Category: Economy and Markets
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 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 Lankan stocks up 1.16-pct
July 20, 2009 (LBO) – Sri Lankan shares rose Monday, as investors chased high value counters, while there was some speculative interest on Lanka Cement and Hotel Developers, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 1.16 percent (27.90 points) to end at 2,422.92 Monday, while the Milanka index of liquid […]
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 […]
Sri Lanka signs IMF loan deal; awaits board nod
July 20, 2009 (LBO) – Sri Lanka has signed a formal document setting out an agreed program with International Monetary Fund staff that is now awaiting approval from its top decision making body, a top official said.On Monday 2013 bonds were offered at 12.95/13.00 percent, down 05 basis points from Friday.A 3-year bond maturing in […]
Sri Lanka Commercial Bank promotes dollar bonds
July 19, 2009 (LBO) – Sri Lankans living overseas and foreigners can earn a higher interest by investing in US dollar denominated Sri Lanka Development Bonds (SLDBs) through the Commercial Bank of Ceylon, a statement by the bank said. Commercial Bank’s Head of Global Treasury Dula Weeratunga said that under the scheme, the Income Tax […]
Sri Lanka central bank withdraws some printed money
July 18, 2008 (LBO) – Sri Lanka’s central bank has Friday withdrawn seven billion rupees, a part of the money printed to finance a government cash deficit earlier in the week, reducing the risk of triggering another balance of payments crisis. “So long as open market purchases of Government securities are allowed (as, of course, […]
Sri Lanka says milk prices to fall a little
July 18, 2009 (LBO) – Sri Lanka which taxes imported milk powder at very high levels, has asked importers to bring the price of a one kilogram pack to fall by 37 rupees and 400 gram pack by 15 rupees, official reports said.According to official data a kilogram of imported milk powders was taxed at […]
Sri Lankan stocks up 1.35-pct during week
July 17, 2009 (LBO) – Sri Lankan shares closed up Friday with renewed interest on some selected blue chips, while retailers were seen actively going after plantation, hotels, and medium and small capped stocks, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 1.03 percent (24.47 points) to end at 2,395.02 Friday, […]
Sri Lanka IMF loan; IC views to be taken up at executive board
July 17, 2009 (LBO) – A recent IMF mission to Sri Lanka had “good discussions” with the authorities, but the views of the international community on a loan would still be considered at an executive board meeting, an official said. A ‘staff level’ deal also had to be reached. “Because the first thing that happens […]
Sri Lanka combs economy for new tax payers
July 17, 2009 (LBO) – Sri Lanka is widening the tax net to catch small shop owners and hair dressers to fluff up flagging government income, while excise revenues had also lost it usual buzz, officials said. “Most businesses such as boutiques, hair salons and retailers don’t pay value added tax (VAT),” the head of […]
Sri Lanka on road show to stir up debt buyers
July 16, 2009 (LBO) – Investors who met a Sri Lanka government team who are on a road show ahead of a possible debt deal are bullish on the country’s prospects after the end of a 30-year war, a top official said. “Many investors are interested in the Sri Lanka situation and are quite bullish […]