Category: Economy

Hopes of securing US$ 80 mn from the International Monetary Fund (IMF) next month has been put off, due to the current turn of events in Sri Lanka, a top official said Tuesday.A review mission led by Jehangir Aziz, Deputy Division Chief of the IMFs Asia Pacific unit, gave the countrys macro fundamentals good marks.rn […]

The new Janatha Vimukthi Peramuna (JVP) Sri Lanka Freedom Party (SLFP) alliance, if voted in, says it would renegotiate the terms of the US$ 4.5 billion in aid pledged by international donors last year.The Memorandum of Understanding (MOU), the result of over 10 months of conference between the SLFP and JVP, is the first concrete […]

As the Marxist JVP and the Sri Lanka Freedom party joined camps today, they unveiled a reform agenda including agriculture and local industry led economic growth, devolution of power to the provinces, and defeating the UNF government. rnThe Janatha Vimukthi Peramuna and the SLFP, inked an alliance agreement today,with rumours rife of snap polls.rn rnThe […]

The rebel Liberation Tigers of Tamil Eelam (LTTE) told representatives of donor countries and international aid agencies that the tug-of-war between the president and the prime minister could undermine the truce.rn rnLTTEs political wing leader S. P. Thamilselvan pointed out that President Chandrika Kumaratunga had sacked three ministers just four days after the rebels unveiled […]

Continuing a robust recovery, Sri Lankas export earnings clocked in a double-digit growth for the first eleven months of this year, which saw the trade deficit expand marginally, the Central Bank said Friday.Despite higher export numbers, the trade deficit for November remained flat at US$ 135 mn year on year.rn rnHowever, an overall improvement in […]

The Asian Development Bank on Wednesday approved US$ 80 mn to rehabilitate conflict areas – a first such loan since the Tokyo aid parley last year. The Manila based bank will part fund a rehabilitation project in some of the worst affected areas and neighbouring towns, despite peace on the ground reaching a stalemate.rn rnThe […]

Sri Lanka is set to score very low in a second review of the peace process by the international donor community set for January 23. The first review in September 2003 pleased donors, who, at the June Tokyo donor confab tied US$ 4.5 billion in aid to progress with the peace process. rn rnCabinet Spokesperson […]

Business leaders from SAARC countries are calling on the governments to initiate regional cooperation to develop eight identified areas in return for greater intra-regional investment and trade. The private sectors of the SAARC countries – represented by seven leading chambers of commerce – suggest regional cooperation in the areas of trade, services, investment, tourism, agriculture, […]

Central Bank said GDP growth was on track to meet annual target of 5.5 percent this year but warned that political instability and progress on peace would be important for faster growth. Service sector growth has been outstripping the agriculture and industry sectors by a fair margin.rn rnSince economic liberalization in 1977 the industry sector […]

The Central Bank, Wednesday, left growth projections of 5.5 percent for 2003 intact, but warned that key structural reforms had to go ahead to maintain the momentum. ldblquote The downside is the slower implementation of structural reforms such as labour reforms, public administration and particularly infrastructure projects means we wont be able to sustain the […]

The United States asked top Sri Lankan politicians to hurry up and sort out their differences, as the ongoing political impasse is hurting the peace process.US Deputy Secretary Richard Armitage said the current political impasse in Sri Lanka cannot be allowed to continue, and added that he will consult with the other donor co-chairs — […]

The Rs. 1bn will be allocated as an outright grant for rehabilitation and reconstruction in 2004, Niranjan Deva Aditya EU Parliamentarian said in a statement this week.rn rnLast years EU budget for Sri Lanka was Rs. 2 bn. In addition Sri Lanka received Rs.1.5bn in Aid of displaced people and Rs.1bn under the Humanitarian Office […]