Tag: Sri Lanka

Top donors like the World Bank and the IMF say Constitutional reforms without a two-third majority in the parliament will not affect their lending program to the country. However, analysts pointed out that any attempt at tinkering with the Constitution without a two-thirds majority in parliament could lead to political uncertainty, which will directly affect […]

Suspected Tamil Tigers shot dead a soldier in eastern Sri Lanka after the rebels warned that Norways renewed efforts to broker peace in the island were in jeopardy, a local official saidThe victim, a member of an intelligence unit, was taken off of a bus and killed in broad daylight near the town of Batticaloa, […]

The services sector made the biggest contribution to economic growth last year.The sector that accounted for a little over forty percent of economic activity when the country adopted a market economy, today accounts for nearly 55 percent of the countrys GDP.rn rnOver 54 percent of the countrys GDP is accounted for by the service sector. […]

Former Sri Lankan cricket captain Arjuna Ranatunga Friday mended fences with President Chandrika Kumaratunga and was sworn in as deputy minister of industries, tourism and investment promotion.rnOfficials said Ranatunga, 40, who refused to be sworn in last month unless he was given the sports ministry, had his appointment confirmed at a ceremony held at Kumaratungas […]

India will pursue a comprehensive economic partnership agreement with Sri Lankas new government amid plans for an aid package to rebuild the islands embattled regions, a top envoy said on Thursday.The Indian High Commissioner (ambassador) here, Nirupam Sen, said talks initiated with the previous government on the economic agreement would continue with the new administration […]

Sri Lankas Tamil Tiger rebels have stepped up recruiting hundreds of child soldiers amid renewed moves by peace broker Norway to revive stalled talks, officials and residents said Thursday.rn Tamil Tigers have begun enlisting young fighters in the northern Wanni district in the past two weeks after demobilising nearly 1,000 child soldiers who were loyal […]

The London-based top Tamil Tiger negotiator returned to Sri Lanka Friday ahead of resuming Norwegian-backed peace talks with the new Colombo government, officials said.rnAnton Balasingham, 65, arrived at the only international airport here and was immediately flown in a military helicopter to the rebel-held town of Kilinochchi, 330 kilometres (206 miles) north of here, officials […]

Broader and deeper structural reforms in the last two years gave the economy a boost together with progress in peace talks.Central bank governor A S Jayawardene told LBR in an interview that the resilient Lankan economy could post double the current growth if permanent peace is achieved. Following are excerpts of the interview.rn Shamindra Kulamannage: […]

Norway is seeking to jumpstart Sri Lankas stalled peace talks, but faces a challenge to bridge a “gulf of confidence” between the new government and Tamil rebels, diplomats said Wednesday.Norways foreign minister Jan Petersen is to arrive here this weekend for talks with President Chandrika Kumaratunga and top Tamil Tiger rebel Velupillai Prabhakaran to discuss […]

The Finance Minister toned down talk of increased spending and a bigger budget deficit, as financial market players expressed concern about the possible economic fall out. rnThe minister pledged policy continuity and said he will keep a close eye on the deficit while emphasizing the need to meet the government revenue targets.rn rnExperts say the […]

Central Bank says the economy will grow at 5.5 percent this year if fiscal discipline is maintained.rnrn Governor A.S.Jayawardene said that ceasefire and strict fiscal discipline helped boost growth to 5.9 percent in 2003 while other economic indicators also improved.rn rnInitially predicted GDP growth rate for 2004 was six percent. However the Central Bank has […]

The government is expected to amend the Value Added Tax Act to legalize the introduction single tax rate despite opposition to the amendments on political platforms. The combined rate for VAT has been effective since the beginning of the year but the amendments to the Act are yet to be approved by parliament.rn rnExperts say […]