Category: Economy and Markets
Sri Lanka to grow 7.0-pct in 2012, drought may hit growth: Treasury Secy
May 25, 2012 (LBO) – Sri Lanka’s economy will expand around 7. 0 percent in 2012, but a drought can hit agricultural output which may undermine growth, Treasury Secretary P B Jayasundera said. “We think the economy will grow around 7. 0 percent,” Treasury secretary P B Jayasundera said. “Nobody should under-estimate the prevailing drought […]
UN faces funding shortfall for Sri Lanka humanitarian work
May 25, 2012 (LBO) – United Nation’s effort to raise 147 million dollars to fund humanitarian assistance in the former conflict-hit northern region this year, is facing a severe funding shortfall, official data showed Friday. The UN said 6,063 people continue to live in the Menik Farm displaced centre, three-years after security forces crushed the […]
Sri Lanka stocks down 0.57 percent
May 24, 2012 (LBO) – Sri Lanka’s tiny bourse extended losses on Thursday on sustained selling pressure, despite buying interest in selected counters, brokers said. The broader All Share Price Index lost 28.99 points or 0.57 percent to end at 5,019.12, while the liquid Milanka Price Index fell 22. 83 points or 0.49 percent to […]
Sri Lanka investment, structural shifts backed by World Bank
May 24, 2012 (LBO) – Sri Lanka’s aims of improving investment, supporting structural shifts and improving living standards as a middle income country will be the focus of a new 4-year program, multilateral lender, the World Bank said. Sri Lanka already had ‘well articulated’ vision for development, it said. “The road ahead in achieving the […]
Sri Lanka capital facelift gets US$213 from World Bank
May 24, 2012 (LBO) – A plan to give a facelift to Sri Lanka’s capital Colombo by sprucing up key roadsides rehabilitating lakes and wetlands and reducing flooding will be backed by a 213 million US dollar World Bank loan, the finance ministry said. The ‘Metro Colombo Urban Development Project’ covers metropolitan area of the […]
Sri Lanka to upgrade blood bank
May 24, 2012 (LBO) – Sri Lanka will spend 32 million US dollars to upgrade the country’s state-run blood bank with financial assistance from The Netherlands, minister Lakshman Abeywardene said. Sri Lanka’s national blood transfusion service will get new freezing facilities which can keep blood and components up to 10 years, he said. The national […]
Sri Lanka commercial banks finance road
May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south with 1.98 billion rupees in commercial bank credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. The road from Matara to Hakmana will connect to a planned expressway running to Hambantota, he said. The road […]
Sri Lanka commercial banks to finance road
May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south for 1. 98 billion rupees with credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. Both loans will be covered by Treasury guarantees. The road from Matara to Hakmana will connect to a planned expressway […]
Sri Lanka Treasuries yields fall across maturities
May 23, 2012 (LBO) – Sri Lanka’s Treasuries yields fell across maturities at Wednesday’s auction with the 3-month yield slipping 41 basis points to reach 11. 58 percent, around the levels seen in the secondary market over several days. The 6 month yield fell 8 basis points to 12. 32 percent and the 12 month […]
Sri Lanka small builders in former war zone get German help
May 22, 2012 (LBO) – Small construction contractors in former war zones in Sri Lanka’s East are being given technical help to win construction projects involving post-war rebuilding which they were losing earlier, a German aid agency said. They will be trained in contract management, bidding documents, preparation of bids and claims, quality assurance and […]
Sri Lanka benefits from new $2bn SAARC currency swap
May 21, 2012 (LBO) – Sri Lanka is among the South Asian countries, who will benefit from a 2. 0 billion dollar currency swap arrangement set up by India, a statement said. Funded entirely by India, the swap facility will enable the central banks of Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka to […]
Sri Lanka bond yields ease
May 18, 2012 (LBO) – Sri Lanka’s bond yields edged lower as more money as earlier increases in rates drew more money into the market, and short term rates fell below this week’s auction prices dealers said. During the current balance of payments crisis the rupee fell from 110 to 130 to the US dollar. […]