Tag: economy

Jan 10, 2007 (LBO) – Sri Lanka’s Urban Development Authority has sought nearly 85 million dollars in French aid for a town planning system in tsunami hit areas. The loan, which will set up a Spatial Information System to capture, analyse and display geographical information, was signed on Wednesday, the finance ministry said in a […]

January 04, (LBO) – Sri Lanka’s Central Bank has set itself tight targets to limit money printing, contain runaway inflation and stabilize the economy in 2007 and has called for fiscal restraint from the government to help meet its objectives.

January 03, 2007 (LBO) – Sri Lanka will withdraw from March 31, a controversial cash deposit requirement aimed at limiting imports, which drew censure from the International Monetary Fund as an exchange control measure, a top official said. A 50 percent margin requirement was imposed on a set of goods defined as ‘luxury’ by bureaucrats […]

January 01, 2007 (LBO) – Sri Lanka has notched up a record 600 million dollars in foreign direct investment last year, government said Monday, led by telecom and apparel. The record inflows are over the 287 million dollars of last year, Rohitha Bogollagama, industries and investment promotion minister said. The Board of Investment said in […]

December 29, 2006 (LBO) – Consumer prices in Sri Lanka rose by 2.3 percent in December, keeping 12-month inflation at 19.3 percent, the Census & Statistics Department said Friday. In the 12-months to November, inflation hit a ten year high of 19.8 percent, when the index rose by 4.4 percent in the preceding 30 days. […]

December 29, 2006 (LBO) – Sri Lanka’s economy grew 7.5 percent in the third quarter ended Sept. 30, the central bank said Friday, while lowering full-year growth forecast to 7.0 percent. “With only minor interruptions in most parts of the country, growth is projected at 7 percent. Financial markets have remained calm, though investor confidence […]

December 29 (LBO) – Sri Lanka’s central bank said further monetary tightening was needed to contain inflation as consumer prices in December went up by 2.3 percentage points keeping 12-month inflation at a dizzy 19.3 percent. The latest warning that a rate hike should be expected at the next monetary policy meeting came two weeks […]

Dec 26, 2006 (AFP) – Japan Tuesday gifted loudhailers and life jackets to Sri Lanka’s police to mark the second anniversary of the tsunami which killed 31,000 people in the island.Japan’s ambassador here, Kiyoshi Araki, gifted the equipment to police chief Victor Perera in Colombo, the Japanese embassy said. It said Japan was also helping […]

Dec 26, 2006 (AFP) – The United Nations slammed Sri Lanka’s warring parties for stalling tsunami reconstruction efforts Tuesday as the island marked the second anniversary of the disaster by unveiling a Buddha statue. The outgoing UN Secretary General Kofi Annan blamed both Colombo and the Tamil Tiger rebels for the violence that has slowed […]

December 23, 2006 (LBO) – The International Monetary Fund will close its office in Sri Lanka from mid next month, the global financial watchdog said Saturday. The office in Colombo is being wound up late January, when the term of its current resident representative, Luis Valdivieso ends. “The decision reflects the evolving nature of the […]

December 22, 2006 (LBO) – The International Monetary Fund Friday asked Sri Lanka to go slow on hiring public servants and pay more attention to reduce inflation, implement public sector reforms and ensure subsidies are targeted better. In its annual country report, the IMF said Sri Lanka’s quest for 7-8 percent growth hinges on improved […]

December 22 (LBO) – Sri Lanka’s exchange rate regime has been re-classified to a managed float from free float after violating International Monetary Fund articles and heavy official intervention, the IMF has said. Though fiscal prudence still seems to be out of reach, analysts say Sri Lanka’s central bank has started to tighten monetary policy […]