Category: Economy

Sri Lankas trade deficit for the first seven months of this year shrank to US$ 824 mn as the countrys import bill galloped ahead of export earnings.The Central Bank said on Friday that cumulative export earnings during the period rose 18 percent to US$ 2.871 bn, while the import bill picked up by eight percent […]

Japans special envoy Yasushi Akashi says the government and the LTTE need to resume talks urgently. Akashi said the donor community is expecting the two parties to resume talks within the next few weeks.rn rnAkashi made his observations at the close of the first follow up meeting to the Japan donor conference in June. rn […]

The Asian Development Bank, on Tuesday finalised plans to raise its lending assistance to Sri Lanka to US$ 700 million over the next three years. The extended assistance is part of the Country Strategy and Program (CSP) for 2004-2008, approved by ADBs Board of Directors.rn rnThe proposed lending level represents a $100 million increase over […]

Malaysian investment volumes of Rs. 2.5 bn are projected to grow by 100 percent after successful investment promos in Kuala Lumpur recently, the Board of Investment said Thursday. The trade seminars attracted some 700 Malaysian businessmen, with a great deal of interest from Penang, the countrys software nerve center. rn rnSeveral Malaysian investors have approached […]

The International Monetary Fund says it will delay releasing the second US$ 80 mn installment next month, as the government has missed two of its targets.The government signed up for a US$ 567 mn structural adjustment facility in April this year under the Funds poverty reduction and growth facility or PRGF.rn rnThe initial US$ 81 […]

State Engineering Corporation officials say its role has to change from a construction company to a foreign market oriented skills development centre.The plan also requires the Corporations to continue under state ownership.rn rnThe proposal falls within its restructuring plan handed in to policy makers who have tagged the Corp., for privatisation. rn rnChairman, Ariyaseela Wickramanayake […]

The United Nations Development Program said Thursday, that they will strengthen ongoing de-mining efforts in the North, with a technical assistance grant of US$ 3.2 mn. Since a ceasefire 19 months ago, there has been humanitarian mine assistance to remove some 1.5 mn landmines still lying buried in private and fertile agricultural lands in the […]

The Treasury is selling its residual stakes in 19 firms, 14 of them through the Colombo Stock Exchange. At current trading prices, the stakes in 13 of the 14 listed firms are worth Rs.194.6 million.rn rnThe larger parcels of the listed shares and the five unquoted firms will be sold on an all or nothing […]

The government is rolling out a series of rural road development and electrification projects as it starts spending the lquote peace dividends, of a 19-month ceasefire.rnrn rnAn accelerated development programme is being rolled out at a cost of Rs. 17.4 bn over an 18-month period to take roads and electricity to parts of rural Sri […]

The ADB on Friday revised its export growth targets for 2003 upwards to 10 percent from an earlier 6 percent, but warned of power shortages eating into early gains by 2004. rnldblquote Export performance should be more robust than anticipated in the beginning of the year with the recovery of Sri Lankas main export markets […]

The Tariff Advisory Council (TAC) says that the import cess charged on luxury goods, should not be channelled towards the Export Development Board (EDB). The government charges duties over 45 percent on liquor, cigarettes and cars, but the monies are mainly used to meet the EDBs running expenses.rn “The cess is an indirect tax on […]

The Asian Development Bank (ADB) on Monday pledged US$ 105.3 million to support two projects linked to education and water and sanitation.The Distance Education Modernization Project will attempt to bridge the gap between the countrys postsecondary education system using technological advances through a million equivalent loan.rn rnThe project is expected to increase access to distance […]