Category: Featured
Japan to provide 45 bn Yen loan under comprehensive partnership-Updated
Oct 06, 2015 (LBO) – Japan will provide a 45.4 billion Yen (380 million dollar) loan under a ‘Comprehensive Partnership’ arrangement that will include expansion of the Bandaranaike International Airport in Sri Lanka, the Japanese Foreign Ministry said. The agreement was announced during Prime Minister Ranil Wickremesinghe’s visit to Japan after meetings with Japanese Prime […]
Analysis: Sri Lanka foreign reserve dilemma hinges on Central Bank objectives
Oct 05, 2015 (LBO) – Acting quicker than it did in early 2012, the decision by Sri Lanka’s Central Bank to give up defending the rupee in September of this year bodes well for a quicker recovery of foreign exchange reserves. But enamored with an additional objective of economic development, that goes beyond financial and […]
Opinion: Consuming GMOs is least of our problems
Oct 04, 2015 (LBO) – For a sector so essential to Sri Lanka, it seems the public understanding of agriculture is rather poor. This may be why we have lagged behind other Asian countries in terms of crop productivity. One sign of this — almost all vegetable seeds are now imported. Agriculture experts have watched […]
‘s govt plans to intervene in tea prices with purchases of Rs300mn
Oct 01, 2015 (LBO) – Sri Lanka’s plantation ministry said that it plans to300 million rupees from the auction to artificially raise the price of tea with savings from the money that government subsided for tea small holders.“We have passed this proposal to ministry of economic affairs and policy which is under the prime minister,” […]
“Megapolis” Sri Lanka’s road to better sustainable development: Minister
Oct 01, 2015 (LBO) – Mega cities are important to transform Sri Lanka into a smart country and Colombo will remain as the epicenter for economic activities, Minister Champika Ranawaka said.“The proposed Megapolis concept is now underway and will span from Negombo to Beruwela and the Colombo city will be functioning as the epicenter,” Megapolis […]
Sri Lanka not actively pursuing IMF option: CB Governor
Sept 30, 2015 (LBO) -Sri Lanka is not actively pursuing funding from the International Monetary Fund, the Central Bank Governor Arjuna Mahendran told Lanka Business Online. “The IMF is always available. I wouldn’t say that was something we were actively pursuing. There is no need for it as we have sufficient reserves,” he said. “But […]
Sri Lanka’s biggest challenge of good governance is re-establishing and strengthening democracy says PM
Sep 30, 2015 (LBO) – Sri Lanka’s biggest challenge of good governance is re-establishing and strengthening democratic society in which government plans to achieve within next two years, Prime Minister Ranil Wickremesinghe told a forum on Tuesday.“Today in Sri Lanka the biggest challenge of good governance applies to all of us in terms of re-establishing […]
Sri Lanka wants holding company structure for public enterprises: Governor
Sept 29, 2015 (LBO) – Sri Lanka’s government is looking at setting up a holding company which will own equity stakes in public enterprises, the central bank governor said. The aim here is to improve good governance and restructure under-performing ones, he said. “The government wants to evolve a holding company which will own equity […]
Sri Lanka to strengthen economy despite global scenario: Ravi K
Sep 29, 2015 (LBO) – Sri Lanka’s finance minister Ravi Karunanayake said that the government would continue to strengthen the economy despite the current global situation.“I am ready to make a special statement on the fiscal situation of the country within the next couple of days,” Karunanayake said. “We will also explain how the emerging […]
Free flow of information vital for financial markets: CB Governor
Sept 28, 2015 (LBO) – A free flow of information is vital for financial markets to grow, Sri Lanka’s Central Bank Governor Arjuna Mahendran told media on Monday. He was responding to a question posed by Lanka Business Online about concerns of market participants that they should censor information when dealing with the media. Some […]
Sri Lanka RDA engineers write to PM over DG demotion
Sept 28, 2015 (LBO) – Sri Lanka’s Road Development Authority Engineers’ Association (RDAEA) has written to the Prime Minister regarding the demotion of the Director General of the RDA as they have not yet received a response from the President’s office, a union official said. “We have written to the President, and we had a […]
‘s vehicle import bill, says Murtaza
Sept 15, 2015 (LBO) – A rash of credit-fueled vehicle imports is affecting Sri Lanka’s balance of payments at the moment. But the bigger problem is not addressing fundamental monetary and fiscal policy issues, says Murtaza Jafferjee, the chief executive at Colombo-based JB Securities.“The primary factor fueling the demand for vehicles is credit. When the […]