Category: Economy and Markets
Sri Lanka in new IFC bond index and fund
WASHINGTON, Oct 22 2007 (LBO) – Sri Lanka has been included in a new World Bank backed initiative to expand the international appeal of local currency bonds of emerging countries. The International Finance Corporation (IFC), the World Bank’s private sector financing arm, and the International Bank for Reconstruction and Development (IBRD) which finances middle income […]
Sri Lankan exports slow down in August
Oct 22, 2007 (LBO) – Sri Lanka’s exports slowed down in August 2007 but cumulative higher export growth over imports helped narrow the trade deficit for the first eight months of the year, the Central Bank said Monday. It said in a statement on the island’s external trade performance that higher growth of exports over […]
Sri Lanka could tap new World Bank agriculture aid, new strategy promised
WASHINGTON, Oct 21, 2007 (LBO) – The World Bank is putting up new money for agriculture development in rural areas but is promising not to repeat past mistakes that sowed small holder-based entrenched poverty in countries like Sri Lanka. In the 1980’s Sri Lanka embarked on a sweeping agricultural development drive building massive reservoirs and […]
Sri Lanka could tap new World Bank agriculture aid, better strategy promised
WASHINGTON, Oct 21, 2007 (LBO) – The World Bank is putting up new cash to boost rural agriculture and is promising not to repeat past mistakes that helped sow small holder-based entrenched poverty in countries like Sri Lanka. In the 1980’s Sri Lanka embarked on a sweeping agricultural development drive building massive reservoirs and irrigating […]
Sri Lanka should act on inflation, budget deficit: IMF
WASHINGTON, Oct 20, 2007 (LBO) – Sri Lanka should pay more attention to rising inflation and address the problem with the country’s budget, a top IMF official said. “Inflation has picked up and they need to pay more attention to that,” IMF’s Asia Pacific Director David Burton said at the launch of the Asia and […]
Sri Lanka, middle income countries, in line to get more World Bank aid
WASHINGTON, Oct 19 2007 (LBO) – World Bank chief Robert Zoellick’s new push to lend to middle income nations is opening up new opportunities for countries like Sri Lanka to tap low cost funding, if good economic policies are followed. Zoellick said the bank was already working with the Gates Foundation. He said approaches by […]
IMF urges care in commercial borrowing for conflict countries
WASHINGTON, Oct 19, 2007 (LBO) – IMF chief Rodrigo de Rato said countries emerging from conflict should be careful about commercial borrowing, but welcomed investor willingness to buy into local currency developing country bonds..Updated De Rato however said countries emerging from conflict should be careful about foreign commercial borrowing. Responding to a question on how […]
Sri Lanka trade fair draws foreign interest
Oct 18, 2007 (LBO) – Trade delegations from 12 countries have already confirmed their participation at IMEXPRO 2008, the Ceylon Chamber of Commerce said Thursday. The event is an international import – export promotion fair to be held from 14-16 February 2008 in the Sri Lankan capital Colombo, it said in a statement. The Ceylon […]
Sri Lanka credit-default swaps start trading after bond sale
Oct 18, 2007 (LBO) –Credit-default swaps tied to Sri Lanka’s debt started trading Thursday after the government sold 500 million dollars in bonds to foreign investors for the first time, Bloomberg newswire reported. Five-year contracts used to speculate on the South Asian nation’s ability to repay debt were quoted at 375 basis points as of […]
Sri Lanka says debut bond issue three times oversubscribed
Oct 18, 2007 (LBO) – Sri Lanka’s Central Bank Thursday said the government’s first international sovereign bond issue of 500 million dollars was more than three times oversubscribed.The bonds have a five-year maturity and a coupon of 8.25 percent per annum, the bank statement said. The issue carries a “junk bond” or below investment grade […]
Sri Lanka mulls introducing derivatives contracts
Oct 16, 2007 (LBO) – Sri Lanka’s financial sector has been advised to exercise caution in launching derivatives which are yet new instruments in the island.Derivatives are useful financial instruments that help manage risks and give depth to financial markets, Indian experts said. But designing and launching derivatives instruments can be tricky and two-thirds of […]
Sri Lanka country-wide inflation rockets to 21%
Oct 12, 2007 (LBO) – Sri Lanka’s country-wide inflation has rocketed to 21 percent in July 2007 even as authorities derided a more widely watched price index that measures prices in the capital Colombo as being outdated. In July the Colombo Consumer Price Index (CCPI) only showed a 17.6 percent increase over the previous 12-months […]