Tag: lbo

The ADB expects Sri Lanka will clock in a 5 percent growth in 2003, building on the back of renewed economic stability and a global recovery in the second half of the year. rnldblquote This performance builds on the progress the Government has made in achieving short-run macroeconomic stability in 2002 dblquote , the Bank […]

Chairman Lal Nanayakkara says the turnaround has come from higher recoveries in its bad loan portfolio and profits from its investment portfolio.rn rnIn 2001, the bank recorded an impressive Rs. 345.29 bn profit reversing a loss of Rs. 1.77 bn in 2000 after providing Rs.821.75 mn for loan losses and Rs. 25.68 mn for the […]

Government is planning to take up the taxation issue with the LTTE as key donors to the island refuse to pay tax in any form.rn rnThe issue is to be taken up at the next round of peace talks with the LTTE.rn rnEconomists point out that development aid will be key to rebuilding war damaged […]

The government is discussing ways of financing the administrative units to be set up in a possible devolution and has also taken up the Tiger tax issue, Cabinet Spokesman G.L. Pieris said.rn rnAt present the LTTE is using various ruses to collect taxes from the people in the North and East.rn rnThough prices have come […]

The Asian Development Bank on Monday approved US$ 300 mn in loan and grant financing for five key infrastructure and poverty alleviation projects in the transport, water and wildlife sectors.

Secretary to the Economic Reforms Ministry, Mr.G. Hewagama will take over duties as Chairman of PERC with immediate effect.rn rnMr. Hewagama takes over from Dr. P. B. Jayasundera who stepped down as Chairman with effect from January 1 this year, PERC said in a statement on Friday.rn rnldblquote The appointment at PERC will be in […]

Two projects, initiated by the Urban Development Authority (UDA) will add 15,500 new low and middle income homes in the western province.rn rnThe homes will be built on UDA land with monies from Korea and China.rn rnNegotiations are underway with a Korean firm to construct and invest and estimated Rs. 200 million in 500 homes […]

The government plans to meet with officials from key foreign countries like USA and UK for a possible economic package in the event of another Gulf War.rn rnLabour Minister, Mahinda Samarasinghe kicked off the crisis level talks on Thursday by meeting top UNDP officials.rn rnHe is also due to meet Saudi Arabian and Kuwait Ambassadors […]

Financial and public sector reforms are high on the list of the upcoming IMF backed structural adjustment program in March.rn rnIMF resident representative Jeremy Carter says Sri Lanka has to trim its bloated public sector, which is the largest in the world in per capita terms.rn rnSri Lanka is likely to get about sixty five […]

The country quote s export development agency is putting together an action plan to push annual export growth in to double digits.rn rnThe Export Development Board says the five-year plan will look at eight strategic areas to drive growth. The board is hoping to drive the exports sector to grow at 13 percent annually.rn rnldblquote […]

Sixty per cent of the private sector is betting on a three to five per cent growth in the economy for 2003, below government forecasts.rn rnA wistful 58 per cent expect prices to swell within a range of seven and eleven per cent in 2003.rn rnThe findings are responses to an International Monetary Fund (IMF) […]

Sri Lanka is to receive up to US$ 400 mn, which amounts to 100 percent of its SDR quotas, under the International Monetary Fund quote s Poverty Reduction and Growth Facility.rn rnThe long-term loan package is linked to the government quote s three-year economic reform programme spelt out in the Regaining Sri Lanka paper and […]