Tag: lbo

The bank said the deficit in January had shrunk to US$ 131 mn from US$ 228 mn in the same month a year ago. rnPresenting its growth-oriented budget last week, the government said its expects the deficit to expand slightly for the whole of 2002, to US$ 1.25 bn from US$ 1.16 bn in 2001. […]

The Marxist party was planning to use the privatisation programme as a strategic weapon to frustrate the government quote s reform agenda, a top government source told Lanka Business Online today. rnrnldblquote The privatisation programme is going ahead as planned, with Sri Lanka Insurance Corporation and state utilities in the pipeline. We just did not […]

ldblquote We will make our recommendations to the board within the next three days.The board will decide on the trench payment by late April dblquote , IMF Senior Representative, Dr.Nadeem Ul Haque told Lanka Business Online. rnrnThere is a possibility that the fund would combine two-tranch payments of US$ 30 mn each for the April […]

Finance Minister K N Choksy officially said the economy contracted by 1.3 percent during 2001. rnrnHe outlined a range of measures that the government plans to streamline in its quest for revive the economy. rnA new Commissioner General is to be appointed to contain defence expenditure, which currently accounts for 20 percent of the total […]

The numbers speaks for itself.Tax breaks, lower interest rates and massive reforms, all delivered with little fanfare.

Tittawelle in his presentation about the role of the government at the financial reforms forum today, identified public service reforms and pension reforms as other key initiatives to bridge the fiscal deficit. rnrnContinues trend of budget deficits recorded during the past two decades has resulted in the mammoth public debt, which has a significant crowding […]

Carter was in the island early last month to carry out a review of the government fiscal performance that will lead to the release of the next US$ 30 mn tranche. rnrnThe fund would release the funds after checking the budget due this Friday for the reforms mutually agreed between the government and IMF. rnrnDr. […]

High non-performing loans of Bank of Ceylon quote s and Peoples Bank were highlighted as the cause for the high intervention cost in the local financial sector, at the Financial Reforms forum that ended today. rnrnldblquote Banking supervision could have been more forceful on state banks to control their lending to dubious projects dblquote , […]

ldblquote Some of you will benefit, some won quote t, some will have to close down, but the country quote s economy will flourish as a result of the efficient financial sector dblquote , he said opening the curtain raiser of the top level Financial Sector Reforms Forum today. rnrnThe three-day forum has brought together […]

rnWith investor interest in the area perking up, development projects are beginning to get underway with road rehabilitation and water/sanitation projects, among those high on the agenda.rn rnIn addition to four large-scale industries in the area, there are a total of 3548 industrial units in the area employing some 15,000 people.rn rnMost of these are […]

The accord sets out specific time bound targets including detailed mechanism to monitor progress and also represents ADB quote s long-term commitment to Sri Lanka quote s future economic development, ADB President, Tadao Chino told a news conference. rnrnFinance Minister K N Choksy said the bank quote s assistance would go a long way to […]

ldblquote 2001 was one of the worst years in terms of economic performance.Poor monetary and fiscal management was compounded by a series of external and internal shocks, dblquote he said addressing a Norwegian Aid delegation on Sri Lanka quote s economic revival plan. rnrnHefty military spending, a stalled privatization programme and mounting losses at key […]