in the process on identifying the projects. We are working on donor […]
Dual Options
The Central Bank is tipped to use more than one investment bank in its quest to raise US$ 350 mn via debt for the country.Around 12 international investment banks and international debt arrangers had earlier made some 40 proposals on how best to structure the issue.rn rnBut the list has now been narrowed down to […]
Zero Base Budgets
The cabinet of ministers has also agreed to move to an output based budgeting system in an attempt to create more accountability.rn rnThe government is planning to reduce next year quote s budget deficit from the present eight point five percent of GDP.rn rnPreparing budgets from a Zero base will require ministries and authorities under […]
Tour De Begging
Peace talks in Thailand wound up Wednesday, with the government and the LTTE making a joint appeal to the international donor community for aid, in the coming months.
Starters
Sri Lanka is in line to receive up to US$ 500 mn under the IMF quote s concessionary lending window endash the poverty reduction and growth strategy.rn rnThe team led by Jehangir Aziz also includes the upcoming Sri Lanka quote s resident representative Jeremy Carter.rn rnThe World Bank and IMF will meet in mid-October to […]
Raising Dollars
The Central Bank will tap the Monetary Board next Tuesday to approve plans to raise US$ 350 mn in debt.A senior Central Bank official said Tuesday 12 international investment banks and international debt arrangers had earlier made some 40 proposals on how best to structure the issue. rn rnThe Central Bank has the option of […]
Spreading Risks
Consumer durable giant Singer Sri Lanka said Wednesday it plans to raise long-term funds to retire high cost short-term debt.The firm said its Rs. 300 mn three-year debenture structured by First Capital Ltd will be unlisted and placed primarily among institutional investors.rn rnThe debt paper carries a fixed rate of 13.5 percent and a floating […]
Mega Cities Outside Colombo
The National Physical Planning Department quote s first comprehensive development framework suggests that a massive new metropolis can be built, encompassing Anuradhapura, Polonnaruwa, Dambulla and Trincomalee.rn rnThe first draft of the policy proposal will be shortly forwarded to a high-powered inter-ministerial committee for review. rn rnThe plan is the result of a law passed unanimously […]