Tag: lbo
Sri Lanka foreign reserves move towards US$8bn
July 26, 2011 (LBO) – Sri Lanka’s foreign reserves would be close to eight billion US dollars after proceeds from a billion dollar sovereign bond comes to the country, Central Bank Governor Nivard Cabraal said. The balance is expected to be disbursed in two tranches after reviews in September and March. By end May Sri […]
Sri Lanka inflation panic level above 7.0-pct: Treasury secretary
July 26, 2011 (LBO) – Sri Lanka should keep inflation below 7. 0 percent to ensure economic stability Treasury Secretary P B Jayasundera said, as lower levels of inflation may be beyond the capacity of economic policies to deliver. Additional inflation is created by central bank credit, such as liquidity facilities given to banks or […]
Sri Lanka Tamil party sweeps north local bodies
July 25, 2011 (LBO) – A Tamil minority party has swept the polls in Sri Lanka’s former war torn northern areas while the ruling coalition consolidated its gains elsewhere in a local government body poll. Out of 65 local bodies where elections were held over the weekend, the ruling United National People’s Alliance won 54 […]
Sri Lanka lawmaker challenges minister to debate over land deal
July 25, 2011 (LBO) – A Sri Lankan lawmaker has challenged a government minister to a television debate over the sale of state land to a Chinese firm. Harsha de Silva, a lawmaker representing Sri Lanka’s main opposition United National Party, referred to a statement attributed to deputy economic development minister Lakshman Yapa Abeywardene by […]
US panel votes to bar aid to Sri Lanka
WASHINGTON, July 22, 2011 (AFP) – A US congressional committee voted Thursday to ban aid to Sri Lanka unless the nation shows “accountability” over the bloodshed in the final stages of its civil war in 2009. In a voice vote, the House Foreign Affairs Committee approved a measure that would ban all US government funding […]
Sri Lanka peace dividend in low rates, higher capex: Treasury Secy
July 20, 2011 (LBO) – Sri Lanka is seeing a peace dividend in the form of lower interest rates, taxes, inflation and higher capital expenditure after a 30-year war ended, Treasury secretary P B Jayasundera said. He said defence expenditure which was about 5.0 percent of gross domestic product during the war years, has now […]
Sri Lanka may not take last IMF loan tranche: Fitch analyst
July 19, 2011 (LBO) – There is a “strong possibility” that Sri Lanka may not take the final tranche from the International Monetary Fund under a 2. 6 billion US dollar bailout program Fitch Ratings Asian Pacific director Art Woo said. IMF’s last review team decided to end quarterly reviews and move to 6-monthly reviews […]
Sri Lanka sovereign rating outlook raised by S&’s
July 19, 2011 (LBO) – Standard & Poor’s Ratings Services has raised its outlook on Sri Lanka’s long-term foreign currency sovereign credit rating to positive from stable. “The outlook on the long-term local currency rating is stable. The transfer and convertibility (T&C) assessment is unchanged at ‘B+’,” a statement said. “We revised our outlook on […]
”: Fitch
July 18, 2011 (LBO) – Fitch Ratings has upgraded Sri Lanka’s long-term foreign and local sovereign ratings to ‘BB-‘ from ‘B+’ with stable outlooks for both. “In contrast, continued double-digit inflation or deterioration in political stability would put downward pressure on Sri Lanka’s ratings.” Fitch said Sri Lanka has also made some “important headway” in […]
Offshore Support
July 18, 2011 (LBO) – Sri Lanka’s Hayleys conglomerate has strengthened its bid to provide support for offshore oil exploration work to begin in August by getting required international accreditation on safety and environmental management. Hayleys Energy Services, a logistics provider for the oil and gas industry, said it has got certifications covering quality and […]
‘s
July 18, 2011 (LBO) – Moody’s Investors Service, a rating agency has lifted the outlook on Sri Lanka’s below-investment-grade ‘B1’ credit, to ‘positive’ ahead of a billion dollars sovereign bond sale. Road shows for the bond have already started. The rating agency said the end of a long drawn out war which reduced political risk, […]
Sri Lanka urged by India to probe war crimes claims
NEW DELHI, July 15, 2011 (AFP) – India on Friday urged Sri Lanka to examine claims made in a British documentary that said it targeted civilians while crushing Tamil Tiger rebels two years ago. The Channel 4 documentary, “Sri Lanka’s Killing Fields” aired last month on British television contained footage of what it said were […]