Category: Economy and Markets
Consumer goods giant Singer goes for LKR300 mn debenture
December 18, 2006 (LBO) – Consumer goods giant Singer (Sri Lanka) is issuing a 300 million rupee debenture to support its growing hire purchase business. The unsecured four-year issue will not be listed but will carry a A+(lka) rating from Fitch Ratings Lanka Ltd, Singer’s Company Secretary, Asoka Pieris said Monday. Earlier in the year, […]
A window for Sri Lanka to catch-up and move forward using historical advantages
November 16 (LBO) – Sri Lanka should grasp the opportunities to grow its services sector using historical advantages, as India has already started to do, before that opportunity is also missed, a senior economist and central banker said.“If a country stubbornly and arrogantly refuses to accept this fact, it stands to lose, while others continue […]
Corruption watchdog slams Sri Lanka tsunami relief agencies for financial secrecy
December 15 (LBO) – Corruption watchdog Transparency International slammed tsunami relief agencies in Sri Lanka on Friday for sloppy work and scant regard for an independent financial audit. The agency audited six tsunami projects in Sri Lanka – the only six of 70 agencies approached, who agreed to a Value for Money audit by Transparency […]
Sri Lanka hikes rates; asks banks to raise deposit rates
December 15, (LBO) – Sri Lanka’s central bank raised its policy reverse repo rate at which cash is pumped into the system by 37.5 basis points to 11.5 percent Friday and asked banks to raise deposit rates. “The Central Bank has noted that despite several policy rate increases in the past, banks have not sufficiently […]
’s top lenders meet to discuss future funding, development plans
December 15, 2006 (LBO) – Sri Lanka’s main international lenders are due to meet late next month to asses their ongoing projects and discuss future funding programmes, a top official said. “This will not be a pledging conference for money,” explains Central Bank governor, Nivard Cabraal. “We will discuss our ten-year development plan with donors, […]
Sri Lanka to raise US$100 mn from syndicated loan
December 14, 2006 (LBO) – Sri Lanka Thursday signed up for a 100 million dollar syndicated from Citigroup to help pay for budgetary and balance of payment support, a top official said. Fitch gave Sri Lanka a BB-minus rating while Standard and Poor’s awarded it an even lower B+ sovereign rating. “We (the government) signed […]
South Asia, Sri Lanka, headed for sharper fall if policy is not tightened in time: World Bank
December 14 – (LBO) The South Asian region, including Sri Lanka, which experienced robust growth in 2006, may face a sharper and disruptive slowdown, unless fiscal and monetary policy is tightened in time, a new World Bank report has warned. In 2006, Gross Domestic Product (GDP) in South Asia is estimated to have grown by […]
‘s economy grows 7.4 percent in the third quarter
December 13, 2006 (LBO) – Sri Lanka’s economy grew 7.4 percent in the third quarter of this year, the island’s Census and Statistics Department said Wednesday, but an escalation in hostilities could dampen future economic progress. The department, which is the main agency that prepares the country’s national accounts, said growth during the third quarter […]
’s exports dip by over 11% in Oct on fall in apparel, tea and industrial goods
December 13 (LBO) – Sri Lanka’s exports dipped by over 11 percent in October, the country’s Central Bank said Wednesday, on the back of a fall in exports of tea, textiles and apparel and industrial goods. Exports stood at 537.3 million dollars in October, an 11.5 percent drop on a high base of 607 million […]
ADB pumps in additional US$ 60 mn for water project due to cost overruns
December 13, 2006 (LBO) – A sudden rise in construction prices, government duties and taxes, has forced the Asian Development Bank to stump up an extra 60 million dollars to improve water and sanitation conditions in conflict and tsunami hit regions, the bank said Wednesday. Mooted under the Secondary Towns and Rural Community based Water […]
Trade unions force Sri Lanka to scrap newer consumer inflation index
December 13, (LBO) – A newer price index covering a larger geographical area, which represented a broader socio-economic category is being scrapped because trade unions opposed it’s use to link wages, Sri Lanka’s statistics office said. This year the CCPI was spiking higher than the SLCPI with October 12-month point-to-point registering 17.2 percent in the […]
Sri Lanka fiddles with imported food prices as inflation rages
November, 05 (LBO) – Sri Lanka’s finance ministry said Tuesday it was cutting duty on imported potatoes and onions in a bid to control rising food prices in December, as inflation in November rose to 19.8 percent. A kilogram of potatoes and onions were charged a cess of 20 rupees per kilo in a bid […]