Tag: economy

Feb 08, 2011 (LBO) – Sri Lanka will expand its dam safety program to cover more large reservoirs and will ask for additional funding from the World Bank following recent floods, officials said. D C S Alakanda, who heads Sri Lanka’s Dam Safety and Water Resources Planning Project said the talks with World Bank to […]

Feb 07, 2011 (LBO) – A large denomination banknote issued by Sri Lanka’s monetary authority is a testament to the recent high inflation created in the country, an economist and opposition lawmaker has said. Sri Lanka’s central bank issued a 5,000 rupee note, more than twice the value of 2,000 rupee, note also issued after […]

Feb 05, 2011 (LBO) – Sri Lanka has good prospects of sustaining economic growth between 7. 0 to 8.0 percent a year if the declared economic plan is implemented, an International Monetary Fund official said. The state has now unveiled a plan to stop living beyond its means by cutting deficits, which can keep interest […]

Feb 04, 2011 (LBO) – A flexible exchange rate that moves in both directions can ward off speculative capital flows by signaling the risk of capital losses, while also improving competitiveness, an International Monetary Fund official said. Policy rates in Sri Lanka are now on a 7.0 to 8.5 percent band compared to almost zero […]

KATARAGAMA, February 4, 2011 (AFP) – Sri Lanka’s President Mahinda Rajapakse promised Friday to promote economic development at all costs to make up for opportunities lost during the country’s separatist war. In an address on the country’s 63rd anniversary of independence from Britain, Rajapakse said he would press ahead with infrastructure projects and double per […]

Feb 03, 2011 (LBO) – Sri Lanka has got 216. 6 million US dollars from the International Monetary Fund despite missing one key target and lack of data for another, with the lender banking on better budgeting and inflation control. The dollar reserves are more than enough to convert the entire rupee monetary base which […]

Feb 03, 2011 (LBO) – Sri Lanka missed a foreign reserve target set in a deal with the International Monetary Fund due to an early repayment of a loan to Iran, IMF resident representative Koshy Mathai said. The government itself has no capacity to generate foreign exchange, except by borrowing and indebting future generations. Exports […]

Feb 02, 2011 (LBO) – The United States said it was “deeply concerned” about the most recent attack on the media in Sri Lanka and said such violence silences voices, undermines freedom of expression and further undermines democracy. A total of 17 journalists and media employees have been killed in Sri Lanka in the past […]

Feb 02, 2011 (LBO) – Sri Lanka needs to boost its export sector at least to regain where it was in the share of exports to Gross Domestic Product about 10 years ago, a visiting economist said. “Probably Sri Lanka has the need to boost the export sector at least to regain where it was […]

Jan 31, 2010 (LBO) – Sri Lanka’s central bank has spent about 11 billion rupees last year to sterilize excess liquidity generated mainly from external sources, and existing excess liquidity is not a threat at the moment, officials said. A large stock of foreign reserves, significantly higher than the local monetary base, can make seigniorage […]

Jan 31, 2011 (LBO) – Sri Lanka’s inflation in January 2011 rose 6. 8 percent from a year ago after rising 6.9 percent in December 2010, the central bank said. Prices rose 1.3 percent during January 2011 with the index rising 231. 2 in the month, it said in a statement. The seasonally adjusted, moving […]