Tag: economy

Dec 03, 2007 (LBO) – The International Monetary Fund (IMF) has called for further reforms of Sri Lanka’s state electricity utility which looks set to make a 20 billion rupee loss this year. Many of the losses in the Ceylon Electricity Board (CEB) were financed by loans from state banks posing a threat to the […]

Dec 02, 2007 (LBO) – Zimbabwe’s rocketing prices which are starting to take almost the same path as the 1920’s German hyperinflation, could be halted by scrapping its central bank, a top economist has said. Since 1997 inflation has surged 1,030,217 percent and economic activity in the country measured by gross domestic product per capita […]

Dec 01, 2007 (LBO) – Sri Lanka is about to release an inflation index that shows a lower level inflation a top official said, making the island the latest country to change indices in the face of runaway inflation from money printing. Rising inflation has prompted calls for legislated inflation targeting and full independence for […]

Nov 30, 2007 (LBO) – The International Monetary Fund (IMF) has warned that Sri Lanka may be heading towards a foreign debt crisis unless the island changed its recent habit of borrowing commercial dollars to bridge high budget deficits. IMF’s executive directors in an assessment after the international monetary watchdog completed its annual Article IV […]

Nov 29, 2007 (LBO) – Sri Lanka’s state revenues have to grow twice as fast in the last quarter and expenses growth has to plunge to single digits for revised budget targets for 2007 to be reached, a private sector economist said. . According to disclosures under Sri Lanka’s fiscal responsibility law revenue up to […]

Nov 29, 2007 (LBO) – The International Monetary Fund (IMF) has asked Sri Lanka to print less money and have better budgets to prevent balance of payments problems and high inflation, after its annual discussions with the island. IMF’s executive board assessing Sri Lanka in the annual Article IV consultations with the island said recent […]

Nov 28, 2007 (AFP) – Sri Lanka’s president secured 1.5 billion dollars worth of financial aid from Iran for infrastructure projects while on a three-day visit to the country, his office said on Wednesday. President Mahinda Rajapakse concluded his trip to Iran on Tuesday by signing eight memorandums of understanding (MoUs) with his Iranian counterpart […]

Nov 28, 2007 (LBO) – The United Nations Development Program says climate change has become the central challenge of development. UNDP has just released its Human Development Report in which Sri Lanka is ranked 99 out of 177 countries. This is a message from UNDP administrator Kemal Dervis Climate Change and Development: The central challenge […]

Nov 28, 2007 (LBO) – A new report by the United Nations says that Sri Lanka is doing well according to human development indicators despite the disruption and suffering caused by a long-running ethnic war. The United Nations Development Programme’s Human Development Report for 2007 indicates that Sri Lanka is making steady progress in human […]

Nov 27, 2007 (LBO) – Sri Lanka’s government is becoming addicted to debt and putting at risk the country’s future, private sector economists said. “We’re on a slippery slope of debt,” says Harsha de Silva, an economist at the LIRNEasia think tank. “If it continues the country is going to crash land. The economy will […]

Nov 24, 2007 (LBO) – A Sri Lankan researcher has questioned the importance of Millennium Development Goals (MDG) saying they did not reveal reasons for poverty and that some showed an alarming trend in the wrong direction. Priyanthi Fernando, executive director, Centre for Poverty Analysis, said MDGs and other economic indicators were good for making […]

Nov 23, 2007 (LBO) – Sri Lanka has tightened monetary policy by restricting access to a discount window and creating two policy rates, days after the Central Bank again failed to hike rates, despite raging inflation.The Central Bank loosened monetary policy in April 2007 despite criticism from independent analysts and printed 45.2 billion rupees for […]