Category: Economy

Sri Lanka and the World Bank sealed half-a-century of cooperation on Friday by inking another large-scale development aid package.Sri Lanka joined the World Bank in 1950 and singed its first loan agreement with the International Development Bank on July 9, 1954. rn The loan for US $ 19.1 mn, was for the construction of the […]

Continuing its campaign against pyramid schemes, Central Bank is again warning the public that persons who buy a product, not for its own sake but expecting future returns from getting more enter the scheme, are not engaging in a simple trade transaction but a different type of game. “As the expectation of future returns is […]

The Colombo stockmarket reacted negatively to the Wednesday morning suicide bomb explosion that has so far left four dead and fifteen others in hospital,. The explosion took place when a female suspect taken in on suspicion blew herself up inside the Colpetty Police station.rn rnSecurity sources believe that the suicide bomber could have targeted Secretary […]

The bomber was escorted to a police station opposite the US and British diplomatic missions after security guards prevented her from entering a ministry in the high-security area of Colombo, a military official said.rn “She was being questioned and about to be searched by two women police constables when the blast occurred,” the official told […]

A new government sponsored agency under the Presidents control and headed by a top bureaucrat has been put in charge of policy formulation and implementation. The National Council for Economic Development (NCED), manned by a team of professionals from the private and public sector will seek wide participation in policy formulation. Experts say getting the […]

The government is going to expand its role in the economy with more spending on infrastructure and subsidies.Unveiling the governments economic policy the finance minister also said the government would push for growth in the agriculture sector to bridge the disparity in regional GDP and to achieve self-sufficiency in food. rn rnRuling UPFA government economic […]

Sri Lankas inflation rate for June shifted up to 3.9 percent on the back of rising prices of essential goods like rice, red onions, potatoes and vegetables.The Census & Statistics Dept said Wednesday that the Colombo Consumers Price Index or CCPI had touched 3,672.8 from 3,598.2 recorded in May this year.rn rnCommenting on the data, […]

The Central Bank on Tuesday reiterated its call for political stability, fiscal discipline and structural reforms to enable the economy grow by five percent this year.For the seventh consecutive quarter, Sri Lankas economy exceeded five percent to notch a 6.2 percent growth.rn rnTo sustain the growth momentum, the bank said the government needs to ensure […]

Sri Lankas slow moving infrastructure projects are lined up for fast forward implementation through a new central coordinating body, says the Treasury Secretary.The government is hoping to fast forward Sri Lankas slow moving roads, ports and power projects through a central procurement agency that will function under the recently set up National Council for Economic […]

Visiting Singaporean Premier asked Sri Lanka to come up with an overall competitive package and not just incentives, if it wants to lure foreign investors.“Sri Lanka is a good place to invest in, but it is not the only place,” Prime Minister Goh Chok Tong, told a gathering of local business people in Colombo on […]

Sri Lanka may have missed the bus with the green revolution, but the blue can work in the islands favour, say local scientists. With hungry mouths increasing faster than food production, the world is looking to a lquote blue revolution to provide some of the solutions.rn rn”Most scientists are now of the opinion the green […]

The Freedom Alliance Government says recent security scares are not the LTTEs style, but suspect other interested parties working to frighten citizens and foreign investors. Media spokesperson and Minister of Shipping and Aviation Mangala Samaraweera told reports on Thursday that recent security scares are more of a conspiracy to create a fear psychosis within the […]