Tag: economy

July 23, 2009 (LBO) – Sri Lanka may get a 300 million US dollar loan from Asian Development Bank new facility to help stimulate slumping economies in the region, a media report said. A 30-year internal conflict ended after the military wiped out Tamil Tiger separatists in May. “Sri Lanka is in an extremely favorable […]

July 22, 2009 (LBO) – An International Monetary Fund loan will beef up Sri Lanka’s external solvency but it will raise investor confidence further once details spelling out an economic plan agreed with the lender are published, analysts said.In 2004 a growth oriented IMF backed structural adjustment program was abandoned half way and budget deficits, […]

July 21, 2009 (LBO) – Sri Lanka is planning a budget deficit of 7.0 percent of its economy under a plan agreed with the International Monetary Fund, which will help improve the country’s rating and open the way for foreign financing, a top official said. A 7.0 percent target is tight for Sri Lanka and […]

July 21, 2009 (LBO) – Sri Lanka will get 313 million US dollars on July 24 as part of a 2.5 billion US dollar stand by loan running for 20 months, International Monetary Fund managing director Dominique Strauss-Kahn said. Under the program Sri Lanka was expected to improve its budgets, that had high deficits financed […]

July 21, 2009 (LBO) – Sri Lanka will have more options to tap foreign investors after it gets a 2.5 billion US dollar standby loan from the International Monetary Fund, Central Bank governor Nivard Cabraal said. Cabraal said he will also be in London later this week to “update investors.” “Once we get a feeling […]

July 21, 2009 (LBO) – Over 200 Sri Lankan firms have qualified for a government export incentive scheme the first payments of which are expected next month, but many claims have been rejected owing to errors in applications, officials said. “It is a reward to direct exporters in manufacturing processing industries who have survived the […]

July 20, 2009 (LBO) – Sri Lanka’s higher education system needs to be revamped with more investment to produce graduates with information technology and English skills, while private providers need regulation, a World Bank study has said.Higher education minister Wiswa Warnapala says expansion of the arts and humanities stream, low quality external degree programs, and […]

July 20, 2009 (LBO) – Sri Lanka has signed a formal document setting out an agreed program with International Monetary Fund staff that is now awaiting approval from its top decision making body, a top official said.On Monday 2013 bonds were offered at 12.95/13.00 percent, down 05 basis points from Friday.A 3-year bond maturing in […]

July 18, 2008 (LBO) – Sri Lanka’s central bank has Friday withdrawn seven billion rupees, a part of the money printed to finance a government cash deficit earlier in the week, reducing the risk of triggering another balance of payments crisis. “So long as open market purchases of Government securities are allowed (as, of course, […]

July 18, 2009 (LBO) – Sri Lanka which taxes imported milk powder at very high levels, has asked importers to bring the price of a one kilogram pack to fall by 37 rupees and 400 gram pack by 15 rupees, official reports said.According to official data a kilogram of imported milk powders was taxed at […]

July 17, 2009 (LBO) – A recent IMF mission to Sri Lanka had “good discussions” with the authorities, but the views of the international community on a loan would still be considered at an executive board meeting, an official said. A ‘staff level’ deal also had to be reached. “Because the first thing that happens […]

July 17, 2009 (LBO) – Sri Lanka is widening the tax net to catch small shop owners and hair dressers to fluff up flagging government income, while excise revenues had also lost it usual buzz, officials said. “Most businesses such as boutiques, hair salons and retailers don’t pay value added tax (VAT),” the head of […]