The Maldivian administration’s key economic strategy is to engage the private sector and enable the diversification of the economy for sustainable development, said Mahmood Razee, Minister of Economic Development in the Republic of Maldives who was in the country to attend the fourth Annual General Meeting of the Sri Lanka-Maldives Bilateral Business Council recently.   ...

Economic Development Minister Basil Rajapaksa yesterday inaugurated the country’s largest ultra modern fuel station and shopping complex in Paradise, Kuruwita along the Colombo-Ratnapura road. This trade complex includes a fuel station, a Commercial Bank branch, ATM machines, a restaurant and a super market. The KDU Group of companies has planned this commercial trade complex to ...

Sir Richard Branson and American actor and environmental campaigner, Edward Norton, are among the pantheon of global environmental leaders who are set to speak at the third annual Six Senses Slow Life Symposium, to be held at Soneva Fushi in the Maldives. The conference will run over four days between 6-9 October 2011 and will ...

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 ...

Sri Lanka Association of Software of Services Companies ( SLASSCOM ) and Motorola Solutions will organise the Inter-University Enterprise Mobility Software Development Competition finals on 6 October 2011. The finals will be held at Prof. V.K. Samaranayake Auditorium of University of Colombo School of Computing (UCSC) with the participation of Chief Guest Minister of Information ...

Sri Lanka Ports Authority (SLPA) Chairman Dr. Priyath B. Wickrama made an exclusive presentation at the International Port Security Conference in the Netherlands on 28 September 2011. Expressing views delivering the keynote address at the International Port Security 2011 conference on the subject of the past successes of securing Sri Lankan ports and the predicted ...

Balance of Payments (BOP), which includes all foreign currency inflows and outflows, recorded a surplus of US$ 1,006 million by end July 2011. Gross official reserves, excluding Asian Clearing Union (ACU) balances, increased to US$ 8,099 million by end July 2011 from US$ 6,610 million by end 2010. The improved macroeconomic environment and several initiatives ...

The Central Bank of Sri Lanka has released its latest data folder, Sri Lanka Socio-Economic Data 2011. The current data folder is the 34th volume of the series. This easy- to- carry data folder contains 88 statistical tables and 12 charts covering the latest information on socio economic conditions in Sri Lanka, human resources, national ...

Introduction Growth has stalled in the global economy. Stock markets have plummeted. Risk appetite has declined and there has been a flow of resources to safe havens. The IMF has stated that the world economy has entered its most dangerous phase since the financial crisis of 2008. The ammunition available to policymakers is much reduced ...

During July 2011, workers’ remittances increased by 21.1% to $ 415 million over the same month of 2010. Cumulative inflows on account of workers’ remittances amounted to $ 2,922 million during the first seven months of 2011.   In the first half remittances growth was 26.4% to $ 2.5 billion. Earnings from tourism grew at a ...

Justice and fair-play is paramount Justice and fair-play are of paramount importance to all members of the world family consisting of 193 nations expecting justice and fair-play equally. It is the principle on which the United Nations was established in place of the less-effective League of Nations, in order to settle differences among nations based ...

AS Sri Lanka celebrated World Tourism Day yesterday, it seems an opportune time to discuss the positives as well as the challenges facing Sri Lanka. The Sri Lankan Government on Tuesday unveiled ambitious plans to provide employment in the tourism industry to one in seven people on the back of a 50 per cent earnings ...

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 Cooperation Dr. Sarath Amunugama said in a statement to the IMF. Given ...

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...

With the World Bank announcing that the world economy is teetering on “a new danger zone,” it is of paramount importance for governments and financial power-houses to restore confidence through concrete policies and systematic financial planning. This is the order of the day, given the recent pessimistic report on the world economy delivered by Morgan ...

With the cessation of the 30-year ethnic war and with the economic stability the growth momentum in the country was maintained and the economy grew by as much as 8%. The Central Bank of Sri Lanka has been positive in continuously reviewing and bringing interest rates and inflation levels under control. This direction enabled the ...

SYDNEY (AFP): Australian Treasurer Wayne Swan on Wednesday urged European nations to “get their act together” as the International Monetary Fund released dire new predictions for the global economy. Named the world’s best finance minister by Euromoney magazine overnight due to Australia’s recession-beating performance during the financial crisis, Swan said he would deliver ...

The policy changes, reforms and modernisation since Budget 2011 appears to have been the context of a presentation made to the Joint Apparel Association Forum in July 2011 by the “leading light” in finance, planning, treasury management and economic development. Sri Lanka background 2000-’10 The presentation articulates the background issues experienced from 2000 to 2010. ...

Sri Lanka’s ambition to stage the 2018 Commonwealth Games could receive a further boost today with the arrival of a European delegation that will play a key role in the crucial vote that decides the host city in November. As the race to host the event reaches its final stages, the Hambantota 2018 bid is ...

Economic Development Minister Basil Rajapaksa has declared that all facilities are now available in Sri Lanka for investment and the country has become one of the most attractive for the latter. “Sri Lanka is now one of the safest countries in the world. It has political stability. Infrastructure facilities such as water, electricity, highways have ...

Asian Development Bank (ADB) remains upbeat on Sri Lanka retaining its growth forecast unchanged for 2011 and 2012 though revising South Asian regions figure in its latest update. Releasing its Asian Development Outlook Update, ADB indicated Sri Lanka’s 8% growth forecast for 2011 and 2012 is intact and is in line with its original estimate. ...

In collaboration with Education New Zealand, Sri Lanka plays host to the New Zealand Education Fair once again this year, inviting students across the country to explore academic opportunities in tertiary education in this welcoming, scenic and trusted educational destination. Prospective students now have the opportunity to discover a wide sphere of educational opportunities at ...

Private sector borrowing in first half of 2011 tops Rs. 200 b; cumulative figure surpasses Rs. 1.7 trillion markCredit boom to private sector continues unabated with the amount extended in the first half topping Rs. 200 billion and the end June cumulative figure surpassing the Rs. 1.7 trillion mark. The estimated Rs. 209 billion lent ...

Acquire 40% stake in Sri Lanka’s oldest conglomerate George Steuart & Company marking a new beginning and in first major deal between the two Former Chairmen Scott Direckze, S. Skandakumar and current Chairman Jayantha Wimalagooneratne sell stakes; deal on Group MD Dubsy Kanagaratnam's stake pending Dilith to use 176 year old firm as vehicle to ...

Last week, media were abuzz with two reports on how undesired exchange rate movements could worry governments. One was a currency under pressure for appreciation in the market and the other was a currency moving in the opposite. Swiss Franc: One way Journey to Appreciation The first was the case of the Swiss Franc which ...

Says reserve position strong and exchange rate policy suitable in response to IMF remarksThe Central Bank yesterday justified and defended its management of the country’s foreign exchange dynamics after the IMF raised some concerns.   The IMF in a statement on Wednesday at the conclusion of its staff mission said Sri Lanka’s foreign exchange reserves ...

Bullish on post-war revival in tourism and to cater to growing demand for its hospitality Renuka City Hotels Plc, is investing Rs. 200 million to add 20 more rooms, bringing the total to 100 inclusive of the adjoining Hotel Renuka. Chairman Ravi Thambiayah told the Daily FT that the company was waiting for approvals to ...

(Reuters): Sri Lanka’s tourist arrivals jumped 29.6 percent in August from a year earlier with the visitors expect to hit a record high, as the island nation kept attracting more visitors and tourism-related investment since the end of a 25-year civil war. Arrivals have risen every month on a year-on-year basis since the war’s end ...

The Sri Lanka Private Sector Assessment of the Report to the United Nations Secretary General by the Panel of Experts on accountability in Sri Lanka was released on Thursday. The private sector critique is a compilation of views raised by a private sector group in Sri Lanka who are concerned about the content of the ...