Category: Economy and Markets
‘s daughter of destiny departs, reluctantly
Sri Lanka’s President Chandrika Kumaratunga, who steps down as president next week after serving her maximum two terms, leaves her parents’ party in turmoil and the country at a crossroads.Sri Lanka’s President Chandrika Kumaratunga, who steps down as president next week after serving her maximum two terms, leaves her parents’ party in turmoil and the […]
Fighting cost push inflation with tight monetary policy
The debate over expansionary fiscal policy took a new turn with Finance Minister Sarath Amunugama making apparently contradictory statements in the budget, when defending himself against charges of igniting galloping inflation by printing money. “The Honourable Finance Minister’s statement is what I call an oxymoron,” says Dr. Harsha de Silva, a leading critic of the […]
Cutting the paper trail with electronic transactions
Cabinet this week cleared the long pending draft electronic transaction bill, intended to facilitate the use of modern communications and information storage tools in transactions. Cabinet this week cleared the long pending draft electronic transaction bill, intended to facilitate the use of modern communications and information storage tools in transactions. The legislation will create a […]
Kuwait lends US$ 20 mn for post tsunami reconstruction
The Kuwait Fund will lend US$ 20 mn to Sri Lanka to strengthen tertiary education and build administrative infrastructure in tsunami affected areas.The Kuwait Fund will lend US$ 20 mn to Sri Lanka to strengthen tertiary education and build administrative infrastructure in tsunami affected areas. The money will fund construction of educational facilities, student housing […]
Tigers to let Tamils vote for Sri Lanka president
Sri Lanka’s Tiger rebels will allow minority Tamils to vote in next week’s presidential election, the guerrillas’ proxies in parliament said Thursday. Sri Lanka’s Tiger rebels will allow minority Tamils to vote in next week’s presidential election, the guerrillas’ proxies in parliament said Thursday. The Tamil vote could decide the winner in the closely-contested November […]
Sri Lanka’s peace chief quits amid deadlock in talks
Sri Lanka’s top official handling the peace process with Tamil Tiger rebels resigned Wednesday ahead of presidential elections this month, a government official said.Sri Lanka’s top official handling the peace process with Tamil Tiger rebels resigned Wednesday ahead of presidential elections this month, a government official said. President Chandrika Kumaratunga accepted the resignation of Jayantha […]
Elephants Walk Out
Sri Lankas main opposition party, the United National Party, took a sudden decision to boycott Tuesday budget, citing its a mere academicals exercise, a senior party spokesman said.“It was a sudden decision to boycott the budget, as there is no debate before the election next week,” UNP parliamentarian Rajitha Senerath said.rn rnSri Lankas Finance Minister […]
‘s peace chief quits amid deadlock in talks
Sri Lanka’s top official handling the peace process with Tamil Tiger rebels resigned Wednesday ahead of presidential elections this month, a government official said.Sri Lanka’s top official handling the peace process with Tamil Tiger rebels resigned Wednesday ahead of presidential elections this month, a government official said. President Chandrika Kumaratunga accepted the resignation of Jayantha […]
Budget 2006: Is it achievable?
The 2006 budget expects revenue to go up by 1.1 percent of GDP to 17.5 percent of GDP and the overall budget deficit to remain at 7.1 percent of GDP. The 2006 budget expects revenue to go up by 1.1 percent of GDP to 17.5 percent of GDP and the overall budget deficit to remain […]
Sri Lanka to change banking laws to mandate bigger credit to agro sectors
Sri Lanka plans to bring in changes to its banking laws before next March to mandate banks to double their agriculture lending portfolio, Treasury Secretary said Wednesday.Sri Lanka plans to bring in changes to its banking laws before next March to mandate banks to double their agriculture lending portfolio, Treasury Secretary said Wednesday. “Credit channeled […]
Late Demands
The Ceylon Chamber of Commerce wants a pre-election budgetary position made public, before the Presidential election.The Ceylon Chamber of Commerce wants a pre-election budgetary position made public, before the Presidential election. Sri Lanka’s leading trade chamber wants the government to amend the Fiscal Management (Responsibility) Act, to allow a pre-election fiscal report before a Presidential […]
Gift Wrap
Sri Lanka’s Prime Minister is promising to give paid paternity leave, duty free vehicles for good taxpayers, free spectacles for the disable, and splash out billions of rupees by way of welfare subsidies, if he wins next month’s presidential poll, his party said Tuesday. Sri Lanka’s Prime Minister is promising to give paid paternity leave, […]