The Sambhashana discussion organised by Transparency International Sri Lanka will focus on ‘The Rupee Crisis’ on 25 April at the auditorium of the Organisation of Professional Associations (OPA), Stanley Wijesundara Mawatha, off Bauddhaloka Mawatha Colombo 7 from 4 to 6 p.m. MP Dr

The UNCTAD, in the present context, should focus on addressing the increasing and diverse challenges faced by the developing world. “My delegation welcomes the theme of this conference, with its focus on addressing development led-globalisation towards sustainable and inclusive development paths.  While globalisation was an important and positive phenomenon, it should not be encouraged ...

Sri Lanka Navy’s Offshore Patrol Vessel, SLNS Sagara has sailed for the Maldives to take part in the exercise “DOSTI – XI” held in the seas off Male until 27th April 2012. The 5-day exercise is conducted jointly by Indian, Sri Lankan and Maldivian Coast Guards with the aim of strengthening bonds of friendship and ...

said aligned advocacy, mobile technology, business building events, and crisis management ...

Clarifies 2011 per capita GDP computation technically correct but given fall in Rupee’s value in 2012 Central Bank should have been honest with greater disclosure and putting data in context As per IMF staff report Net International Reserves in 2011 alarming low at $ 4 b; Net Open Position below $ 3 b; Short Term ...

to reduce vulnerabilities, risks of a renewed upsurge of the crisis ...

The visiting Indian delegation led by Leader of the Opposition MP (Lok Sabha) Shrimathi Sushma Swaraj met Minister of Economic Development Basil Rajapaksa yesterday. The delegation consists of 12 Members of Parliament representing many parties in Lok Sabha and Raja Saba in the Indian Parliament. Head of the delegation Swaraj stated that they respect the ...

PORT LOUIS,(Reuters): The number of tourists visiting Mauritius fell 0.2 per cent year-on-year in the first quarter, as arrivals declined from France, one of the Indian Ocean island’s most important markets. Statistics Mauritius said on Tuesday arrivals for the first three months of 2012 fell to 261,995 from 262,626 in the period a year ago, ...

Reuters: Sri Lanka will face a challenge in meeting this year’s budget deficit target as the recent monetary and fiscal tightening measures may hurt revenue growth, the island nation’s central bank chief told Reuters on Monday. The $59 billion economy has agreed with the International Monetary Fund (IMF) to target a budget deficit of 6.2 ...

The Merchant Bank of Sri Lanka (MBSL) has created history by opening 16 branches and service centres in a day in different parts of the country as part of its 30th anniversary celebrations. MBSL said the move highlighted the presence of the bank serving the nation across the country and driving home its strength and ...

with a crisis as severe as it ...

Economic Flash - 2 By The Pathfinder Foundation Sri Lanka now a middle-income country has to operate within a new paradigm, particularly in raising finances for the country’s development program. In this context the Pathfinder Foundation wishes to draw the attention of policy makers and the leadership to study the feasibility of raising low cost, ...

Sri Lanka will continue Iran crude, but will have to reduce Sri Lanka indirectly penalised by US sanction – Basil Reuters: Sri Lanka could trim Iran crude imports up to 20 per cent in the face of US sanctions, the island nation’s economic development minister said on Tuesday as it had taken strong measures to ...

Malaysia will be hosting the 2012 PATA Annual Conference from 19 to 22 April 2012, making it the fourth time in forty years that the nation was doing so. Organised by PATA, Pacific Asia Travel Association, at The Royale Chulan Kuala Lumpur, the conference will be themed “Building the Business Beyond Profits” where some of ...

Economic Development Minister Basil Rajapaksa yesterday said that Mahinda Rajapaksa Government has achieved highest economic growth in Sri Lanka’s post independence history and has brought stability to the economy within a short period of time of after the defeating of terrorism. This statement Minister Rajapaksa made at the Economic Planning Review meeting held at the ...

Central Bank Governor Ajith Nivard Cabraal yesterday literally brandished the 2011 Annual Report to silence critics and doomsayers, saying that there was no growing economic crisis in the country and was emphatic that Sri Lanka will do well despite challenges. Referring to editorials, one-sided

Broking firm Arrenga Capital Ltd., has come up with an analysis on the outlook for Sri Lankan economy capturing some of recent developments and their implications. Here are excerpts Economic Summary: Delayed decision to curb excessive credit growth Sri Lanka’s excessive credit growth experienced in the 2H2011 coupled unsustainable rupee peg was leading the country ...

Professor Buddhadasa Hewavitharana felicitated The legendary Economics Guru of Peradeniya vintage for more than four decades, Emeritus Professor of Economics Buddhadasa Hewavitharana, was felicitated last week by the country’s top policy think-tank, Institute of Policy Studies or IPS and the Department of Economics and Statistics of the University of Peradeniya by releasing simultaneously tw...

The Daily FT on Thursday featured on page 1 a story based on some startling comments and allegations by UNP MP Dr. Harsha De Silva and young business leader Dilith Jayaweera. The headlines and the contents wouldn’t have been a good read for President Mahinda Rajapaksa, who is also the Minister of Finance and Planning, ...

The challenges Sri Lanka has to face in its march towards development are manifold. Although the war has ended the wrong political ideologies, the proposals and timetables it created are still in operation. By Government Information Department Additional Director General Chandrapala Liyanage Similarly, various social activity groups and individuals and organisations operating under the advice ...

UNP MP Dr. Harsha de Silva yesterday charged that the Government and the Central Bank seriously lacked credibility, whilst the people were being taken for a ride with falsehood. He alleged that a few months ago the Government, especially the Central Bank, was hoodwinking the masses saying the economy was robust and fiscal and monetary ...

COLOMBO (Reuters): Sri Lanka’s central bank will have room to raise interest rates by at least another 50 basis points if April trade and inflation data show signs of stabilizing, the treasury secretary said on Wednesday. “Since we have already raised policy rates by half a percent (in February), maybe another 50 basis points upward ...

Parliamentary accountability The Parliament, as the country’s foremost representative institution, has the sole authority over national resources and financial allocations and concurrently has a prominent role to play in fiscal responsibility, the budgetary process, economic development and effective transparent economic and financial management, with a view to assuring sustainable growth an...

The quadrennial conference of the United Nations Conference on Trade and Development (UNCTAD) is due to take place in Qatar from April 25th to 28th. The theme of this year’s conference is ‘Development-led globalisation: Towards sustainable and inclusive development paths’. UNCTAD was established in 1964 as a permanent intergovernmental body dealing with trade, investment and ...

‘Small is Beautiful’ is the title of the famous book authored by E.F. “Fritz” Schumacher, which was at one time rated among the 100 most influential books to come out after World War II (by the Times Literary Supplement). It was 100 years ago that Fritz Schumacher was born in Bonn, Germany, on 16 August ...

The rupee gained 1.7 per cent on Tuesday as exporters sold dollars after the International Monetary Fund approved thedisbursement of a long-delayed loan tranche of $ 426.8 million to the Government. The rupee strengthened to 126.00/126.30 a dollar from Monday’s close of 128.25/128.30. Dealers said the currency strengthened to 125.60 some importer dollar demand curbed ...

The sports minister in Sri Lanka has vowed to continue bidding for more international sporting events despite the failure to secure 2018 Commonwealth Games in Hambantota. Sri Lanka lost to Australia’s Gold Coast in Saint Kitts last year, after a lengthy bidding process spending Rs. 880 million. But Sports Minister Mahindananada Aluthgamage told BBC Sinhala ...

While the government is fully capable of dealing with any pressures that come from Geneva, New York or Washington, it is the public servants and heads of corporations who should ensure good governance to improve the image of the country internationally, said President Mahinda Rajapaksa. Addressing a gathering of public servants, heads of state corporations, ...

Sri Lanka is to get a $ 400 million lifeline following what is anticipated as a favourable decision on the part of the International Monetary Fund (IMF). The IMF Board was scheduled to meet Monday evening Washington Time, and its Resident Representative Koshy Mathai is scheduled to hold a briefing today in Colombo at 2.00 ...

nInternationally-renowned risk consultant David Roden in town Capital Alliance, a full-service investment bank will focus on highlighting to the industry this week on best practices in risk management for emerging markets. Concentrating on the industry’s financial institutions, CAL along with David Roden will spend two days in Sri Lanka, meeting with senior bank executives including ...