Tag: economy

April 15, 2007 (LBO) – Sri Lanka’s state corporation debt to the banking system has doubled in 2006, with energy firms accounting for most of it, the Central Bank said in its annual report. The bank called on the government to consider promoting Public- Private Partnerships as a viable alternative financing mechanism for developing much-needed […]

April 11, 2007 (LBO) – Sri Lanka’s trade deficit narrowed to 144.5 million dollars in February despite oil import costs moving up, the central bank said Wednesday. The Central Bank said reserves had grown to 2,578 million dollars (2.9 months of imports) by end February with balance of payments surplus of 53 million dollars. The […]

April 10, 2007 (LBO) – Sri Lanka’s tight quantity targeting regime is paying off, and the central bank said Monday it would continue with the ‘current monetary policy stance’. The next monetary policy statement would be released on May 16. The February statement was brought forward by one day. Updated Perhaps fittingly, the entire April […]

April 10, 2007 (LBO) – Sri Lanka’s main port has struck a 3-year agreement with trade unions to raise the minimum monthly salary by 3,000 rupees, a senior official said Tuesday.The dispute dragged on for over ten days as the government said port workers are some of the better paid employees in the public sector, […]

April 07, 2007 (LBO) – Tax payers need not fear the Inland Revenue Department, according to Sri Lanka’s chief tax officer who faces the daunting task of raising more revenue for a country that is already projecting a budget deficit as big as 9.2 percent of the economy. The department wants to be tax payer-friendly […]

April 06 (LBO) – Sri Lanka is hoping to open its service sectors to neighboring India, but analysts say the country should first get local regulations in order. The two countries are in talks to allow exchange of services, including limited exchange of professionals, under an agreement to be signed by June this year. But […]

April 06, 2007 (LBO) – The prices of essential food items that have been set a retail price during the New Year season will not be affected if fuel prices go up since all have already been imported, a government minister said. Food items such as chillies, onions, dhal, potatoes, sugar, types of grain, sprats […]

April 6, 2007 (AFP) – Sri Lanka is offering drastic customs duty cuts to help over 20,000 civil servants import new cars, the finance ministry said Friday. The move was to fulfil an election promise made in 2005. Senior public officials, including police and military personnel, with over five years of service will be entitled […]

ST JOHN’S, Antigua, April 4, 2007 (AFP) – Dilhara Fernando took a wicket with the last ball of the match to seal a dramatic two-run win for Sri Lanka against England in their World Cup Super Eights clash at the Sir Vivian Richards Stadium here Wednesday. England, set 236 to win, finished on 233 for […]

April 05, 2007 (LBO) – Sri Lanka’s central bank posted a massive 27 billion rupee profit in 2006 as the economy inflated and the currency depreciated due to money printing, its latest accounts showed. It even sterilized the 2007 provisional advance to the treasury, though interest rates has since started to rise, indicating that Sri […]

April 04, 2007 (LBO) – Sri Lanka announced a cracked down on cruelty to bulls at cart races during next week’s New Year celebrations, President Mahinda Rajapakse’s office said Wednesday. Cart rallies are common during Sri Lanka’s traditional two day New Year celebration, which starts on April 13, but animal rights activists say the carriages […]

April 4, 2007 (LBO) – Increased reliance on foreign currency loans by Sri Lanka’s government and private sector could spell danger ahead if they are not managed properly, the Central Bank has said in its annual report. High foreign non-concessional borrowings could increase the vulnerability of the external sector to various shocks, the bank warned […]