Category: Economy
Sri Lanka aims for 8.5% growth in 2011
Jan 04, 2011 (LBO) – Sri Lanka is aiming for economic growth of 8.5 percent in 2011 after growing eight percent in 2010 and expects growth to accelerate to nine percent in 2012 and 9. 5 percent in 2013, central bank governor Nivard Cabraal said. Government recurrent expenditure is estimated to decrease to 16.1 percent […]
Sri Lanka rupee strength helps rein in inflation: CB
Jan 03, 2011 (LBO) – The strengthening of the Sri Lanka rupee helped rein in inflation which was kept at a mid-single digit level in 2010, the central bank said in a statement. The average domestic prices of wheat flour and milk powder decreased while the price of sugar increased compared to 2009. The Sri […]
Sri Lanka inflation 6.9-pct in December
Dec 31 2010 (LBO) – Sri Lanka’s inflation in December 2010 rose 6. 9 percent from a year earlier after rising 7. 0 percent in November, the central bank said. Prices rose 1.1 percent during the month with the index rising to 228.3 in December from 225.8 in November, it said in a statement. The […]
Sri Lanka says met IMF December targets for loan disbursement
Dec 30, 2010 (LBO) – Sri Lanka has met key targets in December under a deal with the International Monetary Fund to qualify for further loan disbursements, central bank deputy governor Dharma Dheerasinghe said. “Sri Lanka has met the IMF targets for December after meeting the September targets,” Dheerasinghe told Vimasuma.com, our sister news website. […]
‘s chicks, nuts and sex workers
Dec 29, 2010 (LBO) – Serious shortages of essential food forced Sri Lanka’s government to import chicken, onions and coconuts, but a survey by health authorities has shown that the country is also desperately short of sex workers. Doctor Sujatha Samarakoon of the AIDS prevention unit of the health ministry has said that there are […]
Sri Lanka creates management entity for state firms ahead of listing
Dec 24, 2010 (LBO) – Sri Lanka has set up a management company to manage several defunct state enterprises prior to a listing of a partial stake on the Colombo stock exchange, a senior finance ministry official said. Recent IPOs have been heavily over-subscribed owing to pent-up demand for shares with company earnings increasing and […]
Sri Lanka tax refund delays worry Japanese investors
Dec 24, 2010 (LBO) – Japanese investors are keen to invest in post-war Sri Lanka but firms already operating in the island are concerned about delays in value-added tax refunds and high electricity tariffs, a visiting lawmaker said. These concerns were conveyed to the investment promotion agency, Board of Investment, by Hirofumi Hirano, chairman of […]
Sri Lanka to get cheaper World Bank credit for several years
Dec 22, 2010 (LBO) – Sri Lanka would get cheap World Bank credit for at least three years, while the country re-builds infrastructure after a 30-year war and moves toward becoming a borrower at near-commercial rates, managing director Ngozi Okonjo-Iweala said. “You have the peace dividend. You have ended the conflict. With inclusive growth, where […]
Sri Lanka has good economic prospects, if deficits are cut: World Bank
Dec 19, 2010 (LBO) – Sri Lanka has good growth prospects if deficit spending can be reduced allowing the economy to be stable, and can also expect more financing from World Bank as the island emerges from a conflict, an official said. The US Federal Reserve devalued its currency against gold in 1933 setting the […]
Sri Lanka to get funding from higher cost window: World Bank
Dec 18, 2010 (LBO) – Sri Lanka has qualified to get loans from a higher cost window of the World Bank amid rising incomes, which will double access to annual funds, managing director Ngozi Okonjo-Iweala said. Sri Lanka also now has access to capital markets. Countries with access to capital markets and which are deemed […]
Sri Lanka economy expands 8.0-pct in 3Q, 2010: Statistics office
Dec 16, 2010 (LBO) – Sri Lanka’s economy has expanded 8. 0 percent in the third quarter of 2010 from a year earlier, compared to an 8.5 percent growth in the second quarter, the government’s statistics office said. The services sectors 8.0 percent growth (up from 5.1 percent last year) came with hotels and restaurants […]
Sri Lanka policy rates steady as inflation rise
Dec 14, 2010 (LBO) – Sri Lanka’s central bank said it was holding rates steady at 7. 25 and 9.00 percent as inflation rose and credit growth picked up amid a “sustained recovery” in economic activities. Sri Lanka has one of the highest policy rates in the world and this year’s inflation at 7.0 percent […]