Category: Economy

Sri Lankas Prime Minister has accused the countrys president of jeopardising a ceasefire with Tamil rebels and scuttling economic recovery in his first public address since his government was sacked 10 days ago. “The presidents action has jeopardised the ceasefire agreement. The economy has suffered a severe blow,” Prime Minister Ranil Wickremesinghe said in his […]

The four co-chairs of peace have expressed disappointment over the current political situation and repeated their call on the Sri Lankan government to resume peace talks. The co-chairs turned down a government request to de-link the peace element from the aid package, in the light of the current political situation and a breakdown in peace […]

Wooing support for its ticket to govern the country, the newly formed SLFP-JVP alliance flirted with the Colombo based business and international community on Tuesday. The gala two-hour PR campaign, the first major public appearance since the alliance was signed in late January was mooted to ally fears of an anti-private sector regime in the […]

Nationalist party, Sihala Urumaya said Tuesday that it was exclusively fielding Buddhist monks to contest the 225 seats up for grabs at snap parliamentary elections.rnThe Party said it will bank on saffron power for the April 2 elections called by President Chandrika Kumaratunga after she dissolved parliament nearly four years ahead of schedule on February […]

The problem with subsidies is that the rich enjoy them as much as the poor. The cross subsidy on diesel is a classic example.Owners of fuel guzzling sports utility vehicles enjoy a significant portion of the subsidy.rn rnMoney spent on subsidies and free services like water and education are often enjoyed by the richest quintile […]

The Colombo Commercial Company property facing the Beira Lake is owned by the UDA.A part of the property has been given on a 50-year lease to the Commercial Company while the rest of it is on a shorter lease, which ends next year.rn rnThe lease agreements have forced potential investors to talk to the Colombo […]

The US Agency for International Development said it has finalised a five-year US$ 120 mn plan to support peace and reform in Sri LankaVisiting USAID Deputy Assistant Administrator Mark Ward said the new strategy demonstrates Washingtons commitment to lquote sticking to Sri Lanka so long as progress is made towards peace and economic reform.rn rnHe […]

Asian countries are enjoying some of their best years after the East Asian crisis. But a top IMF official says the party might end quickly if emerging economies dont continue to strengthen their financial sector.ldblquote Perhaps the most urgent need is the further strengthening of the financial sector. In many countries, banks and companies are […]

The US embassy said Mark S Ward, Deputy Assistant Administrator of the Asia and Near East Bureau, USAIDs highest-ranking official covering South Asia, visited the Jaffna Jaipur Center for Disability Rehabilitation (JJCDR) in Jaffna Town. rn rnThe JJCDR, originally known as the Jaipur Foot Program, was founded by local women in 1987 to meet a […]

Sri Lankas Tiger rebels have asked for direct reconstruction aid as a political crisis in the government here stalled their peace process, but donors have ruled it out, the World Bank said Thursday.rnThe Liberation Tigers of Tamil Eelam was seeking the concession because the Norwegian-backed peace bid had come under increased strain due to a […]

Sri Lankas system of party politics is accelerating into action with the President clearing the way to stockpile state resources under the Alliance flag and the UNF scrambling to blow the lid on it.As both sides slug it out, around US$ 184 mn of development funds went under.rn rnOn Wednesday the Presidents dismissed all deputy […]

Sri Lanka President Chandrika Kumaratunga has removed 39 non-cabinet rank junior ministers ahead of parliamentary elections on April 2, a spokesman for her office said Wednesday.rnKumaratunga was sending letters to the ministers informing them of their formal removal following the dissolution of parliament at the weekend which turned the government into a caretaker body, a […]