Category: Economy

The Urban Development Authority (UDA) is moving into Jaffna, rolling out plans to develop urban centres in key Northern towns.ldblquote We are giving priority to urban centres in the North, especially Jaffna, Batticaloa, Kalmunai, Valachennai, Chavakachcheri and Kilinochchi as well dblquote , says Director General of the UDA, K Dharmasiri.rn rnThe UDA has already had […]

Traditionally, most of Sri Lanka quote s mega construction projects have been awarded to foreign contractors. But local construction companies say its time the scales are balanced.Mega projects are often those that are foreign funded and value wise, is huge, with an average Rs. 20 bn worth of work in this sector each year.rn rnIt […]

A top state official is calling the government to break away from being over dependant on aid agencies. BOI Chairman Arjunna Mahendran pointed out that governments are over dependant on aid and donor assistance from agencies such as the IMF and the World Bank that state agenda is rerouted to facilitate them.rn rnldblquote I feel […]

A pilot project to mine Sri Lanka’s seabed off the Western coast for offshore sand to sustain a flagging construction industry, has gone up for Treasury approval.Spearheaded by the Coast Conservation Department of the Fisheries Ministry, the initial project cost to the tune of US$ 5 mn, is to be funded by the Dutch Government.rn […]

The Urban Development Authoritys (UDA) call to develop five of its properties in the Colombo District, received 140 proposals when the tender closed on Monday. The UDA however has put off the deadline to June 19 to accommodate more interested investors.rn rnUDA officials told Lanka Business Online that the 140 proposals came from 45 firms, […]

Promoting home ownership and job creation, the National Housing Development Authority (NHDA) is rolling out a campaign to disseminate construction skills to individuals.Initially to be tested on a plantation housing project, the campaign will then help construct 300,000 estate homes under the Plantation Housing Programme before being rolled out islandwide.rn rnThe ldblquote Homes For All […]

rnrnrnrnrnrnThe rural and informal private sector should step up their investmentsrnand business initiativesrnrnrnrnrnTotal investment inrn2002 dropped 0.7 per cent to 21.3 per cent of Gross Domestic Product (GDP) ofrnwhich private investments accounted for 16.7 per cent of GDP a 0.5 per cent risernover the previous year.rn The Central Banksrnsay investments was far below the investment […]

rnrnrnrnrnrnApril 2003rnrnrnrnrn Inflationrnrate measured on a 12-months moving average remained static at 9.9 percent inrnApril, from the previous month, the Census and Statistics Dept said onrnWednesday. rn “Onernof the governments major objectives now is to reduce inflation over thernmedium term and reduce inflationary expectations,” Central BanksrnGovernor, A S Jayawardene told reporters on Wednesday.rn ButrnJayawardene said […]

The Asian Development Bank plans to raise its annual contributions to Sri Lanka to about US$ 250 mn and is also keen the government steps up its aid disbursement ratio.The regional development banks assistance to Sri Lanka averages at around US0 mn a year.But in 2002, the banks lending programmed topped US$ 240 mn, with […]

Sri Lankas trade deficit widened to Rs. 271 million by February, fuelled by higher imports of consumer and intermediary goods.The Central Bank on Monday said the total import bill for 2003 had reached Rs.1.03 billion, an 18 per cent increase over 2002, while exports peaked at Rs. 767 million up from Rs. 714 million in […]

The government hopes to sell off a further 8.5 percent of its shares held in Sri Lanka Telecom this year, as part of its privatisation programme.Last November, the government disposed a 12.5 percent slice of SLT through an initial public offering.rn rnOther state entities earmarked for disposal include CPCs assets and market network, a 69 […]

The Central Bank is optimistic the economy will leap frog and can add another 4 percent growth, if the peace initiatives continue.Central Bank governor A S Jayawardena said the bank is looking at an average 6.5 percent GDP growth over the next four years, up from about an expected 3.5 percent last year. rn rnldblquote […]