Tag: Finance

A pilot project to mine Sri Lanka’s seabed off the Western coast for offshore sand to sustain a flagging construction industry, has gone up for Treasury approval.Spearheaded by the Coast Conservation Department of the Fisheries Ministry, the initial project cost to the tune of US$ 5 mn, is to be funded by the Dutch Government.rn […]

The Urban Development Authoritys (UDA) call to develop five of its properties in the Colombo District, received 140 proposals when the tender closed on Monday. The UDA however has put off the deadline to June 19 to accommodate more interested investors.rn rnUDA officials told Lanka Business Online that the 140 proposals came from 45 firms, […]

Promoting home ownership and job creation, the National Housing Development Authority (NHDA) is rolling out a campaign to disseminate construction skills to individuals.Initially to be tested on a plantation housing project, the campaign will then help construct 300,000 estate homes under the Plantation Housing Programme before being rolled out islandwide.rn rnThe ldblquote Homes For All […]

rnrnrnrnrnrnThe rural and informal private sector should step up their investmentsrnand business initiativesrnrnrnrnrnTotal investment inrn2002 dropped 0.7 per cent to 21.3 per cent of Gross Domestic Product (GDP) ofrnwhich private investments accounted for 16.7 per cent of GDP a 0.5 per cent risernover the previous year.rn The Central Banksrnsay investments was far below the investment […]

rnrnrnrnrnrnApril 2003rnrnrnrnrn Inflationrnrate measured on a 12-months moving average remained static at 9.9 percent inrnApril, from the previous month, the Census and Statistics Dept said onrnWednesday. rn “Onernof the governments major objectives now is to reduce inflation over thernmedium term and reduce inflationary expectations,” Central BanksrnGovernor, A S Jayawardene told reporters on Wednesday.rn ButrnJayawardene said […]

The Asian Development Bank plans to raise its annual contributions to Sri Lanka to about US$ 250 mn and is also keen the government steps up its aid disbursement ratio.The regional development banks assistance to Sri Lanka averages at around US0 mn a year.But in 2002, the banks lending programmed topped US$ 240 mn, with […]

Sri Lankas trade deficit widened to Rs. 271 million by February, fuelled by higher imports of consumer and intermediary goods.The Central Bank on Monday said the total import bill for 2003 had reached Rs.1.03 billion, an 18 per cent increase over 2002, while exports peaked at Rs. 767 million up from Rs. 714 million in […]

The government hopes to sell off a further 8.5 percent of its shares held in Sri Lanka Telecom this year, as part of its privatisation programme.Last November, the government disposed a 12.5 percent slice of SLT through an initial public offering.rn rnOther state entities earmarked for disposal include CPCs assets and market network, a 69 […]

The Central Bank is optimistic the economy will leap frog and can add another 4 percent growth, if the peace initiatives continue.Central Bank governor A S Jayawardena said the bank is looking at an average 6.5 percent GDP growth over the next four years, up from about an expected 3.5 percent last year. rn rnldblquote […]

Sri Lanka on Friday received a US$ 567 mn concessionary aid package from the International Monetary Fund.The funds will be disbursed over a three-year period under the IMFs Poverty Reduction and Growth Facility (PRGF) and Extended Fund Facility (EFF), the fund said in a statement on Friday.rn rnThe IMF said funds amounting to SDR 413.4 […]

The has government got international commitment to raise in excess of a billion dollars, over the next three years to rebuild the war ravaged economy.The announcement came at the end of a donor seminar for Sri Lanka hosted by the United States on Monday, which included representatives from 30 other governments and international financial institutions.rn […]

The National Chamber of Commerce Sri Lanka is advocating a socio economic policy that will benefit the masses.Economists say that regular U turns in national policies since independence have resulted in the country achieving mediocre rates of growth.rn rnThe government is now keen to push a bipartisan approach to policy formulation.rn rnldblquote We have to […]