Tag: economy

October 21, 2010 (AFP) – The Sri Lankan government has said its troops collected more than four million dollars worth of gold jewellery during the defeat of the Tamil Tiger rebels. Chief government whip Dinesh Gunawardena told parliament on Wednesday that security forces picked up the precious items during the final months of the decades-long […]

Oct 20, 2010 (LBO) – Sri Lanka’s recently controlled inflation and an economic recovery can be maintained if state deficit spending can be tamed, giving ordinary citizens a chance to engage in growth creating economic activities, the International Monetary Fund has said. The IMF, in a statement issued following the annual ‘Article IV’ consultations with […]

Oct 19, 2010 (LBO) – Sri Lanka must integrate itself with global production processes and markets instead of trying to produce everything itself, W A Wijewardena, a former central bank deputy governor, has said. “Previously we thought it was English. Now we call it globish – global English – the language used by Chinese, Japanse […]

Oct 19, 2010 (LBO) – Sri Lanka’s central bank will maintain benchmark interest rates at current levels as inflation remains low, credit flows are picking up and economic growth strong, a statement said. The Monetary Board of the bank at Monday’s meeting decided to maintain the Repurchase rate and the Reverse Repurchase rate at 7.25 […]

Oct 17, 2010 (LBO) – Sri Lanka may have about 20,000 guest workers, mainly from India and Pakistan working as labourers, domestic workers, cooks and waiters in restaurants in several towns without proper authority, a media report said. Sri Lanka’s The Sunday Times newspaper said the number was an ‘official estimate’ but the island’s immigration […]

Oct 16, 2010 (LBO) – Sri Lanka’s rulers can set an example to the people by starting to pay taxes and the increasing privileges of elected officials can permeate wider into a bloated state, a retired public servant who has spent his life batting on the side of the people said. “For instance there is […]

Oct 15, 2010 (LBO) – Sri Lanka’s Hydro Power Free Lanka is looking for 350 million rupees in equity to build three new plants while the firm also has a revenue stream from two existing plants, officials said. Hydro Power Free Lanka posted revenues of 114. 9 million rupees and earned profits of 56.7 million […]

Oct 15, 2010 (LBO) – A report on reforms to Sri Lanka’s complex national and regional taxes will recommend consolidating 25 different existing taxes into 15 or lower, a member of an expert committee said. Saman Kelegama, a member of a presidential commission on taxation, and head of Sri Lanka’s Institute of Policy Studies, a […]

Oct 15, 2010 (LBO) – Sri Lanka’s 2011 budgeting process will get underway with the presentation of an ‘appropriation bill’ in parliament on October 19, and planned deficit of 7.0 percent of the economy from around 8.0 for the current year. Tax revenues have also been in line with nominal GDP growth at 18.3 percent […]

SINGAPORE, October 14, 2010 (AFP) – Singapore on Thursday announced a surprise move to tighten monetary policy, pushing the local dollar to new highs as the economy headed for 13 to 15 percent expansion this year. The Monetary Authority of Singapore (MAS) signalled its anti-inflation stance after government data showed the economy expanded an annual […]

Oct 13, 2010 (LBO) – Sri Lanka should be re-assessed by US businesses after the end of a 30-year war as the country moves forward in a peaceful environment though ethnic reconciliation remained a challenge, a top US trade official said. “We think that political reconciliation could be greatly accelerated with economic growth. We need […]

STOCKHOLM, October 12, 2010 (AFP) – Three labour market experts, including one blocked for a top post at the US Federal Reserve, won the 2010 Nobel Economics Prize Monday for research that has had an impact on employment reforms worldwide. The Nobel jury said the work of Peter Diamond and Dale Mortensen of the United […]