Category: Economy and Markets
Green Floor
The Asian Development Bank on Monday approved US$ 300 mn in loan and grant financing for five key infrastructure and poverty alleviation projects in the transport, water and wildlife sectors.
Changing Caps
Secretary to the Economic Reforms Ministry, Mr.G. Hewagama will take over duties as Chairman of PERC with immediate effect.rn rnMr. Hewagama takes over from Dr. P. B. Jayasundera who stepped down as Chairman with effect from January 1 this year, PERC said in a statement on Friday.rn rnldblquote The appointment at PERC will be in […]
Going Home
Two projects, initiated by the Urban Development Authority (UDA) will add 15,500 new low and middle income homes in the western province.rn rnThe homes will be built on UDA land with monies from Korea and China.rn rnNegotiations are underway with a Korean firm to construct and invest and estimated Rs. 200 million in 500 homes […]
Warning Bells
The government plans to meet with officials from key foreign countries like USA and UK for a possible economic package in the event of another Gulf War.rn rnLabour Minister, Mahinda Samarasinghe kicked off the crisis level talks on Thursday by meeting top UNDP officials.rn rnHe is also due to meet Saudi Arabian and Kuwait Ambassadors […]
Reforms Take Top Slot
Financial and public sector reforms are high on the list of the upcoming IMF backed structural adjustment program in March.rn rnIMF resident representative Jeremy Carter says Sri Lanka has to trim its bloated public sector, which is the largest in the world in per capita terms.rn rnSri Lanka is likely to get about sixty five […]
Five-Year Outlook
The country quote s export development agency is putting together an action plan to push annual export growth in to double digits.rn rnThe Export Development Board says the five-year plan will look at eight strategic areas to drive growth. The board is hoping to drive the exports sector to grow at 13 percent annually.rn rnldblquote […]
What Firms Want
Sixty per cent of the private sector is betting on a three to five per cent growth in the economy for 2003, below government forecasts.rn rnA wistful 58 per cent expect prices to swell within a range of seven and eleven per cent in 2003.rn rnThe findings are responses to an International Monetary Fund (IMF) […]
Structural Support
Sri Lanka is to receive up to US$ 400 mn, which amounts to 100 percent of its SDR quotas, under the International Monetary Fund quote s Poverty Reduction and Growth Facility.rn rnThe long-term loan package is linked to the government quote s three-year economic reform programme spelt out in the Regaining Sri Lanka paper and […]
Milk Money
The LTTE and government meetings are drawing up strategies to milk the world donor community to the maximum at the June donor conference.rn rnThe Cabinet spokesperson Prof. G L Peiris refused to put a quantum, but the government is looking at raising around US$ 600 million in medium term funds for national development projects.rn rnProf. […]
Breaking Boundaries
Seylan Bank on Tuesday tied up with Australias Tyndall Investment Management to launch Sri Lankas first ever international bond fund.Initially, the new fixed-income Seylan International Bond Fund will manage US$ 16 mn of Seylan Banks foreign currency assets of over US$ 50 mn.rn rnWith over A$ 9 bn under its management, Tyndall is a member […]
Longer View
The Central Bank said Tuesday it was extending its yield curve further by issuing a 15-year bond this week.The maiden Rs. 1.5 bn issue carries a 8.5 percent coupon rate as opposed to the quarterly and half-yearly coupons offered on present treasury bonds.rn rnA further Rs. 1 bn will be raised through a 10-year bond.The […]
Fund Raising
Seylan Merchant Leasing, a Seylan Merchant Bank subsidiary, is issuing a Rs. 50 mn four year unsecured, subordinated, redeemable and unlisted debentures to be utilised for its leasing activities.A further Rs. 50 mn would be raised in the event of an oversubscription.Interest rates would range from 14.5 percent, with interest payment annually, to 14 percent, […]