Category: Economy and Markets

Oct 23, 2011 (LBO) – Sri Lanka has gifted 250 metric tonnes of rice to Somalia as domestic production increased, economic development minister Basil Rajapaksa said. This year no rice has been imported to the country, Rajapaksa told an ‘investor’s day’ in Colombo Saturday. “Our paddy stores are now full,” Rajapasksa said. “We have three […]

Oct 21, 2011 (LBO) – Sri Lanka is considering setting a minimum domestic wage and maximum expatriate wage for industries and also creating a forum for industrialists to air their grievances. The proposals were revealed at a meeting with industrialists held organised by the ministry of industry & commerce as part of consultations in preparation […]

Oct 21, 2011 (LBO) – Tighter corporate disclosure rules helped propel Sri Lanka up the ease of doing business rankings, moving it closer to the target ranking of 30, a regulator said. According to the ‘Doing Business Ranking’ computed by the World Bank Group, Sri Lanka was ranked 89 of 183 countries in 2012, a […]

Oct 21, 2011 (LBO) – The Asian Development Bank has given Sri Lanka a 59 million US dollar loan to ensure balanced regional development that includes modernising local government taxation, licensing, and approval rules. The ‘Pura Neguma’ Local Government Enhancement Project to be implemented with ADB loan funds is scheduled to be completed by June […]

Oct 20, 2011 (LBO) – Sri Lanka has become an easier place to do business rising nine places to 89 over the past year in a global ‘doing business’ ranking published by the World Bank and International Finance Corporation. “…Sri Lanka implemented the most reforms of any of the eight economies in South Asia, helping […]

WASHINGTON, October 20, 2011 (AFP) – Frustrated by the moribund US recovery, a growing number of economists are pushing the Federal Reserve to adopt an explicit growth target, the most radical shift in central bank strategy in decades. In the world of economics an insurgency is raging amid worries that the Fed’s multi-trillion-dollar efforts to […]

Oct 20, 2011 (LBO) – Sri Lanka will buy 210 steel bridges from UK’s for 35 million sterling pounds with financing from HSBC and state-run People’s Bank, minister Keheliya Rambukwelle said. The cabinet of ministers had approved the financing of the deal with 28. 22 million Sterling pounds from HSBC and 6.779 million pounds from […]

October 18, 2011 (AFP) – Sri Lanka on Tuesday announced it would raise defence spending by over five percent in 2012, more than two years after the government ended a decades-long ethnic conflict with Tamil rebels. President Mahinda Rajapakse, who is also finance minister, is due to unveil the full 2012 budget on November 21, […]