Category: Economy

The Asian Development Bank (ADB) on Monday approved US$ 800,000 for a second phase private sector development programme to push through reforms to the financial sector and the states privatisation programme. The monies will be diverted to design of the second phase, which will aim to foster a competitive capital market and nonbank financial sector, […]

An electoral candidate was shot dead in Eastern Sri Lanka Monday in the first political killing in the run up to parliamentary polls in April, police said.A gunman stormed a hospital in the town of Batticaloa and fired at Sinnathamby Sunderapillai who was receiving treatment for gunshot injuries suffered in an attack on Saturday, police […]

An expert on fiscal federalism says knowing when and how to change state institutions according to changing needs is essential for a government to be successful. Robert Inman, a Professor from University of Pennsylvania said that successful democracies should be capable of responding to changing realities of economy and people.rn rnldblquote Federal system is a […]

Confident of 113 seats in the bag, the Freedom Alliance is now working on strategies to push the number above 120.Winning the April poll is among the remaining chances President Kumaratunga has to extend her term in power, which technically end in 2005 November.rn rnIn theory, if the Executive Presidency is abolished after an Alliance […]

rnrn Inrnthe 2004 pre-election budget report, the Treasury says handouts for drought costrnRs. 900 mn, transport sector Rs. 1.8 bn, backward wages for the health sectorrnRs.1.7 bn and Rs. 800 mn for a snap poll.rn Inrnaddition to that, a further Rs. 1.5 bn has been doled out since last November,rnto cushion import prices of oil, […]

Sri Lankas gross official foreign exchange reserves stood a provisional US$ 2.33 bn, up 37.0 percent from US$ 1.70 bn in December 2002, the Central Bank said Friday. rnrn rn rn rn End Dec. 2003rn US$ bn rn rn End Dec. 2002rn US$ bn rn % Change rn rn rn Gross Official Reserves rn 2.33 […]

Industrial and agro exports claimed higher prices in 2003 compared to the prices for imports, shifting the terms of trade in Sri Lankas favour. The trend however did little to contain the trade deficit rising to US$ 1.54 billion for the full year in 2003, US$ 133 million over the 2002 deficit.rn rnCentral Banks said […]

Sri Lanka may fall short of achieving a projected six percent growth this year, as politicking keeps investors at bay, Finance Minister K N Choksy said.Despite political jitters post November 11, the country notched a 5.6 percent growth last year, in line with Central Banks expectations, Choksy said.rn rnBut a snap parliamentary poll in April, […]

A top business leader called on the business community to exert pressure on governments to deliver and be held accountable.Joint business forum Chairman Mahendra Amarasuriya said it is time the private sector started playing a significant role in steering policy and insisting on performance from politicians addressing the 8th LBR LBO CEO Forum last week.rn […]

Lack of long-term planning since independence and intense party politics have kept Sri Lanka from developing faster, a top private sector personality said on Thursday.The LBO-LBR CEO forum on Thursday saw some of the countrys leading business figures mull over a number of challenges facing the private sector put before them by the keynote speaker […]

Top trade chambers say Tuesdays meeting with the PA-JVP alliance has failed to shed any light on how they plan to manage the economy.The newly formed JVP-PA alliance talked of promoting a mixed economy with a ban on importing unessential goods.rn rnBusinessmen, instead, were left with many pointed questions like progress in a gamut of […]

The monks will be pitted against minority Tamils, who are mainly Hindus and also want to hold the balance of power after the April 2 election called by President Chandrika Kumaratunga nearly four years ahead of schedule.rn rn The majority Sinhalese community, which is mainly Buddhist, is divided down the middle between two coalition parties […]