Tag: Finance

Sept 29, 2011 (LBO) – Sri Lanka will shift several prisons in prime city centres including the capital Colombo to make way for commercial development, minister Keheliya Rambukwelle said. Matara and Galle prisons will be shifted to Pitabeddara in the Matara district. The cabinet of ministers had approved a proposal by the prison reforms ministry […]

Sept 29, 2011 (LBO) – Sri Lanka had recorded a balance of payments surplus of 1,006 million US dollars by July 2011, with official foreign reserves climbing to 8,099 million US dollars, the Central Bank said. Foreign inflows to the state, including a billion dollar sovereign bond was 2,754 million US dollars and foreign direct […]

BERLIN, September 27, 2011 (AFP) – Germany told the United States Tuesday to stop pointing the finger at Europe for its own economic ills while debt-hit Greece promised to do its utmost to avert a financial meltdown in the eurozone. Elsewhere in the German capital, Greek Prime Minister George Papandreou insisted that Athens was pulling […]

Sept 27, 2011 (LBO) – Sri Lanka must ensure that rule of law is maintained especially in commerce if it wants to be considered attractive to foreign investors, an economist said. Indrajit Coomaraswamy, former director of economic affairs at the Commonwealth Secretariat in London, said foreign investment has not picked up as anticipated despite the […]

BERLIN, September 27, 2011 (AFP) – German Chancellor Angela Merkel hit back Tuesday at those, including the United States, urging Europe to introduce new economic stimulus packages to boost demand and spend its way out of the crisis. “We need to combine economic growth with solid public finances … we are not in favour of […]

BERLIN, September 25, 2011 (AFP) – The International Monetary Fund may be hoping to increase its financial resources from $940 billion to at least $1.3 trillion, according to a newspaper report out Monday. German daily the Frankfurter Allgemeine Zeitung said two “models” were currently being examined to up the IMF’s resources, without stating its source. […]

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 […]