Category: Economy

July 21, 2010 (LBO) – The head of Sri Lanka’s top business chamber has called for loss-making state entities which are a drain on public finances to be turned around within a strict time frame or more radical alternatives considered. Ceylon Chamber of Commerce chairman Anura Ekanayake said recent reductions in inflation and interest rates […]

July 19, 2010 (LBO) – A groundbreaking book by a former Sri Lankan central banker has shown how the institutions independence could be improved so that it can better resist fiscal and political pressure to print money and generate inflation. Economic analysts have warned that direct subscriptions to Treasury bill auctions is a ‘quantity easing’ […]

July 17, 2010 (LBO) – A former Sri Lankan central banker has written a book that can open the eyes of third world policy makers and impoverished citizens helping them escape state-induced poverty caused by high inflation. “Money does not raise economic growth, but it is the fundamental cause of high rate of inflation that […]

July 16, 2010 (LBO) – Sri Lanka’s northern and eastern provinces slightly increased their share of national Gross Domestic Product last year compared with 2008 following the end of a war, the Central Bank said. The western province remained as the highest contribution to GDP in 2009 but its share reduced further to 45. 1 […]

July 15, 2010 (LBO) – Sri Lanka’s mobile phone subscribers grew 30 percent to 15. 0 million in the first quarter of 2010, while fixed wireless users grew 4.7 percent and wireline users were flat, official data show. Fixed wireless subscribers grew to 2. 58 million users in the first quarter from 2. 47 users […]

Daejeon, KOREA July 14, 2010 (LBO) – The International Monetary Fund (IMF) plans to hire more Asians as it undergoes reforms and seeks to improve relations with Asia which is increasing its economic clout, a senior official said. Strauss-Kahn said that now 40 percent of his management team is from Asia. “So among the management […]

Daejeon, KOREA July 13, 2010 (LBO) – The International Monetary Fund (IMF) is considering creating new lending facilities to help countries cope with economic shocks and avoid the need to build costly foreign exchange reserves, officials said. Senior official from the IMF and South Korea, which is pushing the idea, said such a ‘global safety […]

Daejeon, KOREA July 12, 2010 (LBO) – Asian economies must prepare to face huge and highly volatile capital flows and possibly more economic shocks given recent problems in Europe, the International Monetary Fund has warned. The sharp rebound in capital inflows, and related risks of overheating and credit and asset bubbles, remain key challenges for […]

Daejeon, KOREA July 12, 2010 (LBO) – The finance minister of South Korea, which is hosting an International Monetary Fund conference on Asia, pressed for reforms of the multi-lateral institution and its support to prevent destabilizing capital flows. “Up until now, it seems the IMF has not fully assumed its role of ensuring macro-economic stability […]

July 09, 2010 (LBO) – Sri Lanka has relaxed monetary policy cutting rates by 25 basis points and raising its target from reserve money, the narrowest money supply through which final transaction in the economy are cleared. The central bank cut its reverse repo rate to 9.50 percent and the repo rate to 7. 25 […]

July 07, 2010 (LBO) – Sri Lanka is drawing up a concept plan to develop Colombo city, clear under-utilized area, reclaim land from the sea and open them for development by the private sector, officials said. Treasury secretary P B Jayasundera said plans for a ‘new city’ reclaimed out of the sea would be announced […]

July 07, 2010 (LBO) – Sri Lanka will maintain public investment at around 6 percent of gross domestic product and will attempt to kindle private investment five times that by creating an environment for people to invest, an official said. “Government will invest in areas not very attractive to the private sector,” Treasury secretary P […]