Category: Economy and Markets
Sri Lanka has permitted IMF to publish bailout program: minister
July 23, 2009 (LBO) – Sri Lanka has authorized the International Monetary Fund to publish its stand by loan agreement with the island, after it is approved by the lender’s executive board Friday, international trade minister Gamini Pieris said.Under the new stand by arrangement Sri Lanka’s central bank will have access to 2.5 billion US […]
Sri Lanka may get US$300mn from new ADB fund: report
July 23, 2009 (LBO) – Sri Lanka may get a 300 million US dollar loan from Asian Development Bank new facility to help stimulate slumping economies in the region, a media report said. A 30-year internal conflict ended after the military wiped out Tamil Tiger separatists in May. “Sri Lanka is in an extremely favorable […]
‘s aging population presents risks, opportunities
July 23, 2009 (LBO) – Sri Lanka’s rapidly aging population could be a big burden in future but also provides a window of opportunity – a time of massive productive labour force and low dependents, a report said.Sri Lanka is the fastest aging country in south Asia, with the elderly population posing many challenges, according […]
Sri Lanka IMF deal fine print will increase confidence: analysts
July 22, 2009 (LBO) – An International Monetary Fund loan will beef up Sri Lanka’s external solvency but it will raise investor confidence further once details spelling out an economic plan agreed with the lender are published, analysts said.In 2004 a growth oriented IMF backed structural adjustment program was abandoned half way and budget deficits, […]
Sri Lanka shares up, Lanka Cement draws interest
July 22, 2009 (LBO) – Sri Lankan shares ended firmer Wednesday, still riding the momentum generated by the government clinching a 2.5 billion dollar International Monetary Fund loan, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index rose 0.47 percent (11.71 […]
Sri Lanka Treasuries yields fall across maturities on IMF loan
July 22, 2009 (LBO) – Sri Lanka’s Treasuries fell across maturities at Wednesday’s auction with the 3-month yield falling 26 basis points to 10.79 percent, the government’s debt office said.In the first four months of the year, Sri Lanka had already run a 4.0 percent of GDP deficit, putting the country on a path to […]
Sri Lanka to get US$2.5bn IMF loan
July 21, 2009 (LBO) – Sri Lanka will get 313 million US dollars on July 24 as part of a 2.5 billion US dollar stand by loan running for 20 months, International Monetary Fund managing director Dominique Strauss-Kahn said. Under the program Sri Lanka was expected to improve its budgets, that had high deficits financed […]
Sri Lanka foreign funding case strengthened by IMF loan: CB Governor
July 21, 2009 (LBO) – Sri Lanka will have more options to tap foreign investors after it gets a 2.5 billion US dollar standby loan from the International Monetary Fund, Central Bank governor Nivard Cabraal said. Cabraal said he will also be in London later this week to “update investors.” “Once we get a feeling […]
Sri Lanka exporters to get incentives next month
July 21, 2009 (LBO) – Over 200 Sri Lankan firms have qualified for a government export incentive scheme the first payments of which are expected next month, but many claims have been rejected owing to errors in applications, officials said. “It is a reward to direct exporters in manufacturing processing industries who have survived the […]
Sri Lanka plans ambitious 7.0-pct deficit under IMF program
July 21, 2009 (LBO) – Sri Lanka is planning a budget deficit of 7.0 percent of its economy under a plan agreed with the International Monetary Fund, which will help improve the country’s rating and open the way for foreign financing, a top official said. A 7.0 percent target is tight for Sri Lanka and […]
Sri Lankan stocks rally on IMF loan deal
July 21, 2009 (LBO) – Sri Lankan shares rallied Tuesday on news the government had secured a long-awaited loan from the International Monetary Fund (IMF) that brokers said could boost investor confidence and bring in more foreign investors. Share prices shot up over 2.5 percent in early morning trade as news broke the government had […]
Sri Lanka higher education needs quality upgrade, more investment
July 20, 2009 (LBO) – Sri Lanka’s higher education system needs to be revamped with more investment to produce graduates with information technology and English skills, while private providers need regulation, a World Bank study has said.Higher education minister Wiswa Warnapala says expansion of the arts and humanities stream, low quality external degree programs, and […]