Tag: lbo

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 […]

Lessons from Tharuna Aruna scheme for the unemployed graduates will help structure a new project aimed at the G.C.E. Advanced level qualified labour population.The Asian Development Bank (ADB) has agreed to a US $ 10 million allocation for the project, Minister of Employment and labour, Mahinda Samarashighe said on Tuesday.rn rnSamarashghe said the project was […]

The Asian Development Bank warned on Saturday that the governments rocky relationship with the powerful executive presidency is stalling economic reforms.“The absence of a bipartisan process makes it more difficult for us to be comfortable as to whether key reforms will take place,” ADBs Country Director, John Cooney told a media briefing.rn rnThe countrys present […]

The Central Bank said Friday, that inflation measured by the Colombo Consumer Price Index for February dropped 1.1 percent over January to 3423.1.Central Bank said the availability of food items, mainly of upcountry vegetables, led to a drop in Februarys inflation.rn rnThe CCPI is the official measure of price changes within the Colombo Municipality for […]

The government and the World Bank will sit together for a final round of talks soon to finalise a big budgetary finance loan.The third meeting will be the last between the two parties before a proposal is put before the World Bank board in May.rn rnIf a final deal is struck at the meeting the […]