Tag: Sri Lanka
‘s trial to resume after assembly opens
April 20, 2010 (AFP) – The court martial of Sri Lanka’s former army chief Sarath Fonseka was on Tuesday adjourned until after the opening of the country’s new parliament, in which he won a seat this month, officials said. The three-judge military court postponed the case until May 4 after a brief hearing on Tuesday, […]
Sri Lanka must cut budget deficit, inflation: ADB
Apr 20, 2010 (LBO) – Post-war Sri Lanka’s main priorities in accelerating economic growth would be to rein in ballooning budget deficits and inflation, the Asian Development Bank said. The government is expected to introduce reforms to broaden the tax base and reduce tax exemptions in the 2011 budget in order to increase revenue, said […]
”: Central Bank
Apr 20, 2010 (LBO) – Sri Lanka’s state enterprises should be fixed as an “urgent policy priority” with a “strong reform programme” the island’s central bank said as seven state entities lost nearly 50 billion rupees in 2009 which is equal to one percent of gross domestic product. Losses in state enterprises and borrowing from […]
Sri Lanka gets US support for business in former war zone
Apr 20, 2010 (LBO) – The US Agency for International Development has tied up with Sri Lanka’s private sector to support new businesses in the former war zone that will generate employment, the aid agency said. The USAID Public-Private Partnerships for Northern and Eastern Sri Lanka Program is expected to create the equivalent of 5,000 […]
‘s ex-army chief back in court as MP-elect
April 19, 2010 (AFP) – Sri Lanka’s former army chief Sarath Fonseka appeared in the dock at a court martial on Monday for the first time since winning a parliamentary seat in elections earlier this month. Fonseka last year led the military to victory over the Tamil Tiger rebels but later fell out with President […]
Sri Lanka state railways lose Rs4.7bn in 2009
Apr 18, 2010 (LBO) – Sri Lanka’s state-run railways lost 4,768 million rupees in 2009 up 4. 7 percent from the a year earlier, which was more than its annual revenues, while carrying lower volumes of cargo and passengers, the latest official data shows. Sri Lanka Railways operated 4,568 million passenger kilometres in 2009, down […]
Sri Lanka gets ADB help to get more taxes, spend better
Apr 16, 2010 (LBO) – The Asian Development Bank said it will give Sri Lanka a 50 million US dollar loan to improve government revenue management, including tax collection, and state spending on infrastructure and the poor. It said in a statement that the ADB and Japan will support Sri Lanka with fiscal reforms to […]
Sri Lanka central bank makes record profits
Apr 16, 2010 (LBO) – Sri Lanka’s Central Bank has made a record 33 billion rupee profit in 2009 as low yielding foreign reserves were lost and replaced with higher yielding domestic government paper during a balance of payments crisis. Even then yields on dollar and euro assets were also low. The central bank also […]
Sri Lanka moves to free prime property in capital
Apr 16, 2010 (LBO) – Prime property in Sri Lanka’s capital Colombo could be made available to private developers when the government goes ahead with a planned shift of state institutions, including defence, to the suburbs, officials said. “We’re waiting for the green light,” said an official of the Urban Development Authority, which is in […]
BBC World Service resumes FM broadcasts in Sri Lanka
LONDON, April 15, 2010 (AFP) – The BBC World Service announced Thursday the resumption of FM programming in Sri Lanka, 14 months after they were taken off air due to interference. World Service programmes in English, Sinhala and Tamil language, which had remained available on shortwave, will be reinstated on the SLBC national broadcaster, said […]
Sri Lanka opposition leader to be convicted next week: party
April 16, 2010 (AFP) – Sri Lanka’s detained ex-army chief and opposition leader Sarath Fonseka is likely to be convicted early next week to prevent him appearing in parliament, his party said on Friday. Fonseka, who won a seat in parliament while in custody, is in custody in the capital Colombo and faces a court […]
Sri Lanka gets $150mn ADB emergency loan
Apr 15, 2010 (LBO) – The Asian Development Bank (ADB) said it is providing 150 million US dollars in an emergency loan to Sri Lanka for projects to help people in the war-ravaged north and east. The loan will have a 32-year repayment term, including a grace period of eight years and an annual interest […]