Category: Economy and Markets

June 02, 2008 (LBO) – An influential weekly has slammed Sri Lanka’s practice of giving subsidies in the guise of helping the common man, and exposed the depth of the deception involved in doling out diesel ‘subsidies’. “It is seldom if ever admitted that a major revenue stream for the exchequer comes from the various […]

June 2, 2008 (AFP) – Heavy monsoon rains have killed seven people and driven 73,000 from their homes across Sri Lanka, the island’s disaster management centre said Monday. The centre’s emergency relief director, Brigadier N.B. Weregama, said that soldiers, navy and airforce personnel had been deployed to ferry the displaced to nearby schools, temples, churches […]

June 01, 2008 (LBO) – A strong balance of payments position and a strong currency is giving stability to Sri Lanka’s external sector. But it is at odds with the high inflation the country has been seeing in recent months. Q: What about the EU? Is the situation better there? A: In the EU it […]

May 31, 2008 (LBO) – Sri Lanka’s ruling politicians are to come up with plans next week to reduce energy use, with the petroleum bill being identified as the biggest threat to the country, senior ministers said. Trade minister Bandula Gunewardene said the country last year spent 2.4 billion dollars on oil imports compared to […]

WASHINGTON (AFP) – Sri Lanka called on Western powers Thursday to be wary of imposing sanctions for its alleged human rights violations, warning that the action could worsen the island’s long-running ethnic conflict.The United States and the European Union have withheld various aid programs and are debating whether to withdraw special trade benefits from Sri […]

The World Bank is considering giving Sri Lanka a crisis loan to tackle galloping food prices, the global financial institution’s vice president said on Friday.“The fund is targeting some 800 million dollars for countries such as Sri Lanka that have been hit by the food crisis,” Patel said. The solution for Sri Lanka, he said, […]

May 30, 2008 (LBO) – Inflation in Sri Lanka’s capital hit a new high of 26.2 percent in May up from 25.0 percent on a new index, while an index showing higher inflation was scrapped, the government’s statistics office said. Increases were seen in the food, clothing and footwear, housing and fuels, house maintenance, health […]

May 29, 2008 (LBO) – A top official of a government body said freezing prices of government output was an ‘economic crime’ because the popular concept of ‘government bearing the burden’ had no factual basis. “Suppressing prices and freezing them is an economic crime,” head of Sri Lanka Railways Lalithasiri Gunaruwan told reporters. “It is […]