Category: Economy
Turkey to provide USD350mn for development projects in Sri Lanka
Dec 17, 2015 (LBO) – Finance Ministry is to enter into an agreement with Turkey that will enable Sri Lanka to have 350 million US dollars from Turk Exim Bank to implement development projects in Sri Lanka.The cabinet has approved a proposal to sign this MOU with the intention of strengthening the financial relationship with […]
Sri Lanka requests India to extend USD 1.5bn swap facility by one year
Dec 17, 2015 (LBO) – Sri Lanka’s Finance Ministry has requested India to extend the existing 1.5 billion US dollars swap facility by one year, the finance minister told Parliament Thursday.“I spoke to Indian Finance Minister Arun Jaitley and requested to extend the USD 1.5 bn facility by another year,” Finance Minister Ravi Karunanayake said.“Because […]
We are not dictated by IMF policy: Finance Minister
Dec 17, 2015 (LBO) – Sri Lanka’s Finance Minister told Parliament Wednesday that the country has a strong balance of payments environment and rejected reports of a gloomy outlook for 2016. “There is no issue with the balance of payments. Our problem is with the trade balance. Our exports have decreased and imports increased,” Finance […]
US Fed raises rates by 25 bp, first hike since 2006
Dec 17, 2015 (LBO) – The US Federal Reserve has raised interest rates by 25 basis points, its first increase since 2006. Fed Chair Janet Yellen said the move would be followed by “gradual” tightening as officials watch for signs of higher inflation. The target for the Fed funds rate was unanimously set at 0.25 […]
Sri Lanka GDP grows 4.8-pct in 2015 third quarter: Census Dept.
Dec 15, 2015 (LBO) – Sri Lanka’s gross domestic product expanded 4.82 percent in the third quarter of 2015 from a year earlier, the state statistics office said. The statistics office said agriculture grew 6.9 percent, industries by 6.2 percent and services by 3.4 percent. The economic growth rate of the country for the first […]
USD 1.6 bn worth FDI expected from 66 projects, 45 expansions: BOI
Dec 15, 2015 (LBO) – Sri Lanka’s Board of Investment says they are expecting 1.6 billion US dollars worth foreign direct investments through 66 new projects and 45 expansions of existing projects. “As a result of the introduction of new procedures aimed at improving facilitation, the BOI succeeded in attracting a number of important projects […]
Fed liftoff largely priced in by emerging markets: ABN AMRO
Dec 15, 2015 (LBO) – A first rate hike by the U.S. Fed in nearly a decade expected this week is largely priced-in and emerging markets may have already seen most of the adjustment to Fed hikes, ABN AMRO said in a research report. "Fed message is likely to be relatively soothing, as we expect […]
Special economic zones, a driving force for increased trade in Asia: ADB
Dec 14, 2015 (LBO) – Special economic zones (SEZs) can be a driving force for increased trade, investment, and economic reform in Asia as it experiences a slowdown in trade, provided the right business environments and policies are put in place, a new Asian Development Bank (ADB) report said. “The expansion in the number of […]
“I Paid A Bribe” anti-corruption website launched in Sri Lanka
Dec 11, 2015 (LBO) – Sri Lanka’s government and I Paid A Bribe Sri Lanka has launched a “first of its kind” anti-corruption website www.ipaidabribe.lk to crowd source reports on corruption. President Maithripala Sirisena and Chairman of the Commission to Investiate Allegations of Bribery or Corruption (CIABOC), Dilrukshi Dias Wickramasinghe, were present at the launch […]
Sri Lanka female labor force participation could boost productivity: Kvintradze
Dec 11, 2015 (LBO) – Sri Lanka needs labor market reforms including boosting of female labor force participation rate, a senior International Monetary Fund official said.“If you look at labour force participation across the globe and especially in Sri Lanka you see there is a huge opportunity to boost labour force participation,” Eteri Kvintradze Resident […]
IMF concludes fourth post-program monitoring
Dec 10, 2015 (LBO) – The International Monetary Fund concluded its fourth Post-Program Monitoring with Sri Lanka, noting a more challenging external environment, macro-financial imbalances and less room available for monetary easing.“Recent economic developments reflect a more challenging external environment as well as a sharpening of macro-financial imbalances that began to emerge late in 2014,” a […]
Sri Lanka has borrowings of USD1.5 bln in pipeline for next year
Dec 09, 2015 (LBO) – Sri Lanka may go to international markets to raise up to 1.5 billion dollars next year for budgetary financing, in line with the amount raised this year, a central bank official said. Sri Lanka raised 1.5 billion dollars in a 10-year sovereign bond issue in October with a coupon of […]