Tag: Sri Lanka

Feb 06, 2012 (LBO) – A hospital built by Golden Key Credit Card Company, a failed Sri Lankan financial firm is being chased by two business groups, but a depositor association wants more money for the asset, a media report said. The report said a satellite earth station valued at 500 million rupees on a […]

Feb 04, 2012 (LBO) – Sri Lanka has to fix losses in key state enterprises as part of polices to slow credit and arrest the loss of foreign reserves, the International Monetary Fund said. “There was broad agreement that a decisive policy response was needed to put the economy on a sounder footing, especially given […]

Feb 04, 2012 (LBO) – Sri Lanka’s President Mahinda Rajapaksa warned of possible fallouts from a weak global economy during a speech to mark the island’s independence from British rule. “The economic crises in the world also affect our country,” the English text of President Rajapaksa’s speech delivered in Anuradhapura, an ancient capital of the […]

Feb 03, 2012 (LBO) – Sri Lanka will boost drainage to reduce flooding and improve the wetlands around the capital Colombo in a 223 million dollar project which will be mostly financed with a World Bank credit. The government has negotiated a 213 million dollar credit to develop the Colombo metropolitan area under the Metro […]

Feb 03, 2012 (LBO) – Sri Lanka’s Central Bank hiked rates by 50 basis points to 9. 0 percent mounting an interest rate defence of its peg with the US dollar, and slapped a credit ceiling as foreign reserves fell by a quarter in 2011 due to high loan growth. The Central Bank said its […]

Feb 03, 2012 (LBO) – A hike in rates and a credit ceiling to rein in loan growth would help narrow a widening external deficit in Sri Lanka, but exchange rate flexibility should be part of the policy package, the International Monetary Fund said. Strong credit growth put pressure on Sri Lanka’s peg with the […]

Feb 01, 2012 (LBO) – Sri Lanka will not curb imports to stabilize the exchange rate, Central Bank Governor Nivard Cabraal said as a peg with the US dollar came under pressure from strong credit growth. “There has been an exponential growth in imports such as vehicles and gold and this is a reflection of […]

Jan 31, 2012 (LBO) – Sri Lanka’s central bank said it would only have to pay a higher interest rate for International Monetary Fund loans exceeding 300 percent of the country quota, and lower balances would only attract a rate of a little over 1.0 percent. The IMF has effectively suspended its 2.6 billion US […]

Jan 31, 2012 (LBO) – Consumer prices in Sri Lanka’s capital rose 3.8 percent in January 2012 from a year earlier, slowing from 4.9 percent in December 2011, the state statistics office said. Prices measured by the Colombo Consumer Price Index rose 0.3 percent in January 2012 after rising 1.2 percent during December 2011. Annual […]

Jan 30, 2012 (LBO) – Sri Lanka may not need the remaining 800 million dollars of International Monetary Fund money since reserves are still high, economic development minister Basil Rajapaksa said. “When we borrow the money it goes into monetary reserves and they have to be invested in another country, for a small difference in […]

Jan 27, 2012 (LBO) – A series of construction contracts given to Chinese firms mostly with borrowed money from China which will have to re-paid by Sri Lanka, should have been awarded by open tender, a legislator has said. Harsha de Silva, a legislator representing Sri Lanka’s main opposition United National Party, said the commercial […]