Category: Economy and Markets
Foreign banks lend dollars to Sri Lanka govt. at lower rates than locals
December 26, (LBO) – Sri Lanka has raised 100 million dollar syndicated loan from the international banks at a lower rate than previous dollar bond issues in the domestic market, the government’s debt office said. The loan came at a price of 75 basis points above the London Interbank Offered Rate (LIBOR) and the total […]
‘s warring parties on tsunami anniversary
Dec 26, 2006 (AFP) – The United Nations slammed Sri Lanka’s warring parties for stalling tsunami reconstruction efforts Tuesday as the island marked the second anniversary of the disaster by unveiling a Buddha statue. The outgoing UN Secretary General Kofi Annan blamed both Colombo and the Tamil Tiger rebels for the violence that has slowed […]
Japan gives loudhailers to mark Sri Lanka tsunami anniversary
Dec 26, 2006 (AFP) – Japan Tuesday gifted loudhailers and life jackets to Sri Lanka’s police to mark the second anniversary of the tsunami which killed 31,000 people in the island.Japan’s ambassador here, Kiyoshi Araki, gifted the equipment to police chief Victor Perera in Colombo, the Japanese embassy said. It said Japan was also helping […]
’07
December 23, 2006 (LBO) – The International Monetary Fund will close its office in Sri Lanka from mid next month, the global financial watchdog said Saturday. The office in Colombo is being wound up late January, when the term of its current resident representative, Luis Valdivieso ends. “The decision reflects the evolving nature of the […]
IMF asks Sri Lanka to pay close attention on economic reforms, amidst high inflation
December 22, 2006 (LBO) – The International Monetary Fund Friday asked Sri Lanka to go slow on hiring public servants and pay more attention to reduce inflation, implement public sector reforms and ensure subsidies are targeted better. In its annual country report, the IMF said Sri Lanka’s quest for 7-8 percent growth hinges on improved […]
‘ tag ripped by IMF
December 22 (LBO) – Sri Lanka’s exchange rate regime has been re-classified to a managed float from free float after violating International Monetary Fund articles and heavy official intervention, the IMF has said. Though fiscal prudence still seems to be out of reach, analysts say Sri Lanka’s central bank has started to tighten monetary policy […]
S&’s B+ rating; negative outlook remains on war fears
December 21, 2006 (LBO) – International rating agency Standard & Poor’s Thursday retained Sri Lanka’s B+ rating, but warned the island needs to make headway to tackle reforms and make a tangible progress in settling its long running separatists conflict. In April S&P downgraded Sri Lanka’s credit outlook to negative from stable, amidst an escalation […]
’s rich western province leads economic growth again in 2005
December 21 (LBO) – Sri Lanka’s rich western province has led the list again of top contributors to the island’s economic growth last year, the Central Bank said, though service sector expansion boosted fortunes of poorer areas. “Product diversification could reduce concentration in a few crops that dampen the marketability of such produce profitably due […]
‘s Central Bank moves to sooth currency markets
December 20, 2006 (LBO) – Sri Lanka’s central bank Wednesday sought to pour oil on troubled waters saying currency depreciation to date is consistent with past trends. “It is seen that the current depreciation of 5.2 percent [against the U.S. dollar] is somewhat consistent with the usual trend in the past and movements in economic […]
Treasury yields shoot up
December 20, 2006 (LBO)– Sri Lanka’s treasury bill rates rose sharply at Wednesday’s auction following after the central bank hiked its key policy rate by 37.5 basis points last Friday. One-year treasury yields climbed 18 basis points to 12.95 percent, while six-month paper rose 15 basis points to 12.78 percent and three-month treasuries jumped 20 […]
’s government to acquire property in Fort to build a Presidential Square
December 20, 2006 (LBO) – Sri Lanka’s president Mahinda Rajapakse has given notice to owners of prime property around his official residence, that their land would be acquired urgently to develop a Presidential Square. Rajapakse has issued the order, on the recommendations of the minister in charge of Urban Development. More than 4 acres of […]
Corruption swallows aid as Sri Lanka marks tsunami anniversary
Dec 18, 2006 (AFP) – Corruption and ethnic violence is blocking a flood of foreign aid for Sri Lanka’s tsunami survivors two years after the massive disaster, according to official records and whistle-blowers. This year, there are no ceremonies to remember the tsunami dead and the destitute, but instead the government has named December 26 […]