Category: Economy

Sri Lanka on Tuesday signed up for Rs. 26.1 bn in long-term funds from the Japanese government to develop key sectors in the economy.The loan carries a 2.2 percent interest rate payable over a 30-year period, inclusive of a ten-year grace period, Finance Minister K N Choksy told journalists.rn rnJapanese Ambassador Seiichiro Otsuka says the […]

The Ministry of Fisheries is pushing for new infrastructure to harbour foreign vessels fishing in international waters off Sri Lanka. Thernproposal along with a number of other projects is part of a ten year plan setrnout by the Ministry to tap the potential of the industry in its 2002 NationalrnFisheries Policy, Development Plan and Progress […]

The Urban Development Authority (UDA) is drawing plans to raise money from the local financial market for a mega housing project in the Colombo area. The total cost of the 1,200 house project has not been finalised, but officials estimate each house to cost Rs.1.2 million including the land. rn rnUDA lands in and around […]

Lessons from Tharuna Aruna scheme for the unemployed graduates will help structure a new project aimed at the G.C.E. Advanced level qualified labour population.The Asian Development Bank (ADB) has agreed to a US $ 10 million allocation for the project, Minister of Employment and labour, Mahinda Samarashighe said on Tuesday.rn rnSamarashghe said the project was […]

The Asian Development Bank warned on Saturday that the governments rocky relationship with the powerful executive presidency is stalling economic reforms.“The absence of a bipartisan process makes it more difficult for us to be comfortable as to whether key reforms will take place,” ADBs Country Director, John Cooney told a media briefing.rn rnThe countrys present […]

The Central Bank said Friday, that inflation measured by the Colombo Consumer Price Index for February dropped 1.1 percent over January to 3423.1.Central Bank said the availability of food items, mainly of upcountry vegetables, led to a drop in Februarys inflation.rn rnThe CCPI is the official measure of price changes within the Colombo Municipality for […]

The government and the World Bank will sit together for a final round of talks soon to finalise a big budgetary finance loan.The third meeting will be the last between the two parties before a proposal is put before the World Bank board in May.rn rnIf a final deal is struck at the meeting the […]

The ADB expects Sri Lanka will clock in a 5 percent growth in 2003, building on the back of renewed economic stability and a global recovery in the second half of the year. rnldblquote This performance builds on the progress the Government has made in achieving short-run macroeconomic stability in 2002 dblquote , the Bank […]

Chairman Lal Nanayakkara says the turnaround has come from higher recoveries in its bad loan portfolio and profits from its investment portfolio.rn rnIn 2001, the bank recorded an impressive Rs. 345.29 bn profit reversing a loss of Rs. 1.77 bn in 2000 after providing Rs.821.75 mn for loan losses and Rs. 25.68 mn for the […]

Government is planning to take up the taxation issue with the LTTE as key donors to the island refuse to pay tax in any form.rn rnThe issue is to be taken up at the next round of peace talks with the LTTE.rn rnEconomists point out that development aid will be key to rebuilding war damaged […]

The government is discussing ways of financing the administrative units to be set up in a possible devolution and has also taken up the Tiger tax issue, Cabinet Spokesman G.L. Pieris said.rn rnAt present the LTTE is using various ruses to collect taxes from the people in the North and East.rn rnThough prices have come […]

The Asian Development Bank on Monday approved US$ 300 mn in loan and grant financing for five key infrastructure and poverty alleviation projects in the transport, water and wildlife sectors.