Tag: lbo

The government is rolling out a series of rural road development and electrification projects as it starts spending the lquote peace dividends, of a 19-month ceasefire.rnrn rnAn accelerated development programme is being rolled out at a cost of Rs. 17.4 bn over an 18-month period to take roads and electricity to parts of rural Sri […]

The ADB on Friday revised its export growth targets for 2003 upwards to 10 percent from an earlier 6 percent, but warned of power shortages eating into early gains by 2004. rnldblquote Export performance should be more robust than anticipated in the beginning of the year with the recovery of Sri Lankas main export markets […]

The Tariff Advisory Council (TAC) says that the import cess charged on luxury goods, should not be channelled towards the Export Development Board (EDB). The government charges duties over 45 percent on liquor, cigarettes and cars, but the monies are mainly used to meet the EDBs running expenses.rn “The cess is an indirect tax on […]

The Asian Development Bank (ADB) on Monday pledged US$ 105.3 million to support two projects linked to education and water and sanitation.The Distance Education Modernization Project will attempt to bridge the gap between the countrys postsecondary education system using technological advances through a million equivalent loan.rn rnThe project is expected to increase access to distance […]

A Sri Lankan contingent flying to China on August 08, will look to obtain technology transfers and investment partnerships for the local rubber and tea industries. The delegation lead by Primer Ranil Wickramasinghe will sign four key agreements to cover starting with one on closer economic co-operation, an agreement to avoid double taxation, and an […]

The first tranche of Japans commitment at the Tokyo donor conference rolled into the country today through a grant of Rs. 1.198 billion for a water supply project in the South.Considered a much needed project for the drought stricken south, the funds will give over 28,655 people access to pipe borne water, while enhancing the […]

The Central Environmental Authority on Friday approved sand mining off the shores of Wadduwa and Kalutara. The Coast Conservation Department project will scoop sand off the seabed at depths of about 15 meters, roughly 2 km off the coast.rn rnThe initial phase of the project expected US$ 5 million is being funded with Dutch aid. […]

The government is kicking off a housing scheme for government officers in a bid to attract and keep the top quality administrative officers.ldblquote We need to give additional incentives outside the salary to attract good people to government service dblquote , Cabinet Spokesman G. L. Pieris said.rn rnThe low cost housing units will range from […]

Sri Lanka is moving to cement its ties with China, with a state visit by Prime Minister Ranil Wickremesinge next month.In addition to meeting Chinese Premier and President Prime Minister Wickremesinghe will also meet the Chinese Commerce and agriculture ministers, during the six-day visit, which will start on August 08th.rn rnSri Lanka is hoping to […]

The Urban Development Authority (UDA) has negotiated with local banks to raise upto Rs. 1 bn to build 1300 houses for the middle and high income segments.The loan will pay for initial work, with the UDA planning to front sell the homes to raise the balance requirement of Rs. 9 bn. rn rnThe monies will […]

The government is looking at offering up to one year as compensation for employees who lose their jobs and also allow people to take their provident fund monies early.Labour Minister Mahinda Samarasinghe said a safety net scheme to offer compensation to victims of corporate restructuring is being worked out and will be announced before the […]

The World Bank said its funding for the North and East of the island could continue through an interim administration if the government so wished.The bank, which upped its aid package by a further US$ 200 mn, recently said that all disbursement agreements have been drafted in a way that will allow for changes in […]