Tag: economy

TOKYO, January 5, 2009 (AFP) – Japan, Sri Lanka’s top donor, was cautious Monday after the Tamil Tiger rebels’ capital fell, with an official saying that only a political solution could resolve the island’s ethnic war. Sri Lankan President Mahinda Rajapakse, part of the Sinhalese majority, vowed in a New Year’s address to crush the […]

Jan 02, 2009 (LBO) – The Sri Lankan government is considering increasing customs duties on milk powder imports to take advantage of plunging global prices without raising domestic prices and raise revenue. World prices have plummeted by over 50 percent from a November 2007 high of 4,550 dollars a metric ton of milk powder. “The […]

Jan 03, 2009 (LBO) – Sri Lanka’s central bank has promised single digit inflation amid deflationary external conditions and the possibility of a looser stance and lower interest rates in 2009, in its annual road map for monetary policy. In the last few months inflation has been falling with the effects of external deflationary conditions […]

Jan 02, 2009 (LBO) – Sri Lanka’s inflation rate expected to fall to 8.0 – 9.0 percent by mid-2009, central bank governor Nivard Cabraal said.Cabraal said inflation has been coming down since July 2008 and that inflationary expectations also show signs of moderating. “Also, interest rates are expected to follow the decline in inflation,” Cabraal […]

Jan 01, 2008 (LBO) – Sri Lanka is hoping to hike import taxes as international prices fall to cover part of the cost of a 16 billion rupee ‘stimulus’ announced by the government to boost economic growth in 2009, a top official said. The government announced a series of measures this week, including cheaper diesel […]

Dec 31, 2008 (LBO ) – Consumer price inflation in Sri Lanka’s capital Colombo fell to 14.4 percent in the 12-months to December from 16.3 percent in November, the government’s statistics office said. In the first half of 2008 inflation was high partly due to effects of loose policy in 2007 and also high inflation […]

Dec 31, 2008 (LBO) – Sri Lanka has repaid 175 million US dollars in commercial loans, involving Citibank and India’s ICICI Bank, and raised only 150 million dollars in new loans, in 2008, the government’s debt office said. A 100 million US dollar syndicated loan arranged by Citibank in 2005, a balance 25 million US […]

Dec 30, 2008 (LBO) – Sri Lanka’s government has moved to protect and revive the tea and rubber industries with a host of incentives announced in a wide-ranging economic stimulus package. These measures meet long-standing demand of tea cultivators, especially small farmers, and factory owners. The government will also set up a state trading institution […]

Dec 30, 2008 (LBO) – Sri Lanka has announced a ‘stimulus package’ valued at 16 billion rupees to maintain growth at an optimistic 6.0 to 6.5 percent in 2009, with cuts in energy prices and incentives for exporters. “We have been able to maintain a growth rate of 6.0 percent or above in the past […]

Dec 29, 2008 (LBO) – Sri Lanka’s statistics office has defended their numbers from a growing tide of skepticism amid further revelations about the involvement of the island’s policymakers in manipulating the country’s price index. The skepticism about Sri Lanka’s growth numbers came at first because two different numbers were generated from the Central Bank […]

SAIPAN, December 29, 2008 (AFP) – The Northern Mariana Islands, faced with an escalating economic crisis, needs a four-day working week to cut costs, Governor Benigno Fitial said Monday. Fitial, who rejected a proposed budget bill that contained pay increases for department heads, said cost-cutting measures were “critical.” The department of finance said the Northern […]

WASHINGTON, December 27, 2008 (AFP) – Christmas retail sales plunged in the United States, a poll showed Friday, as Japan reported record cuts in production and more signs emerged that Spain has entered a recession. A leading think tank in London also forecast the British economy would shrink by 2.9 percent next year in the […]