Tag: Finance

Nov 14, 2007 (LBO) – Sri Lanka’s coastal settlements are at risk of rising sea levels caused by global warming while those in the central hills face landslide threats, a top official said. “If the water level rises Sri Lanka’s entire coastal belt is facing possible destruction,” said Lakshman Jayasekara, director general, National Physical Planning […]

Nov 14, 2007 (LBO) – Sri Lanka’s trade deficit widened in September to 281 million from 199 million a year ago, but the gap for the first nine months of the year was still 7.5 percent lower than last year. Exports grew 19.2 percent to 724.6 million in September with imports also rising 24.9 percent. […]

Nov 12, 2007 (LBO) – Sri Lanka’s private sector Monday urged the government to do more to reduce the multitude of taxes and simplify the system in order to make payment and collection more efficient. It also warned against what appeared to be government moves to resurrect unsuccessful welfare measures in an attempt to cushion […]

Nov 07, 2007 (LBO) – Foreign resident Sri Lankans who will buy a special bond would be allowed to buy land in the country without a penal 100 percent transfer tax, President Mahinda Rajapakse said. The bond to be called ‘Homeland Development Bond’ would have maturities from 1 to 5 years and would be sold […]

Nov 06, 2007 (LBO) – Sri Lanka’s country-wide inflation shot up to 22.1 percent in September, the latest data shows, while the monetary authority is grappling with a liquidity shock from foreign borrowings that has flushed the system to unprecedented levels. Sri Lanka’s most widely watched index, the Colombo Consumer Price Index (CCPI) hit 19.6 […]

Nov 6, 2007 (AFP) – Sri Lanka is expected to unveil its biggest ever war budget this week, as a government military campaign to crush the Tamil Tiger rebels takes a heavy toll on the island’s balance sheet. The government plans to increase defence spending by 20 percent to a record 1.45 billion dollars in […]

Nov 06, 2007 (LBO) – The Sri Lankan rupee would appreciate to 110 to the US dollar and interest rates and inflation would fall further, Treasury Secretary P B Jayansundera said Tuesday. His comments come as the tiny island’s monetary system was overwhelmed by a 500 million dollar injection and the central bank struggled to […]

Nov 02, 2007 (LBO) – Sri Lanka’s central bank says it would not have to print money as the government had borrowed abroad helping lower inflation in the near future, but analysts warn that a massive dollar liquidity influx is now unsettling the monetary system. Analysts say the October jump in inflation of 2.8 percent, […]

Nov 1, 2007 (AFP) – A top World Bank official on Thursday urged Sri Lanka to cut a political deal with Tamil rebels to help spur economic growth which has been hit by an “alarming” disregard for the rule of law. “The conflict remains a major obstacle to Sri Lanka achieving its full potential,” the […]

Nov 01, 2007 (LBO) – Sri Lanka is depending on women to earn foreign revenues more than any other country in the world with the bulk of worker remittances and export earnings generated by women, a UN official said. “If you look at both Sri Lanka’s primary exports and remittances, women dominate the sectors,” said […]

Nov 01, 2007 (LBO) – Sri Lanka should lower inflation to protect the poor and take steps to clear economic imbalances that were building up, a top visiting World Bank official said. Sri Lanka had a currency board before 1951.. “The rate of inflation is approaching 20 percent, and the government budget deficit and debt […]

Oct 31, 2007 (LBO) – Sri Lanka’s inflation rocketed 3.8 percent in October driving consumer prices in the capital Colombo during the past 12-months to 19.6 percent, the government’s statistics office said. At the beginning of the year, the central bank promised to limit inflation to only 10 percent a year, but later admitted it […]