Tag: Sri Lanka
Rights groups pressure Japan over Sri Lanka conflict
May 11, 2009 (AFP) – Japan must “shoulder its responsibilities” and use its leverage to prevent a civilian bloodbath in Sri Lanka’s ethnic conflict, human rights and conflict prevention groups said Monday.Japan, which is Sri Lanka’s largest aid donor and holds two thirds of the island’s foreign debt, needs to “play a more active role” […]
Sri Lanka Jan-Feb state revenues shrink 10.6-pct
May 11, 2009 (LBO) – Sri Lanka’s state revenues have fallen 10.6 percent in the two months to February 2009, amid a slowing economy and collapsing imports while expenses are still rising, the latest official data shows. Inflation It is unusual for Sri Lanka’s revenues to fall on an absolute basis. Coupled with inflation, Sri […]
‘s private sector must lead post-war revival: UNDP
May 10, 2009 (LBO) – Re-building Sri Lanka’s war-ravaged north and east should be eventually driven by the private sector, rather than an unsustainable donor-financed state sector, a senior United Nations Development Agency (UNDP) official said. Douglas Keh, head of UNDP in Sri Lanka, also said good governance and a government commitment to devolving adequate […]
Global economic recovery may be W shaped: Steve Hanke
May 08, 2009 (LBO) – Recent rallies in stock markets may be short-lived, and a ‘W’ patterned economic revival is more likely if the Fed fails to quell an expected inflation bout early, a top monetary economist has warned. “I believe we are headed for a W-shaped recovery, with a down-up-down pattern,” Steve Hanke, professor […]
Sri Lanka set to submit seabed claim
May 06, 2009 (LBO) – Sri Lanka is set to formally submit its claim for sovereignty over a bigger area of the ocean floor surrounding the island under international law, officials said. “The survey confirmed the assumptions made by Sri Lanka’s Law of the Sea delegation in 1970s and 1980s regarding the location of 1km […]
‘s Ban to assess crisis
May 6, 2009 (AFP) – Sri Lanka’s president has invited UN Secretary General Ban Ki-moon to visit the island and assess first-hand the plight of civilians affected by fighting with Tamil rebels, his office said Wednesday.President Mahinda Rajapakse, under pressure over allegations that his troops have been shelling civilian areas, spoke to Ban on Tuesday […]
Canada ups relief aid for Sri Lanka
OTTAWA, May 4, 2009 (AFP) – Canada’s Minister of International Cooperation Beverley Oda announced Monday an increase in humanitarian aid for civilians displaced by ongoing civil war in Sri Lanka.Ottawa will provide three million dollars (2.5 million US) to the International Committee of the Red Cross, Doctors Without Borders (MSF), the World Food Programme and […]
Sri Lanka banks asked to cut lending rates, says Central Bank
May 5, 2009 (LBO) – Sri Lanka’s central bank said it had asked banks to cut interest charged on loans which remain high despite policy rate cuts, while its grip on overnight is also tenuous due to quantity restrictions on discount windows.The Central Bank said it has “informed the licensed banks to take appropriate measures […]
Bitter with West, Sri Lanka turns East for cash and support
May 4, 2009 (AFP) – The Sri Lankan government is increasingly tilting towards Iran, Libya and China for foreign aid as its traditional Western allies ramp up their criticism of the war against Tamil rebels. Many Western nations have outlawed the Tamil Tigers and cut off their funding networks, but the Colombo administration is deeply […]
Sri Lanka business told to watch out for bad debt
May 04, 2009 (LBO) – Sri Lankan businesses should be more cautious and assess customer creditworthiness more often, when doing business during a recession, a senior corporate executive said. They should watch out for bad debts as during such times previously solvent customers can quickly become insolvent, says Chemanex chief executive Preethi Jayawardena who was […]
Derivative Probe
May 3, 2009 (LBO) – Sri Lanka’s anti-bribery office is probing allegations that foreign trips were given to key officials to sweeten the sale of oil derivatives by international banks to a state-run oil firm which later went against it, a media report said. The exotic oil derivatives were sold to CPC by Standard Chartered, […]
Sri Lanka IMF loan would not be delayed on politics: central bank
May 2, 2009 (LBO) – Technical levels discussions for Sri Lanka’s International Monetary Fund (IMF) loan have now been finalized and with the UN Security Council also not standing in the way, there would be no further delays, a senior central banker said. Media reports indicated the United States, which has substantial say in IMF […]