Tag: lankabusinessonline

The UNF government is upbeat of romping back to power with the promise of peace and economic prosperity, despite being caught behind by the President, a senior cabinet minister said.ldblquote We have delivered what we promised to give, that is peace and development. And we will continue with our mandate when we come back to […]

President Chandrika Kumaratunga dissolved parliament late Saturday, calling for a snap poll on April 2, to break the bitter political deadlock.Parliamentary polls are not due till 2007 and a poll of this magnitude costs nearly a billion rupees endash money the exchequer has little to spare these days.rn rnStarting February 17, nominations for elections will […]

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The State is losing an estimated average of Rs. 450 million in revenue each month in its effort to subdue a rise in the cost of living due to higher world market prices.Finance Ministry officials say the current tax and import duty concessions could be met with higher duties for non-essential commodities that do not […]

World Bank says its poverty reduction funds can still be drawn on schedule if the IMF review is completed soon.The December tranche of the PRGF has been held back pending the settlement of political uncertainty and the government completing some key reforms.rn rnWorld Bank has to submit its review to the board by May, allowing […]

Colombos benchmark All Share Price Index (ASPI) shot up about 100 points on the back of more reports of a breakthrough in the political deadlock. However, stockbrokers say the actual ground situation on the political front has not changed significantly from two months ago.rn rnThe only positive reports to come out of the political arena […]

The international community will detach part of the US$ 4.5 billion in aid committed to rebuild Sri Lanka from progress with the peace process.Japanese special Envoy, Yasushi Akashi on Sunday said that donors were split over the decision to release aid, with some opting to hold back for a change in the current political impasse.rn […]

Hopes of securing US$ 80 mn from the International Monetary Fund (IMF) next month has been put off, due to the current turn of events in Sri Lanka, a top official said Tuesday.A review mission led by Jehangir Aziz, Deputy Division Chief of the IMFs Asia Pacific unit, gave the countrys macro fundamentals good marks.rn […]

The new Janatha Vimukthi Peramuna (JVP) Sri Lanka Freedom Party (SLFP) alliance, if voted in, says it would renegotiate the terms of the US$ 4.5 billion in aid pledged by international donors last year.The Memorandum of Understanding (MOU), the result of over 10 months of conference between the SLFP and JVP, is the first concrete […]

As the Marxist JVP and the Sri Lanka Freedom party joined camps today, they unveiled a reform agenda including agriculture and local industry led economic growth, devolution of power to the provinces, and defeating the UNF government. rnThe Janatha Vimukthi Peramuna and the SLFP, inked an alliance agreement today,with rumours rife of snap polls.rn rnThe […]

The rebel Liberation Tigers of Tamil Eelam (LTTE) told representatives of donor countries and international aid agencies that the tug-of-war between the president and the prime minister could undermine the truce.rn rnLTTEs political wing leader S. P. Thamilselvan pointed out that President Chandrika Kumaratunga had sacked three ministers just four days after the rebels unveiled […]

Continuing a robust recovery, Sri Lankas export earnings clocked in a double-digit growth for the first eleven months of this year, which saw the trade deficit expand marginally, the Central Bank said Friday.Despite higher export numbers, the trade deficit for November remained flat at US$ 135 mn year on year.rn rnHowever, an overall improvement in […]