Tag: economy

May 24, 2012 (LBO) – A plan to give a facelift to Sri Lanka’s capital Colombo by sprucing up key roadsides rehabilitating lakes and wetlands and reducing flooding will be backed by a 213 million US dollar World Bank loan, the finance ministry said. The ‘Metro Colombo Urban Development Project’ covers metropolitan area of the […]

May 24, 2012 (LBO) – Sri Lanka will spend 32 million US dollars to upgrade the country’s state-run blood bank with financial assistance from The Netherlands, minister Lakshman Abeywardene said. Sri Lanka’s national blood transfusion service will get new freezing facilities which can keep blood and components up to 10 years, he said. The national […]

May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south with 1.98 billion rupees in commercial bank credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. The road from Matara to Hakmana will connect to a planned expressway running to Hambantota, he said. The road […]

May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south for 1. 98 billion rupees with credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. Both loans will be covered by Treasury guarantees. The road from Matara to Hakmana will connect to a planned expressway […]

May 22, 2012 (LBO) – Small construction contractors in former war zones in Sri Lanka’s East are being given technical help to win construction projects involving post-war rebuilding which they were losing earlier, a German aid agency said. They will be trained in contract management, bidding documents, preparation of bids and claims, quality assurance and […]

May 17, 2012 (LBO) – Singer (Sri Lanka) Plc, a top consumer durables retailer said sales were strong despite currency depreciation in the first quarter as harvests were good in rural areas, thought television sales fell. In the March 2012 quarter profits grew 35 percent to 337 million rupees. The firm reported earnings of 2. […]

May 17, 2012 (LBO) – Sri Lanka will introduce an ‘Overseas Sri Lankan’ status for people who have renounced citizenship and their children which will be followed by dual citizenship later, minister Lakshman Abeywardene said. ‘Overseas Sri Lankans’ would be able to come and reside in the country dual citizenship will be given after a […]

May 14, 2012 (LBO) – Sri Lanka’s central bank is expecting to increase foreign reserves in 2012 and narrow the current accounts deficit in the balance of payments, despite strong capital inflows, which will increase domestic spending power. BOP Surplus The bank is projecting a 1.25 billion US dollar ‘balance of payments’ surplus for 2012. […]

May 13, 2012 (LBO) – Sri Lanka’s central bank is targeting average inflation to be around 6-7 percent and is expecting year end inflation at 7. 0 percent or below Central Bank governor Nivard Cabraal said. While the so-called ‘annual average inflation’, is a number averaged over two years and is difficult for ordinary people […]

May 11, 2012 (LBO) – Sri Lanka’s central bank its key policy rate unchanged at 9. 75 percent saying monetary conditions are tightening and credit growth will moderate. The full statement is reproduced below In April 2012, year-on-year inflation as measured by the CCPI (base=2006/2007) was 6.1 per cent while annual average inflation was 5. […]

May 11, 2012 (LBO) – Sri Lanka’s central bank kept its key policy rate unchanged at 9. 75 percent saying monetary conditions are tightening and credit growth will moderate, eventually helping the exchange rate. The March loan totals may include possible forex losses on dollar loans. “With respect to monetary developments, market interest rates have […]

May 08, 2012 (LBO) – Sri Lanka will work out a surveillance program with the International Monetary Fund to boost investor confidence after a current deal with the agency ends in July 2012, Central Bank Governor Nivard Cabraal said. “Thereafter the type of relationship we will have with them is something we will have will […]