Tag: economy

October 11, 2009 (AFP) – Sri Lanka’s small stock exchange has become one of the world’s top performing bourses as investors reap the peace dividend from the end to the island’s bloody ethnic conflict.Investors are banking on renewed economic strength and profits in the country that emerged in May from a bloody and protracted civil […]

ISTANBUL, October 7, 2009 (AFP) – The IMF gained new stature as global lender at annual meetings with the World Bank in Istanbul that ended Wednesday, but is on a rough road between a fragile economic recovery and dissension among members.The finance chiefs from the 186 member nations of the institutions agreed after two days […]

Oct 09, 2009(LBO) – Fitch Ratings said it has lifted the outlook on Sri Lanka’s ‘B+’ sovereign rating to ‘stable’ from ‘negative’ on the end of a war and a deal with the International Monetary Fund that has boosted foreign reserves. At the same time, the agency said in a statement it has confirmed the […]

Oct 09, 2009(LBO) – Sri Lankan can avoid foreign pressure tied to aid or trade concessions by putting its own economic house in order through better management, a think tank has said. Such reforms will sustain higher growth over the longer term, the IPS said. “The immediate task is to restore macroeconomic stability,” it said. […]

Oct 08, 2009 (LBO) – Sri Lanka’s private sector is being strangled by a plethora of regulations and corrupt and inefficient bureaucrats and politicians that stifle entrepreneurship, a top company executive has said.The public sector, through the finance ministry and the central bank, have to manage effectively the budget deficit, the money supply, the foreign […]

Oct 07, 2009 (LBO) – Sri Lanka will delay its budget for next year, usually presented to parliament in November until national polls scheduled for the first quarter of 2010 is over, a government minister said.Deputy finance minister Ranjith Siyambalapitiya said general elections were likely before April and a mini budget or ‘vote on accocunt’ […]

LONDON, October 6, 2009 (AFP) – The price of gold struck an all-time high Tuesday as the dollar fell on a news report of a plan by Gulf states to stop using the greenback for oil trading.Gold hit 1,045.00 dollars per ounce on the New York Mercantile Exchange in late trades. Hours earlier on the […]

SYDNEY, October 6, 2009 (AFP) – Australia on Tuesday became the first advanced economy to raise interest rates since the global financial crisis and promised more rises to come, boldly declaring the risk of recession over. The central bank announced a rise of 25 basis points to 3.25 percent, lifting rates off a 49-year low […]

Oct 05, 2009 (LBO) – Sri Lanka’s Institute of Policy Studies has released its annual analysis of the country’s economy looking at the impact of a downturn in 2008 and policies needed for recovery, the think tank said. IPS’s annual report, Sri Lanka: State of the Economy 2009, is themed on ‘Global Economic Crisis: Issues, […]

Oct 02, 2009 (LBO) – A decision on delaying Sri Lanka 2010 budget and seeking parliamentary approval for spending in the interim, would be made latest by next week, deputy finance minister Ranjith Siyambalapitiya said.But a senior official said a vote-on-account, or a mini budget for a shorter duration than a year could also presented […]

October 1, 2009 (AFP) – Sri Lanka on Thursday said it accepted much of the United Nations’ recent criticism over its handling of 250,000 Tamils detained in camps since the end of the island’s ethnic conflict six months ago. Human Rights Minister Mahinda Samarasinghe pledged the government would address recommendations made by Walter Kaelin, a […]

Oct 01, 2009 (LBO) – Sri Lanka’s plantations industry is demanding the release of funds taken as an export tax and is asking to treated as exporters under the value added tax regime as they were before, to help cope with a recent wage hike to workers. “We’ve got to see where we can get […]