Tag: Sri Lanka

Mar 06, 2009 (LBO) – The Sri Lanka rupee traded at 114.20/25 against the US dollar in the spot market after the central bank said it had gone for an International Monetary Fund bailout. Dealers say exporters are hoping for a devaluation of about 5 percent at least, though it is uncertain whether the currency […]

Mar 05, 2009 (LBO) – Sri Lanka had received 889,9 million US dollars of foreign direct investments in 2008 which includes a 136.72 million US dollar loan, the island’s investment promotion agency said. The Board of investment said the investments in ventures approved by it were up 21 percent from the US dollars 734 million […]

March 05, 2009 (LBO) – Overseas Realty (Ceylon) Ltd. (ORCL) said it is finding it difficult to sell apartments in a new high-rise condominium complex being built in the Sri Lankan capital Colombo due to the economic crisis. But ORCL chairman S P Tao, head of Singapore’s Shing Kwan group, said he is confident of […]

Mar 04, 2009 (LBO) – Sri Lanka is among low income countries (LICs) at “medium” risk from global economic turmoil, and some nations were at “high” risk needing foreign aid as commercial markets dry up, the International Monetary Fund (IMF) has said. Direct financial transmission of the crisis was spreading to countries like Ghana and […]

March 04, 2009 (LBO) – Sri Lanka has asked for a 1,900 million US dollar balance of payments support facility from the International Monetary Fund (IMF), and the first tranche was expected later this month, the central bank said. Sri Lanka also got support from the IMF after the Indian Ocean tsunami hit the country […]

Mar 03, 2009 (LBO) – The International Monetary Fund has sent a mission to Sri Lanka to look at the country’s “near-term outlook”, the global monetary watchdog said, as the island is grappling with the worst balance of payments crisis in a decade. The binges brought minor currency crises in 2004, 2006 and 2007 as […]

March 01, 2009 (LBO) – A new World Bank report says Sri Lanka must improve HIV/AIDS prevention programmes to prevent the disease causing economic damage.Conditions contributing to high vulnerability include the war, high mobility of soldiers and refugees, and separation of spouses due to overseas employment, said the report on how HIV and AIDS in […]

Feb 28, 2009 (LBO) – The cut in the outlook of Sri Lanka’s ‘B+’ sovereign rating to ‘negative’ by Fitch Ratings is ‘unwarranted’ and ‘pessimistic’ the island’s Central Bank said. The Central Bank said the rating agency had a “pessimistic view” of various measures being taken by Sri Lanka to increase the country’s flagging foreign […]

Feb 27, 2009 (LBO) – Sri Lanka’s inflation in the 12 months to February 2009 measured by the revised Colombo Consumer Price Index (CCPI) fell to 7.6 percent from 10.7 percent in January, the government statistics office said. However Sri Lanka is now in the middle of a severe balance of payments crisis, and the […]

Feb 27, 2009 (LBO) – Fitch Ratings has lowered Sri Lanka’s long-term foreign currency sovereign credit outlook to negative from stable while confirming its rating at ‘B+’ and short-term rating at ‘B’. In 2009, Fitch forecasts the trade deficit will fall to 3.5 billion dollars and the current account will decline to 2.1 billion dollars, […]