Category: Economy

SINGAPORE, September 16, 2006 (LBO) – Workers’ remittances is turning out to be an attractive sources of foreign financing for countries like Sri Lanka, which can sometimes use them as a buffer against oil shocks, the International Monetary Fund said Saturday. But they may be of only limited value in absorbing shocks and reducing vulnerability […]

Singapore September 15, 2006 (LBO) – The International Monetary Fund Friday asked domestic policymakers to be nimble and adapt to external risks like inflation and high oil prices that is threatening to disrupt global economic growth. The Washington based global financial watchdog and biggest financial backer, is also keen to boost its surveillance role of […]

Singapore September 15, 2006 (LBO) — Singapore Friday appeared to be willing to soften on an earlier ban of allowing civil society groups to participate in the annual World Bank-IMF meetings next week, following sharp objections from the international lenders “However, we cannot guarantee that all 27 activists will be admitted to Singapore,” it said. […]

SINGAPORE September 15, 2006 (LBO) – In addition to curries, saris and a passion for cricket, Sri Lanka shares similar problems with South Asian countries, but rapid economic growth is now creating the ‘political space’ for policy and institutional reforms, the World Bank said. “The Sri Lankan government was (last year) elected on a platform […]

Sri Lanka’s central bank is asking the country’s licensed money changers to raise more dollars to be allowed to continue in business. They are expected to buy foreign exchange from tourists and those who return from working abroad and deposit it in commercial banks. According to their license, money changers cannot sell foreign exchange back […]

September 12, 2006 (LBO) – Sri Lanka’s economy grew at a blistering pace of 7.9 percent for the six months to June the Central Bank governor said, aided by growth in manufacturing, services and agriculture produce. Analysts say reserve growth has tapered off since mid 2006, and the government has ratcheted up dollar borrowings to […]

September 12, 2006 (LBO) – Sri Lanka has bagged 220 million dollars in direct investments for the six months to June, the island’s key promotional agency said Tuesday, with money mainly coming from telecommunications and IT sectors. However, the BOI says smaller investors are also difficult to monitor or control, with some cases of fraud […]

Sept 11, 2006 – (LBO) Sri Lanka’s recent economic growth performance fits well with the underlying theme of the upcoming Commonwealth Finance Ministers’ meeting, a top official said. “We have had economic growth of 8.1 percent in the first quarter and 7.7 percent is expected in the second quarter,” Deputy Governor of Sri Lanka’s Central […]

September 8, 2006 (LBO) – Sri Lanka Friday flagged off construction work on a road project which links the tsunami hit coastlines from the south up to the east of the island. The Matara-Wellawaya road, jointly funded by ADB and the European Union, is closely linked to a network of tsunami-affected roads to be rehabilitated […]

Sept 06 (LBO) – The coral atoll of Maldives was the easiest place to do business in South Asia, followed by Pakistan and Bangladesh, while Sri Lanka trailed at fourth place, in a ranking by the World Bank. Maldive Islands earned first place in four out of ten topics the Bank had used to measure […]

Sept 06 (LBO) – Once the leader in reform, Sri Lanka is now lagging other reforming economies in South Asia, and the country has become a more difficult place to do business, a World Bank report released today said. ‘Doing Business in 2007: How to Reform’ has found that only India and Pakistan had introduced […]

Sept 06 (LBO) – Sri Lanka’s trade deficit expanded by more than 50 percent in the seven months to July, spurred by rapid import growth and falling exports, the Central Bank said. In July exports fell by 7.9 percent to 516 million US dollars, after striking port workers interrupted exports, but oil imports which come […]