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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 ...
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 ...
Reuters: England piled more misery on India with a thrilling six-wicket victory in a one-off Twenty20 match at Old Trafford on Wednesday. After losing the test series 4-0, India started brightly in the shortest version of the game and racked up 165 all out, only to see England reach their target with three balls to ...
Stock Broking firm Capital Alliance suggests that the 2.6 million tourist arrivals target isn’t a pipedream but achievable though it will be only by 2020, which is 4 years later than the Government and industry set timeline of 2016. “The Government projects 2.5m arrivals in 2016, but the industry will lack the rooms and trained ...
The Tourist Hotels Association of Sri Lanka (THASL) and the Vocational Training Authority (VTA) recently signed a Memorandum of Understanding (MOU) to train more people for the hospitality industry using the VTA network. THASL will help VTA to finalise the curriculum in keeping with the industry’s requirement and provide the necessary assistance by providing the ...
After two decades, Hilton Colombo owning company Hotel Developers finally releases accounts Accumulated losses by end FY 2009/2010 top Rs. 10 billion Revaluation of hotel results in Rs. 4.7 b gain yet company beset with negative networth of Rs. 4.7 b as against Rs. 8.26 b in 2008/9 Total outstanding loans and borrowings near Rs ...
* $ 413 m FDI in the 1H, $ 1 b full year target on track * Gross official reserves top $ 8 b by 16 August * Govt. sticks to fiscal deficit target in 1H, lower than 2010 * Broad money (M2b) expands by 20.7% year-on-year, in June 2011; credit disbursed to private sector ...
COLOMBO (Reuters): Sri Lanka’s tea production fell in July for a fourth straight month due to adverse weather conditions, the island nation’s state-run tea board said on Thursday. Tea production in July was 11.5 per cent down to 24.2 million kilogrammes (kg) against 27.4 million kg in the same month last year. The output in ...
Crucial meeting discusses and approves Budget 2012 plans, new Tourism Authority, acceleration of eSri Lanka drive and regional development Cabinet at its meeting this week appears to have spent greater deal of time discussing and making key decisions on future development including Budget 2012 and high growth sectors such as tourism, ICT and industrialisation. The ...
The Central Bank yesterday announced further relaxation of foreign exchange rules with immediate effect. It said that with a view to facilitating the foreign exchange transactions of the growing economy of Sri Lanka, a few new policy measures had been introduced to further relax the foreign exchange regulations. These include relaxation of restrictions for foreign ...
Achieves Rs. 4.37 b profit in 1Q from core business; With one-off gain Group post-tax profit a staggering Rs. 5.7 b; Net profit attributable to equity holders up 195% to Rs. 3.5 bCarson Cumberbatch Plc has established a record for the highest ever profit for a quarter by a listed entity. The Group recorded a ...
Combing military power with will power has enabled the tiny island nation to recover its sovereignty and restore economic development, stated The Economic Times in a report published last week. Not only did the Sri Lankan Army (SLA) comprehensively defeat the LTTE insurgency — the first such victory in the 21 century, but it also ...
Sri Lanka Gross Domestic Product is worth 50 billion dollars or 0.08% of the world economy, according to the World Bank. Historically, from 1960 until 2010, Sri Lanka's average Gross Domestic Product was 10.46 billion dollars reaching an historical high of 49.55 billion dollars in December of 2010 and a record low of 1.42 billion dollars in December of 1960. Sri Lanka is a developing economy off ...