Category: Economy

Confusion looms over the state of emergency, with the Government Printer saying the President had asked him not to issue the gazette notification imposing the emergency. Meanwhile, the Presidents office says Her Excellency is due to address the nation on the state of emergency at 8.30 pm on Friday.rn rnThe fresh developments come with Prime […]

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 […]

Sri Lanka is tipped to head for a mini budget as signs of the UNF budget making its way to Parliament this year, diminish.rnrnrnGovernment finances run on a calendar year and a Vote on Account (mini budget) is needed to ensure the administration runs for an interim period.rn rnPresident Chandrika Kumaratungas move on Tuesday to […]

The Finance Minister in an emergency meeting with the press on Wednesday said fertiliser subsidies was to be increased significantly from the Rs. 2 billion allocation this year.rn rnChoksy said the farming community deserved an increased subsidy, given the two subsequent bumper harvests. rn rnThe relief measure however, goes against earlier statements from related Ministries, […]

The Sri Lanka Muslim Congress (SLMC) leader Rauff Hakeem says his party will back the UNF government only on conditions put forward by his party. Conditions include Muslims being recognised as a separate and independent participant and that the partys proposals for an interim administration are considered at peace talks with the Liberation Tigers of […]

Investors are bracing for a brutal fall in share prices in Thursday trading, following up on the over 18 percent drop in the ASPI over two days. The stockmarket plummeted through Tuesday and Wednesday trading on news that the President had sacked three key Ministers from their posts sand was mooting plans to take control […]

President George W. Bush on Wednesday praised Sri Lankan Prime Minister Ranil Wickremesinghes “leadership,” a day after President Chandrika Kumaratunga exploited the premiers absence to ignite a constitutional crisis. Fresh from the endorsement delivered at Oval Office talks, Wickremesinghe promised to sort out the turmoil unleashed when Kumaratunga sacked three ministers, suspended parliament and sent […]

The Colombo stock market took a plunge as President Chandrika Kumaratunga sacked three key ministers and took over the portfolios of Defence, Interior and Media.Government Spokesman Gayrika Perusinghe told LBO that President Kumaratunga had removed Ministers Thilak Marapana (Defence), John Amaratunga (Interior) and Imthiaz Bakeer Markar (Media) and their respective line bureaucrats with immediate effect.rn […]

The market is climbing up, with analysts seeing investment oppurtunities, urging buyers to return to the market. rn”Fundamentally stocks are trading at attractive levels. There are enough buying oppurtunities and now is the time to enter the market”, says Manager Research at HNB Stockbrokers, Hasitha Premaratne.rn rnBuyers are returning on the back of mostly panic […]

Suspension of parliament, other actions possibly detrimental to peace, says State Department Spokesman on Wednesday.U.S. State Department Deputy Spokesman Adam Ereli expressed concern that President Kumaratungas decision to sack three government ministers, suspend parliament, and deploy troops around the capital “could have a negative effect on the peace process and talks with the Liberation Tigers […]

The Norwegian-brokered ceasefire pact between the Sri Lankan government and Tamil Tiger guerrillas will stand despite President Chandrika Kumaratunga taking over the defence ministry, a presidential adviser said Wednesday. “The president has specifically asked me to state that the ceasefire agreement stands and will stand and there is no question about it,” Lakshman Kadirgamar, international […]

The state is gunning for a Rs. 9 billion cut in interest costs for 2004, after making a Rs. 4 billion saving in 2003. Deputy Finance Minister Bandula Gunawardene says interest costs for 2003 is estimated at Rs.130 billion, down from over Rs. 134 billion last year.rn rnThe Minister says prudent fiscal management or accelerating […]