Category: Economy

Most of the US$ 4.5 bn pledged in aid as well as a second US$ 80 mn tranche from the IMF is due in December, tied to conditions in the proposed budget.rn rnPlans to present the budget in Parliament on November 12 were scuttled when the President suspended parliament last week.rn rnldblquote Representatives of the […]

The Sri Lankan presidents plan to oust her archrival prime minister through a constitutional maneuver may have backfired and caused new rifts within her ranks, politicians and analysts say. A member of Kumaratungas coalition Peoples Alliance (PA) said she had failed to muster defections from Prime Minister Ranil Wickremesinghes party to ldblquote push through a […]

Sri Lankan Prime Minister Ranil Wickremesinghe told his cabinet Monday that he was ready to face a snap election to end a bitter stand-off with a hostile president, a government spokesman said.The government was prepared for an election, four years ahead of schedule, to get over the political impasse after President Chandrika Kumaratunga sacked three […]

Peace talks between the Sri Lankan government and Tamil Tiger rebels have been postponed until the political crisis in Sri Lanka is resolved, the governments chief peace negotiator G.L. Peiris said Monday.“Given everything that has happened in the past few days, it is logical to assume that we have to resolve the threshold issue before […]

Prime Minister Ranil Wickremesinghe has put the peace process on the board as the latest move in a game of political-chess that started last week with President Kumaratunga taking over three ministries.After meeting the ambassadors of Norway and United States, the two co-chairs of the Tokyo donor conference on Sunday, government spokesman G L Pieris […]

Aid donors warned of long delays in aid distribution if the budget is not presented soon as the IMF postponed the release of the second tranche of a key structural adjustment loan.The second tranche of a US$ 567 mn IMF loan backing the reforms could be pushed back due to the current political uncertainty and […]

Governor of the Swedish Central Bank says Sri Lankas Central Bank is almost ready to go for a fully-fledged inflation targeting exercise.Sweden has successfully used an inflation target based approach to stabilize its economy.rn rnTypically, a central bank will set a low, but credible target and change interest rates to achieve it, regardless of what […]

Governor of the Swedish Central Bank says Sri Lankas Central Bank is almost ready to go for a fully-fledged inflation targeting exercise.Sweden has successfully used an inflation target based approach to stabilize its economy.rn rnTypically, a central bank will set a low, but credible target and change interest rates to achieve it, regardless of what […]

Presidential spokesperson and new Rupavahini Corp., Chairman Harim Peiris said the President also has a mandate from the people. rnrnPeiris comments came on Friday evening following the Presidents move on Tuesday where she removed three portfolios off UNF Ministers and prorogued parliament until November 19. rn rnHer Excellency is only working on that mandate said […]

President Chandrika Kumaratunga has revived her call for a national government and re-assured that Parliament will be re-opened and the 2004 budget presented thereafter.In a televised address to the nation, she said the country was at the “cross roads in its history” and that it had been the demand of the people for a long […]

President Chandrika Kumaratunga withdrew tough emergency laws on Friday and replaced them with a lesser clause under the Public Security Ordinance (Chapter One), giving her control over the armed forces, but removing powers to make emergency regulations.Though the controversial state of emergency decree announced on Wednesday was scrapped, the law authorised to replace it, allows […]

In 2001, many a Sri Lankan and some foreign residents here at the time, dropped what they were doing, to hold hands on the streets instead. There could be a repeat of event, but this time its organisers, Sri Lanka First, is also considering alternative proposals just in case the state of emergency now in […]