Category: Economy and Markets
Colombo Venue
Held for the first time in Sri Lanka, the forum brings together donor countries and lending agencies. rnrnUnlike the earlier Paris Aid group meetings, the parley is not a pledging conference. rnrnThe government will present the second draft of its Poverty Reduction Strategy Paper (PRSP), which will highlight possible areas for donor funding. Another document, […]
Full Throttle
The government quote s residual stakes in sugar plantations have been completed.Preparation work on disposing minority stakes in Lanka Marine Services (LMS), Shell Gas Lanka Ltd and National Insurance Corp. (NIC) are progressing as schedule. rnrnldblquote We are hopeful that we can conclude these three deals by end June or so, dblquote Chairman P B […]
Cautious Nod
But IMF quote s Deputy Managing Director Shigemitsu Sugisaki warned that promised structural reforms have to be stepped up if the country is to achieve a 6 percent growth in the medium term. rnSugisaki, who is the senior most IMF official to visit Sri Lanka so far, had a series of talks with the President, […]
Sugisaki Coming
Shigemitsu Sugisaki, is the most senior official dealing with Sri Lanka, will arrive on Tuesday for a two-day visit, the Central Bank said today. rnThe IMF last month resumed the stalled US$ 253 mn standby assistance programme following talks with the new government. rnTotal disbursement today stand at US$ 190 mn. Sugisaki quote s visit […]
More Cash
The unsecured, subordinated redeemable debenture will carry a five-year tenure and will be quoted on the Colombo Stock Exchange. rnrnThe issue will be doubled by Rs. 300 mn in the event of an oversubscription, Seylan Bank quote s Ajantha Madurapperuma told Lanka Business Online. rnrnHe said the interest rate for the issue has not been […]
Terror Treasure
Proceeds from the auction will be used as seed capital for the proposed Youth Corps, Minister Bandula Goonerwardene said.rn rnThe Gold collection, which includes 1521 bangles, 1192 rings and 1242 bangles, is currently placed with the Central Bank in eight separate deposits. rn rnIt is claimed that the JVP has build up this Gold reserve […]
Money Cleansing
rnMinister Bandula Goonerwardene at the Cabinet press briefing today said the government hoped to utilize the funds to boost local investments. The proposed Inland Revenue Special Provision Act, which will declare a 18 month clemency period to invest previously undeclared funds through capital investments in formal businesses.rn Prospective investors will not face penalties or taxes […]
Easing Ahead
The Central Bank offered and accepted bids for Rs.6.565 bn despite the auction being oversubscribed with bids for Rs. 12.461 bn. rnrnBids on offer this week included re-issues of Rs. 5.565 bn in maturing bills and Rs.1.000 bn in fresh issues. rnrnThe weighted average yield for three month notes slipped three basis points to 12.83 […]
Building Debt
Construction work on the head office complex is expected to cost the bank around Rs. 4 bn. rnrnThe securatised paper carrying a ten-year tenure, will be privately placed with institutional investors, a senior HNB official said. rnrnSecuratisation is an asset backed debt instrument, where the future cash flow receivables of the assets are transferred to […]
Easing Up
Money brokers are expecting a benchmark repo interest rate cut towards end April, due to twin effects of the IMF disbursement and improved liquidity in the money market following the festive season.Some even speculate that the Central Bank may announce the rate cut immediately, in order to give a clear signal to the market ahead […]
New Head
Gunaratne is a Chartered Accountant by profession and presently is the Chairman of Sevanagala Sugar Industries. rnrnSevanagala Sugar, is in the process of being privatised with the government selling its 90 percent stake. Four parties have been shortlisted. rn
Ganu Denu
The Board has also approved Sri Lanka quote s request to extend the period of the current programme by two months to August 19 2002. rnrnThe Sri Lankan Government resorted to an US$ 253 mn stand by arrangement with the IMF early last year following a steep drop in official reserves and free float of […]