Tag: Finance

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 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 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 […]

Nov 22, 2007 (LBO) – Sri Lanka has engaged in an unprecedented money printing and reserve appropriation drive running into 45 billion rupees to bridge a widening budget deficit that sent inflation skyrocketing in 2007, newly released data has revealed. By September 2007 total central bank credit to government (printed money) had risen to a […]

Nov 20, 2007 (LBO) – Sri Lanka’s central bank said it is countering a liquidity shock to the monetary system from a dollar bond issue, though policy rates frozen at 12.0 percent remained negative compared to raging 19.6 percent inflation. A sudden conversion of 500 million dollars worth state borrowings in late October drove up […]

Nov 20, 2007 (LBO) – Inequality is on the rise in Sri Lanka despite the island making much progress in economic development, an international expert said. Overall progress in Sri Lanka has been concentrated in the western province and hides wide regional income disparities, said Neil Buhne, UN Resident Coordinator, Sri Lanka. There were pockets […]

Nov 20, 2007 (LBO) – Sri Lanka has decided to appoint professional town planners to all local government bodies in a move that will speed up approvals and reduce corruption, officials said. The number of town planners in these bodies today is woefully inadequate, resulting in delays in getting approvals for building permits and payment […]

Nov 20, 2007 (LBO) – Sri Lanka’s Central Bank has rejected allegations it had sold tonnes of gold reserves to fund government expenditure in recent months, while criticism mounts on the way foreign reserves are used by the authorities. It said in a statement that a fake letter was circulating that it had sold 7,000 […]

Nov 15, 2007 (LBO) – A town south-east of the Sri Lankan capital Colombo has emerged as the surprising choice of companies as the best place to do business. A study conducted by the international organization Asia Foundation in Sri Lanka on private sector business development and economic growth, found that Horana, 60 km from […]