Tag: economy

Sept 26, 2011 (LBO) – Sri Lankan exporters face difficulties in trying to shift from traditional markets in the West which are stagnant or growing only slowly to fast-growing emerging markets in Asia, an official said. “It’s not going to be easy,” said Anura Ekanayake, former chairman of the Ceylon Chamber of Commerce, the island’s […]

Sept 25, 2011 (LBO) – Discussions are continuing with Sri Lanka on a periodic review under an International Monetary Fund bailout program which has supported the island’s policies aimed at restoring stability and growth, a top IMF official said. “We will continue these discussions for the coming review, while they (Sri Lanka’s delegation) are here […]

Sept 25, 2011 (LBO) – Sri Lanka has reigned in deficit spending, allowing inflation and interest rates to ease, giving space for people to engage in growth generating activities after the end of a long running war, a senior minister has said. “Relatively high fiscal deficits and double digit inflation were the main macro-economic issues […]

Sept 23, 2011 (LBO) – Sri Lanka must improve trade ties with emerging Asian growth centres but not write-off the United States and Europe just because they are in a weak phase, an economist said. “We need to find ways for Sri Lanka to productively piggy-back on India’s growth and seek closer economic integration with […]

WASHINGTON, September 21, 2011 (AFP) – The Federal Reserve redoubled its efforts to juice the US economy on Wednesday, unveiling a $400 billion stimulus plan and shunning political calls for the bank to take a back seat. The Fed’s top policy panel unleashed the latest in a battery of tools aimed at rekindling the troubled […]

WASHINGTON, September 20, 2011 (AFP) – The global economy has entered “a dangerous new phase,” with a recovery that is much weaker than was predicted just months ago, the International Monetary Fund warned Tuesday. Emerging market economies that have been the recovery’s driving force, such as China and India, will not escape unscathed from the […]

Sept 19, 2011 (LBO) – Sri Lanka will not take all economic advice that is given but chart its own course based on a longer term path, Central Bank Governor Nivard Cabraal said amid concern over continued defence of the island’s dollar peg. “We’ve got to be very clear to the public, to the economic […]

Sept 16, 2011 (LBO) – Sri Lanka has kept policy rates steady at 7. 00 percent to deposit excess reserves and 8. 50 percent to inject cash as rupee liquidity in monetary markets declined, expecting credit growth and forex interventions to ease in the future. The Central Bank said broad money grew 20. 7 percent […]

Sept 15, 2011 (LBO) – Vietnam is considering setting up a tractor plant in Sri Lanka and also joint ventures in garment manufacture, the island’s ministry of industry and commerce said in a statement. “Vietnam is keen to import more coconuts from Sri Lanka, collaborate in garment manufacturing and also to set up a manufacturing […]

Sept 15, 2011 (LBO) – Sri Lanka’s economy expanded by an estimated 8. 2 percent in the second quarter of 2011 from a year earlier, led by industry and services, the state statistics office said. In the second quarter of 2010, gross domestic product grew by 8.5 percent. The statistics office said industry, which has […]

MANZINI, September 14, 2011 (AFP) – Swazi King Mswati III said Wednesday that the International Monetary Fund and the World Bank should come to his country’s rescue, as they have for troubled nations like Greece and Portugal. “When they come to visit us, they do not come in the same spirit and that is a […]

Sept 14, 2011 (LBO) – South Korean firms like Hyundai and LG are interested in exploring investements in shipbuilding and electronics in Sri Lanka, the island’s ministry of industry and commerce said. The interest of Korean companies was revealed by South Korean ambassador Jongmoon Choi during a courtesy call on the industry and commerce minister […]