Category: Economy

Proceeds from the auction will be used as seed capital for the proposed Youth Corps, Minister Bandula Goonerwardene said.rn rnThe Gold collection, which includes 1521 bangles, 1192 rings and 1242 bangles, is currently placed with the Central Bank in eight separate deposits. rn rnIt is claimed that the JVP has build up this Gold reserve […]

Gunaratne is a Chartered Accountant by profession and presently is the Chairman of Sevanagala Sugar Industries. rnrnSevanagala Sugar, is in the process of being privatised with the government selling its 90 percent stake. Four parties have been shortlisted. rn

The Board has also approved Sri Lanka quote s request to extend the period of the current programme by two months to August 19 2002. rnrnThe Sri Lankan Government resorted to an US$ 253 mn stand by arrangement with the IMF early last year following a steep drop in official reserves and free float of […]

The rebel group quote s theoretician Dr.Anton Balasingham explaining his leader quote s stand said, ldblquote economic policy would be based on the open market system. [But] We can only think about the economic structure, after the conflict is resolved dblquote . rnrnThese statements are expected to somewhat mitigate the Sri Lankan business communities anxiety, […]

Cabinet spokesman Prof. G L Peiris announced that a decision to this effect was taken yesterday, allowing private operators re-enter domestic air travel. rnrnMeanwhile, in a shift of policy, the opposition members from across the floor will from now on be elected to chair the Public Enterprise Committee and the Public Accounts Committee. rnrnOpposition MP […]

An agreement for technical assistance for the SME sector was officially closed between the government and the ADB on March 27rn rnThe aid is being funded as a grant by the Japan Special Fund and is a component of the ADB-financed lquote Small and Medium Enterprise Sector Development Program quote loan of US$86 million.rn rnThe […]

The bank said the deficit in January had shrunk to US$ 131 mn from US$ 228 mn in the same month a year ago. rnPresenting its growth-oriented budget last week, the government said its expects the deficit to expand slightly for the whole of 2002, to US$ 1.25 bn from US$ 1.16 bn in 2001. […]

The numbers speaks for itself.Tax breaks, lower interest rates and massive reforms, all delivered with little fanfare.

The Marxist party was planning to use the privatisation programme as a strategic weapon to frustrate the government quote s reform agenda, a top government source told Lanka Business Online today. rnrnldblquote The privatisation programme is going ahead as planned, with Sri Lanka Insurance Corporation and state utilities in the pipeline. We just did not […]

ldblquote We will make our recommendations to the board within the next three days.The board will decide on the trench payment by late April dblquote , IMF Senior Representative, Dr.Nadeem Ul Haque told Lanka Business Online. rnrnThere is a possibility that the fund would combine two-tranch payments of US$ 30 mn each for the April […]

Finance Minister K N Choksy officially said the economy contracted by 1.3 percent during 2001. rnrnHe outlined a range of measures that the government plans to streamline in its quest for revive the economy. rnA new Commissioner General is to be appointed to contain defence expenditure, which currently accounts for 20 percent of the total […]

Tittawelle in his presentation about the role of the government at the financial reforms forum today, identified public service reforms and pension reforms as other key initiatives to bridge the fiscal deficit. rnrnContinues trend of budget deficits recorded during the past two decades has resulted in the mammoth public debt, which has a significant crowding […]