Category: Featured
Sri Lanka growth to accelerate to 4.7-pct in 2017: World Bank
June 05, 2017 (LBO) – Sri Lanka’s growth is forecast to accelerate to a 4.7 percent rate in 2017 and 5 percent in 2018, a new World Bank report says. According to the World Bank’s June 2017 Global Economic Prospects growth will happen as international financial institution programs support economic reforms and boost private sector competitiveness. […]
Sri Lanka video showing rice as containing plastic is false: ministry
June 05, 2017 (LBO) – Sri Lanka’s Ministry of Industry and Commerce says a Youtube video that has gone viral which shows cooked rice as containing plastic is false. “The video shows that some basmati rice purchased from Pitakotte outlet of Lanka Sathosa not becoming stale (like other Basmati rice varieties) even after 24 hours […]
Sri Lanka vehicle registrations drop in April: JB Securities
Jun 02, 2017 (LBO) – Total vehicle registrations in Sri Lanka fell to 33,438 units in April from 40,021 in March, with declines in all major categories except three-wheelers and tractors, JB Securities said in a research note, likely affected by the holiday season. Three-wheelers observed a 12 percent growth, month-on-month, to 1,452 units in […]
‘s Global Economy Programme
Jun 02, 2017 (LBO) – Sri Lanka’s foreign policy think tank Lakshman Kadirgamar Institute has signed a memorandum of understanding with the MJF Group to establish a Global Economy Programme to focus on international trade, foreign investment, and tourism. The establishment of the programme at LKI reflects the increasingly key role of economic diplomacy in Sri […]
Sri Lanka tea production to be impacted by bad weather
Jun 02, 2017 (LBO) – Sri Lanka’s tea production is likely to be further impacted as the country experienced its worst disaster from torrential rain since 2003 last week, a report said. “The worst affected is the Southern and Sabaragamuwa provinces,” Forbes and Walker Tea Brokers said. “Needless to say, the current scenario would adversely […]
”’ LNG to Sri Lanka
June 01, 2017 (LBO) – India’s Petronet LNG has proposed to supply ‘green’ LNG to Sri Lanka and is awaiting an evaluation of their proposal, Deputy Manager of Petronet LNG Manik Jhamb said during a visit to Colombo. “Investing in it is a win-win for Lankan government, consumers and for us since it is Green […]
Sri Lanka flood levels begin to reduce, more rain expected
Jun 01, 2017 (LBO) – Sri Lanka’s national disaster management officials have reported that water levels are beginning to recede along the major river basins, the Office of the UN Resident Coordinator said in a flood situation update. However, access to remote villages remains a significant challenge. With forecast of more rains in the coming […]
Sri Lanka to obtain USD200mn loan from Pakistan
Jun 01, 2017 (LBO) – Sri Lanka’s cabinet has approved obtaining of a loan worth 200 million dollars from Pakistan for the financing of priority development projects. The loan will be utilized for housing construction, development of livestock, importing equipment required for agriculture and dairy production, and development of the Industrial Technology Institute. Former Finance […]
Sri Lanka reinsures natural disasters with Renaissance Singapore
May 31, 2017 (LBO) – Sri Lanka has selected Renaissance Reinsurance Singapore as the lead reinsurer of the national natural disaster and emergency relief insurance scheme for the year 2017/18. This cover was introduced last year for natural disasters covering the whole country, and payment of claims have been expanded to include a range of […]
‘s economic success: Finance Minister
May 31, 2017 (LBO) – Sri Lanka’s newly appointed finance minister says to bring sustained investment and growth, Sri Lanka has to ensure peace and reconciliation while also setting up corresponding globally recognized regulatory mechanisms and investment practices. “Without reconciliation and durable peace, without guarantees of non-recurrence of conflict, Sri Lanka cannot achieve economic success,” […]
Sri Lanka flood death toll rises, DMC provides maps
May 30, 2017 (LBO) – The death toll from torrential rain across Sri Lanka has risen to 193 persons with more than 100 people still reported missing, the island’s Disaster Management Centre said Tuesday. The Disaster Management Centre said that over 575,000 people were affected in 15 districts. National Building Research Organization said they issued […]
Foreign relief aid pledged to Sri Lanka after floods
May 30, 2017 (LBO) – Sri Lanka’s official flood death toll rose to 177 on Monday as the island sought international assistance. High Commissioners and Ambassadors from the United Kingdom, United States and Japan met with the newly appointed Foreign Minister Ravi Karunanayake and pledged their support in various forms of relief aid. Japan had […]