Tag: Sri Lanka
Sri Lanka general urges political solution to Tamil strife
June 11, 2010 (AFP) – Sri Lanka’s army chief on Friday called for a political settlement to the island’s decades-long ethnic strife, a year after the Tamil Tiger rebels were defeated in a major military offensive. Lieutenant General Jagath Jayasuriya warned that although the separatist Liberation Tigers of Tamil Eelam (LTTE) were crushed following the […]
Sri Lanka moves to allow president to run again
June 11, 2010 (AFP) – The Sri Lankan government has approved lifting the two-term limit for presidents in a move that would allow incumbent Mahinda Rajapakse to run for office again, an official said Friday. Rajapakse, 64, came to power in 2005 and has increased his firm grip on power since defeating the separatist Tamil […]
‘s Mahathir
June 11, 2010 (LBO) – Sri Lanka should target investment led growth and minimize borrowings which could lead to a future debt crisis, former Malaysian prime minister, Mahathir Mohamed said. As a result Sri Lanka has run up national debt to almost 86 percent gross domestic product (GDP) in 2009 from just 16 percent at […]
Sri Lanka growth accelerates: CB Governor
June 11, 2010 (LBO) – Sri Lanka’s first quarter growth is likely to be “more than 6.0 percent” allowing year-end growth to reach 7. 0 percent, higher than originally forecast, Central Bank Governor Nivard Cabraal said. The Central Bank originally projected a growth of 6. 5 percent for 2010. “Our estimates are the first quarter […]
Sri Lanka gets Indian aid to rebuild transport infrastructure
June 11, 2010 (LBO) – India will lend about a billion dollars to help develop Sri Lanka’s transport infrastructure, rebuilding railways, a port and an airport in the war-torn north, a joint statement by the two neighbours said. India will give soft loans of about 800 million dollars for railway projects in Sri Lanka and […]
Sri Lanka to sign trade deals with China: official
June 11, 2010 (AFP) – Chinese Vice Premier Zhang Dejiang will hold talks with Sri Lanka’s president at the weekend and sign several trade and economic deals, the island’s foreign ministry said Friday. China is also building a port in the south of the island and is involved in constructing highways, power stations and petroleum […]
IMF warns Asia of spillovers from European crisis
SINGAPORE, June 9, 2010 (AFP) – The IMF warned Asia Wednesday of the potential spillovers of the European debt crisis, saying it could dampen trade, make capital flows volatile and overheat economies in the region. Greece is at the epicentre of a mounting debt crisis that threatens to spread across the eurozone and has pulled […]
Sri Lanka consumer spending rebounds: FMCG firm
June 09, 2010 (LBO) – Sri Lanka’s Hemas group said its fast moving consumer goods (FMCG) division grew revenues at double digit rates in the latest financial year and it re-launched brands as consumer spending rebounded. Sri Lanka had high inflation in 2008. It hit a peak of 28 percent in mid-2009 but fell thereafter. […]
‘s post-war boom accelerates
June 9, 2010 (AFP) – Sri Lanka’s central bank raised its growth forecast for the year on Wednesday, citing strong post-war expansion in reconstruction and agriculture, particularly in former conflict zones. Cabraal also said the central bank was in the process of evaluating two international banks who have sought to open branches in Sri Lanka. […]
Sri Lanka must reduce deficits, debt; contain inflation: World Bank
June 08, 2010 (LBO) – South Asian countries like Sri Lanka must reduce high budget deficits and public debt to gain from the global economic recovery that is underway, the World Bank said in a report. The region weathered global recession much better than any other, showing remarkable resilience and is the second-fastest growing area […]
Sri Lanka outlines spending plans for 2010
June 08, 2010 (LBO) – Sri Lanka will spend at least 202 billion rupees on defence, 87. 8 billion rupees on roads, 53 billion rupees on health, 26. 2 billion rupees on ports and 25.1 billion rupees on water supply this year, a bill submitted to parliament said. In 2009 Sri Lanka spent 188.6 billion […]
Sri Lanka must cut business costs to lure investors: World Bank
June 08, 2010 – Sri Lanka’s investment climate must be improved and cost of doing business reduced to attract the private investment needed to speed up growth and improve people’s lives, a senior World Bank official said. Sri Lanka needs to sharply increase private investment in order to accelerate growth, Ernesto May, handling private sector […]