Category: Industry
Tidal Aid
Last month’s devastating tsunami will increase the strain on Sri Lanka’s government finances, but help from donors will likely prevent a full-blown crisis, officials and analysts said Wednesday.Last month’s devastating tsunami will increase the strain on Sri Lanka’s government finances, but help from donors will likely prevent a full-blown crisis, officials and analysts said Wednesday. […]
Shelving Plans
Donors say funds hang in the balance, if the government shelves long term plans such as electricity reforms lined up this year, as tsunami re-building takes centre stage.Donors say funds hang in the balance, if the government shelves long term plans such as electricity reforms lined up this year, as tsunami re-building takes centre stage. […]
Building Block
The government has finally approved coastal building regulations, under the Urban Development Authority(UDA), for tsunami-damaged parts of the country.The government has finally approved coastal building regulations, under the Urban Development Authority(UDA), for tsunami-damaged parts of the country. Under latest guidelines no new construction is allowed up to 100m in the western coast and 200m in […]
Credit Slip
Sri Lanka’s tsunami tragedy will affect an estimate Rs. 20 billion in loans given out by commercial banks to individuals and business in the ravaged coastal belt.Sri Lanka’s tsunami tragedy will affect an estimate Rs. 20 billion in loans given out by commercial banks to individuals and business in the ravaged coastal belt. A fraction […]
Confused Comrades
The JVP wants all tsunami-affected businesses released from their current and previous tax obligations. The JVP wants all tsunami-affected businesses released from their current and previous tax obligations. The government’s main coalition partner, the JVP is calling for blanket tax concessions for tsunami-affected businesses – when the government says no tax breaks. In a statement […]
Money Galore
The World Bank’s private sector financing arm is offering cash grants through its business investments in Sri Lanka who have undertaken post-tsunami reconstruction work.The World Bank’s private sector financing arm is offering cash grants through its business investments in Sri Lanka who have undertaken post-tsunami reconstruction work. Sanjiva Senanayake, the International Financial Corp’s Resident Representative […]
Tsunami Boom
The tsunamis that ravaged Sri Lanka are unlikely to dampen the island nation’s booming property market in the months ahead as foreigners hopefully sniff out bargains and aid floods in, analysts said.The tsunamis that ravaged Sri Lanka are unlikely to dampen the island nation’s booming property market in the months ahead as foreigners hopefully sniff […]
Digging Deep
The Asian Development Bank says it is not keen on offsetting debt, but is pushing for more grant aid and a re-scheduling of loans. Sri Lanka owes the Manila based bank a total of US$ 1.6 bn in total to date, with debt repayment this year standing at US$ 75 mn. Given the ‘extraordinary financing’ […]
As Expected
Sri Lanka’s request for a US$ 113.5 mn debt moratorium on interest payments due to the International Monetary Fund came through on Thu., freeing up some cash for emergency post-tsunami reconstruction bills.Sri Lanka’s request for a US$ 113.5 mn debt moratorium on interest payments due to the International Monetary Fund came through on Thu., freeing […]
Mine Scare
Landmine ban advocacy groups have said claims of shifting landmines are exaggerated, with the tsunami uprooting just about ten of the explosive devices in all un-cleared areas.Landmine ban advocacy groups have said claims of shifting landmines are exaggerated, with the tsunami uprooting just about ten of the explosive devices in all un-cleared areas. The past […]
Tourism industry pushes through delayed reforms as it plans tsunami recovery
A tsunami that wrecked Sri Lanka’s coast in peak tourist season is having its better fallouts, pushing through delayed reform plans while the sector bounces back.A tsunami that wrecked Sri Lanka’s coast in peak tourist season is having its better fallouts, pushing through delayed reform plans while the sector bounces back. The Tourism Ministry said […]
Debt Grace
The Paris Club of creditor nations offered an unconditional freeze on debt repayments for Indonesia, the Seychelles and Sri Lanka to help them recover from last month’s catastrophic tidal waves.The Paris Club of creditor nations offered an unconditional freeze on debt repayments for Indonesia, the Seychelles and Sri Lanka to help them recover from last […]