COLOMBO (Reuters): Sri Lanka’s Supreme Court has ruled that the government’s controversial legislation to acquire so-called underperforming enterprises and under-utilised assets is consistent with the country’s constitution, parliament was told on Tuesday, despite some opposition. The government act, which was presented to parliament on Tuesday, will see the state acquiring 37 pr...

Following is the address delivered by Senior Minister for International Monetary Cooperation Dr. Sarath Amunugama at the fourth South Asia Economic Summit (SAES IV) Plenary Session: In the aftermath of the global economic crisis, there has been a noticeable shift in economic clout, moving from the USA and the debt-plagued countries of the Eurozone, to ...

Sri Lanka Economic Association Conference – Key takes at the inauguration By Dinali Goonewardene The Government in addition to domestic constraints faces a series of external and global constraints and the Sri Lanka Economic Association at its annual sessions from 13-14 October 2011 discussed this under the theme ‘Achieving National Economic Goals Amidst Global Challenges’. ...

The IMF’s recently-released Asia and Pacific Regional Economic Outlook (REO) shows the region continuing to lead global growth, though the forecast has weakened over the past few months, and risks are to the downside1. The recovery in advanced economies is more sluggish than anticipated at the time of our April 2011 REO, and the global ...

Addressing members of a visiting high-powered Vietnamese business delegation on Friday 14 October, at Hotel Galadari, Colombo Minister of Industry and Commerce Rishad Bathiudeen invited Viet Nam delegations to Sri Lanka Expo 2012, and suggested that Vietnamese businesses use the Indo Sri Lanka Free Trade Agreement and the Pakistan Sri Lanka Free Trade Agreement as ...

Arguably the world’s most powerful leader, Barak Obama, underscored that the Eurozone crisis is “scaring the world”. It comes as no surprise then that his Treasury Secretary Tim Geithner heads the international clamour for more action to solve the burgeoning sovereign debt problem that has dominated financial markets in recent times. George Osborne, Britain’s current ...

Revises from 8.5 pct yr/yr; still a record high growth $1 b inflow into stocks, debt expected before end-Dec Sri Lanka deals with Asia investors, not from Europe, US COLOMBO(Reuters): Sri Lanka’s Central Bank on Thursday lowered its full-year growth target to 8.3 percent from its earlier estimate of 8.5 percent due to contraction in ...

MP charges that Government is focusing only on physical infrastructure and adopting a top-down development approach instead of a more inclusive and participatory humane political futureUnited National Party Parliamentarian Eran Wickramaratne asserts that the Government is depleting the resources of the municipality on an election extravaganza. In a candid interview with the Daily FT, the ...

Leif Lybecker Eskesen, Chief Economist for HSBC India and ASEAN will visit Sri Lanka this week. During his visit, he will address the Bank’s corporate customers on ‘Asia’s Inflation – Growth Tango: who’s dominating the dance?’ at a special Power Breakfast, scheduled to be held on 7 October 2011, at the Cinnamon Grand Hotel. Leif ...

More inflows into service, capital, financial accounts, says CB Rupee was under pressure due to heavy imports in Aug., Sept. Currency dealers wary on rupee stability By Shihar Aneez Reuters: Pressure on Sri Lanka’s rupee currency will recede in coming months due to increasing inflows into the country’s service, capital and financial accounts, the Central ...

Last week’s My View talked about six popular fallacies of currency or exchange rate appreciation which both the authorities and the public have tended to harbour in themselves. Of them, the following three were discussed in detail: Fallacy One: The government can fix the external value of a currency at any level it wishes. Fallacy ...

In its march towards development, Sri Lanka is still seeking the assistance of bilateral and multilateral organisations as well as greater input from foreign investors, Governor of the World Bank Group and International Monetary Fund for Sri Lanka, Senior Minister for International Monetary

Says business environment needs to improve, seventh review to be concluded in December By Deepal V. Perera in Washington DC The International Monetary Fund (IMF) yesterday stated that in the face of the global downturn, the performance of the Sri Lankan economy has been impressive. “The Sri

Gives comprehensive address highlighting issues of developing countries Shoots down discriminatory practices by developed countries Outlines post-war development, reiterates stance against terrorism Backs Palestine, Cuba and Africa By Nisthar Cassim in New York In his much-anticipated address to the UN, President Mahinda Rajapaksa yesterday took a comprehensive local, regional and world view, with...

Reuters: Sri Lanka’s stock market fell for a third session to a more-than six-week low on Thursday, following Asian peers on a gloomy global economic outlook, a local liquidity shortage and forced selling to meet margin debt reductions. The island nation’s main share index closed 0.45 per cent or 30.50 points weaker at 6,762.38, its ...

IFC, a member of the World Bank Group, yesterday launched a new report that identifies seven inclusive business models that expand access to goods, services, and livelihoods for the world’s poorest people while generating strong financial returns. The report underscores IFC’s commitment to creating opportunity at the base of the economic pyramid. IFC clients from ...

IMF urges more exchange rate flexibility CB defends interventions as necessary More discussions expected in Washington this week Reuters: The International Monetary Fund (IMF) yesterday said there has been no timetable set for a review of Sri Lanka’s progress under a $2.6 billion loan

Reuters: Sri Lanka’s private sector credit growth will decline to 27 per cent year-on-year compared to a 16-year high of 34.4 per cent in June this year, due to a higher base and a slowing global economy, the Central Bank said on Tuesday. Credit growth had eased to 34 per cent year-on-year in July from ...

THE Monetary Board, with the concurrence of the Finance Minister has promoted three Assistant Governors, the Central Bank announced yesterday. They are Dr. P. Nandalal Weerasinghe and B.D.W.A. Silva with effect from 27 September and C. Premeratne with effect from 1 January 2012 to the posts of Deputy Governor. Details of their careers are given ...

Reuters: Sri Lanka’s Central Bank on Monday started repo auctions after a lapse of two years, a move that currency dealers see as aimed at easing pressure on the exchange rate and the Central Bank’s dollar sales. The Central Bank in the past has used the tool under its open market operation to drain money ...

Central Bank is likely to hold rates and keep Statutory Reserve Requirements (SRR) steady according to analysts polled by Reuters. The September monetary policy rate decision is due today. Reuters said the Central Bank is expected to keep its repurchase and reverse repurchase rate steady at 7.00 percent and 8.50 percent respectively for an eighth ...

By Uditha Jayasinghe  With the Budget on the horizon, the Inland Revenue Department (IRD) yesterday dropped hints that there would be more relief to local investors come 15 November. IRD Commissioner General K.M.S Kandegedara acknowledged that the department was currently meeting with various associations and organisations to formulate proposals for Budget 2012. He was speaking ...

Rupee kept steady despite IMF request to limit intervention Market expects rupee to fall in near future Shares end weaker amid foreign selling. Reuters: Sri Lanka’s rupee currency premiums edged up on Thursday after the International Monetary Fund asked the Central Bank to limit

The International Monetary Fund (IMF) in its latest review gave mixed evaluations with positive ...

Eshana De Silva, the Chairman of the Esna Group of Companies and Shermans Logistics has been officially appointed as the Honorary Consul to Kazakhstan. De Silva is also a Director of Pan Asia Bank, Mc Marine and functions as a board member of the Board of Investment (BOI) and the Sri Lanka Ports Authority (SLPA). ...

Bloomberg: Sri Lanka’s economic growth is set to outstrip India’s for the first time since 2000 as record foreign investment and Government spending fuel a resurgence after almost three decades of civil war. The island nation’s $ 50 billion gross domestic product will increase 8.5 per cent this year, up from eight per cent in ...