Tag: economy

Apr 26, 2010 (LBO) – A crisis in Sri Lanka’s state-run ‘free’ education system funded by people’s taxes has worsened with 47 percent of students failing a key junior high school test leaving them stranded with no prospects, a report said. At Sri Lanka’s general certificate of education – ordinary level, equal to a junior […]

Apr 26, 2010 (LBO) – Sri Lanka’s public investments are on the rise as government builds new infrastructure for a post-war revival, laying the foundation for more private investment, Treasury secretary P B Jayasundera said. “Now we have around 25 percent of total investment. ” In 2009 the government invested the equivalent of 6.7 percent […]

April 24, 2010 (AFP) – Sri Lanka’s president will expand his new cabinet by five ministers but the government will still have far fewer members than the previous one, an official source said Saturday. President Mahinda Rajapakse, whose ruling United People’s Freedom Alliance took victory in this month’s parliamentary election, will bring in five more […]

Apr 24, 2010 (LBO) – A new ministry has been created with about 20 mostly loss making state enterprises, in a bid to make them more profitable and less of a burden on the people, officials said. Published data on state enterprises are not easily available. According to data in a report issued by the […]

Apr 22, 2010 (LBO) – The World Bank has opened its statistics spanning 50-years to and called upon the global community to use the data to help poor people in the developing world. “I believe it’s important to make the data and knowledge of the World Bank available to everyone,” a World Bank statement quoted […]

WASHINGTON, April 22, 2010 (AFP) – Delaying financial reform could put the global economic recovery at risk, a group of 24 developing nations warned on Thursday as they called for “vigorous” implementation of reforms. Visiting Wall Street — the epicenter of the global meltdown — Obama called on company bosses to help pass sweeping financial […]

Apr 23, 2010 (LBO) – Sri Lanka’s government is to present a ‘vote on account’ instead of a formal budget for the three-month May to July period and a ‘mini-budget’ thereafter to cover spending till year’s end, a spokesman said. This was because of presidential and parliamentary polls called ahead of schedule, both of which […]

Apr 22, 2010 (LBO) – Sri Lanka’s economy is expected to grow at a faster 5. 5 percent of gross domestic product in 2010 but the country is facing a danger from excessive deficit spending, an International Monetary Fund (IMF) official said. IMF’s forecast is slightly lower than Sri Lanka’s central bank forecast of a […]

Apr 22, 2020 (LBO) – Excess liquidity in Sri Lanka’s money markets were high and base money was growing faster since the last quarter, but the Central Bank will ‘closely monitor’ changes and take action if needed, the monetary authority said. “Reserve money has been expanding at a higher rate since the last quarter of […]

Apr 22, 2010 (LBO) – Two mini-hydro power plants and new hotels and hotel refurbishment are among several investments approved by Sri Lanka’s investment promotion agency, a statement said. The Board of Investment (BOI) said it has approved and signed agreements for eight new investments worth 20 million US dollars that will create 500 job […]

Apr 20, 2010 (LBO) – Post-war Sri Lanka’s main priorities in accelerating economic growth would be to rein in ballooning budget deficits and inflation, the Asian Development Bank said. The government is expected to introduce reforms to broaden the tax base and reduce tax exemptions in the 2011 budget in order to increase revenue, said […]

Apr 20, 2010 (LBO) – Sri Lanka’s state enterprises should be fixed as an “urgent policy priority” with a “strong reform programme” the island’s central bank said as seven state entities lost nearly 50 billion rupees in 2009 which is equal to one percent of gross domestic product. Losses in state enterprises and borrowing from […]