Category: Economy

An ADB release said ldblquote The funds, from the existing Second Power System Expansion project, will rehabilitate low voltage transmission and distribution systems and will complement the recently-awarded private sector contract for 20 megawatts of emergency power for Jaffna.dblquotern rnThe Ceylon Electricity Board has been entrusted with the rehabilitation project. rn rnIn an earlier resolution […]

The suggestion that a post-implementation review (PIR) mechanism be put in place was mooted at the recent development forum held in Colombo. rnrnServing a kind of watchdog function, a team of multi-disciplinary professionals conducts the audit at the completion of selected projects or any significant capital expenditure commitments. rnrnProgress reviews of this kind are usually […]

Legislation to divide the country into five industrial zones under the Board of Investment (BOI) has gone a step ahead, with the draft Act being finalised, Enterprise Development Minister, G.L. Peiris said today.

ldblquote It is vital that fiscal programme remains on track to ensure that the overall budget target of 8.5 percent of GDP is not exceeded, while protecting pro-poor spending, dblquote IMF quote s Deputy Division Chief (Asian & Pacific Dept.) Jeremy Carter said addressing delegates at the Sri Lanka Development Forum today. rnrnCarter urged the […]

rnSri Lanka quote s top trade chamber, the Ceylon Chamber of Commerce, has identified three priority areas for development by the private sector, on a commercial scale. rn rnThese include low cost housing, repair and rehabilitation of road networks as well as construction and operation of up to three star level hotels and tourist facilities.rn […]

The bank said the deficit for the first quarter shrank 18.5 percent to US$ 277 mn from US$ 340 mn recorded in the same period 2001. rnrnExport earnings for the quarter slipped 15.2 percent to US$ 1,080 mn compared with US$ 1,274 mn in 2001. rnrnImport expenditure dropped by 15.9 percent to US$ 1,358 mn […]

Increasing food prices pushed the Colombo District Consumer Price Index up by 6.5 per cent (point to point) to 137.9 from 137.1 in April.

Held for the first time in Sri Lanka, the forum brings together donor countries and lending agencies. rnrnUnlike the earlier Paris Aid group meetings, the parley is not a pledging conference. rnrnThe government will present the second draft of its Poverty Reduction Strategy Paper (PRSP), which will highlight possible areas for donor funding. Another document, […]

The government quote s residual stakes in sugar plantations have been completed.Preparation work on disposing minority stakes in Lanka Marine Services (LMS), Shell Gas Lanka Ltd and National Insurance Corp. (NIC) are progressing as schedule. rnrnldblquote We are hopeful that we can conclude these three deals by end June or so, dblquote Chairman P B […]

But IMF quote s Deputy Managing Director Shigemitsu Sugisaki warned that promised structural reforms have to be stepped up if the country is to achieve a 6 percent growth in the medium term. rnSugisaki, who is the senior most IMF official to visit Sri Lanka so far, had a series of talks with the President, […]

Shigemitsu Sugisaki, is the most senior official dealing with Sri Lanka, will arrive on Tuesday for a two-day visit, the Central Bank said today. rnThe IMF last month resumed the stalled US$ 253 mn standby assistance programme following talks with the new government. rnTotal disbursement today stand at US$ 190 mn. Sugisaki quote s visit […]

rnMinister Bandula Goonerwardene at the Cabinet press briefing today said the government hoped to utilize the funds to boost local investments. The proposed Inland Revenue Special Provision Act, which will declare a 18 month clemency period to invest previously undeclared funds through capital investments in formal businesses.rn Prospective investors will not face penalties or taxes […]