Category: Economy and Markets
Sri Lanka urged to move quickly on relief, rights
WASHINGTON, May 19, 2009 (AFP) – Sri Lanka must step up relief efforts and provide its Tamil minority political autonomy, governments and relief agencies urged after Colombo said it had finally routed the Tamil Tiger rebels.As the military mopped up in the far northeast, the European Union demanded an independent inquiry into allegations of human […]
Sri Lanka president calls for investment to revive war-battered economy
May 19, 2009 (LBO) – Sri Lankan president Mahinda Rajapakse called for private sector investment and the return of the island’s diaspora to revive the economy of the country which he said had finally been freed of terrorism with the defeat of the Tamil Tigers. “The main obstacle to private sector investment, which had been […]
Sri Lanka to review overnight forex trading limits: CB governor
May 19, 2009 (LBO) – Sri Lanka will “review” overnight forex trading positions of commercial banks which were slashed during the height of a balance of payments crisis last year, Central Bank Governor Nivard Cabraal said. The central bank stopped counting dollars advanced to state banks under a tighter reserve classification process ahead of an […]
Japan PM welcomes end of Sri Lanka war
TOKYO, May 19, 2009 (AFP) – Japan, Sri Lanka’s largest aid donor and the holder of two thirds of its foreign debt, on Tuesday “welcomed the end of the civil war” in the island-nation, the prime minister’s office said. Prime Minister Taro Aso spoke by telephone with Sri Lankan President Mahinda Rajapakse, who had earlier […]
‘s end
May 19, 2009 (LBO) – The Ceylon Chamber of Commerce said the Sri Lankan government’s victory over Tamil Tiger rebels enables it to turn its efforts towards reviving the economy.“This victory demonstrates the true capabilities of the people of the country when provided with proper leadership and direction,” the chamber said in a statement a […]
Sri Lanka central bank revises foreign assets
May 18, 2009 (LBO) – Sri Lanka’s has adopted a different reporting format for foreign reserves, giving a breakdown of cash advanced to domestic banks, Central Bank governor Nivard Cabraal said. But the government officially declared fighting at an end Monday with state media saying the top leadership of Tamil Tiger separatists has been killed. […]
Sri Lankan stocks shoot up on war victory
May 18, 2009 (LBO) – Sri Lankan shares went up across the board Monday on news that the Liberation Tigers of Tamil Ealam (LTTE) leader Velupillai Prabhakaran and his top lieutenants were killed by the security forces, brokers said. However, the new international head of the LTTE, Selvarasa Pathmanathan also known as ‘KP’ remains at […]
IMF loan for Sri Lanka not appropriate right now: Clinton
WASHINGTON, May 14, 2009 (AFP) – US Secretary of State Hillary Clinton said here Thursday it “is not an appropriate time” to consider a massive International Monetary Fund loan for Sri Lanka. Clinton told reporters that the United States has been “trying to convince both sides,” the Sri Lankan government and the Tamil Tiger guerrillas, […]
Sri Lanka needs IMF loan: Strauss-Kahn
May 15, 2009 (LBO) – International Monetary Fund Managing Director Dominique Strauss-Kahn said Sri Lanka needs the help of the multilateral lending agency and talks were still underway on the IMF loan.He told a news conference Friday that Sri Lanka, which has asked for a 1.9 billion dollar IMF loan, was a “special situation”. Strauss-Kahn […]
Sri Lanka dismisses US threat to hold back IMF loan
May 15, 2009 (AFP) – Sri Lanka dismissed Friday a US threat to link a nearly two-billion-dollar IMF bailout package to ending the war-torn island’s humanitarian crisis. Despite Clinton’s remarks, Cabraal said he was confident the rescue package would be approved. “There are conflicts in many countries and I don’t think the IMF will set […]
Sri Lankan shares up, Asia Capital stake sold
May 15, 2009 (LBO) – Sri Lankan shares went up across-the-board Friday on news the war would end in the next few days, while 26.83 percent of Asia Capital shares changed hands in a local to foreign deal, broker said. The All Share Price Index of the Colombo stock exchange rose 1.23 percent (23.25 points) […]
Sri Lanka central bank “deeply distressed”‘s IMF remarks
May 14, 2009 (LBO) – Sri Lanka’s central bank said it was “deeply distressed” over doubts raised by Britain’s foreign minister about the use of money from an expected International Monetary Fund loan. IMF money goes into the balance sheet of the central bank, which is a separate entity from the finance ministry. Through the […]