Tag: Finance

The Mahapola Trust Fund has floated a fully owned subsidiary to manage its fee and fund based activities.The new firm, National Wealth Corp. (NWC), will invest all funds in government securities. NWC is also seeking a primary dealer licence.rn rnCommerce & Consumer Affairs Minister, Ravi Karunanayake says top private sector professionals will staff the new […]

The Swedish government on Monday agreed to lend Rs. 3.083 bn towards economic and social development projects.Spread over a three-year period starting 2003, this is the largest ever grant assistance allocated to Sri Lanka under Swedens new country assessment strategy.rn rnldblquote The new country assistance strategy is broadly built on peace, democracy, human rights and […]

The World Bank is expected to release the first US$ 100 mn tranche from its poverty reduction strategy to the government in early June.The funds come under the broader agenda of the banks country assistance programme for US$ 800 mn spread over a four-year period.rn rnAnnouncing its largest ever aid package to Sri Lanka on […]

A proposal to have a referendum to test the pulse of the people on the ongoing peace process has got the governments attention.Civic groups have approached the government to table a lquote Peace Bill, which spells out details of the ongoing peace initiatives before legislators.rn rnBut the government is keen to get a feedback on […]

Asian countries producing the world migrant worker population will lobby for free labour migration at future trade negotiations with developed economies.rnThe move was proposed by the Indian deligation at the Labour Migration Ministerial Consultations for Countries of Origin in Asia held in Colombo on April 1 and 2.rn rnTen regional delegations agreed to back the […]

The government on Monday signed up for US$ 60 mn worth of aid from the Kingdom of Denmark to finance key development projects.Around 35 percent of the aid comes as grant money, while the rest is interest free with a 10-year repayment period after commissioning the project, Finance Minister K N Choksy told a news […]

The Urban Development Authority on Monday rolled out its ambitious plans to build low income housing in densely populated Colombo. Ten locations have been earmarked for development of 500sq feet to 1000sq feet apartments. rn rnFunding for the projects have not been finalised, but indications are that the UDA will tap the local market – […]

The government is seeking World Bank funding to reduce the public sector cadre by offering them a voluntary retirement package.The government is planning to reduce the number of public servants by around 25 percent over the next few years.rn rnThe talks with the World Bank are aimed at looking for funding for the proposal to […]

rnrnrnrnrnrnNew Page 1rnrnrnrnrn Trade deficit expanded to US$ 150 mn in Januaryrnfrom US$ 131 mn in the same period 2002, largely due to higher import costs, thernCentral Bank said on Tuesday.rn ldblquote Export growth was supported by a strongrnperformance of industrial exports, mainly machinery, mechanical and electricalrnequipment, and textiles and garments, dblquote the bank said.rn […]

Sri Lanka on Tuesday signed up for Rs. 26.1 bn in long-term funds from the Japanese government to develop key sectors in the economy.The loan carries a 2.2 percent interest rate payable over a 30-year period, inclusive of a ten-year grace period, Finance Minister K N Choksy told journalists.rn rnJapanese Ambassador Seiichiro Otsuka says the […]

The Ministry of Fisheries is pushing for new infrastructure to harbour foreign vessels fishing in international waters off Sri Lanka. Thernproposal along with a number of other projects is part of a ten year plan setrnout by the Ministry to tap the potential of the industry in its 2002 NationalrnFisheries Policy, Development Plan and Progress […]

The Urban Development Authority (UDA) is drawing plans to raise money from the local financial market for a mega housing project in the Colombo area. The total cost of the 1,200 house project has not been finalised, but officials estimate each house to cost Rs.1.2 million including the land. rn rnUDA lands in and around […]