Green light for Investors keen on Hambantota Industrial Zone

By: Prasanna C. Rodrigo
Sri Lanka will approve 15 investment projects worth US$ 1 billion to be established in the Industrial Zone of the Hambantota port.
Dr. Priyath B. Wickrema, Chairman of the Sri Lanka Ports Authority said, “We have selected 15 investors out of 23 investors whom we short listed”.
According to Wickrema, the process of approving [...]

President visited the Central Bank to receive the annual report

President Mahinda Rajapaksa today visited the Central Bank to receive the Banks annual report, published covering the year 2010 economic performance.
President took the opportunity to address the Central Bankers and the senior government officials present during the occasion.
Presidents visit to the Bank marks a deviation from the traditional practice where in earlier occasions the report [...]

Local entrepreneurs can borrow from overseas

Sri Lanka has decided to let its entrepreneurs borrow loans from overseas sources to meet their firm’s funding requirements.
Accordingly, local entrepreneurs can now find working capital, funds to expand or restructure their businesses or to settle existing foreign currency loans.
Under the new facility, they can borrow up to US$ 20 million which should be paid [...]

Food, fuel prices will remain high, says ADB

Fuel and food prices will be high in most countries and “we will have to live with this,” Asian Development Bank economist Narhari Rao said here on Wednesday.
Addressing the media in Colombo ahead of the release of  Asian Development Outlook 2011, he said that the solution did not lie in subsidies.
“Don’t try to subsidise. In [...]

IMF releases US$ 218.3 million to Sri Lanka

The International Monetary Fund has approved another US$ 218.3 million to Sri Lanka under the ongoing Stand-By Arrangement.
The Monetary Agency while approving the latest disbursement, also has approved a waiver of applicability for the three end-March performance criterion on the net international reserve target, reserve money and net domestic financing of the government.
A rephrasing of [...]

Sri Lanka export earnings estimated to hit US$ 10 billion in 2011

Sri Lanka’s export earnings will reach US$ 10 billion during this year, says Dharma Dheerasinghe, the Deputy Governor of the Central Bank.
Dheerasinghe told news360.lk “At the rate our exports are growing, we will reach US$ 10 billon”.
The Deputy Governor’s claim comes in the wake of Sri Lanka’s export earnings reaching the highest ever monthly figure, [...]

Sri Lanka to recommence “Exporters Forum”

Sri Lanka is planning to recommence the Exporters Forum, which was once a meeting place for exporters and officials to discuss and resolve issues affecting the sector.
Minister of Industry and Commerce Rishad Bathiudeen has disclosed this move last evening when he addressed a group of apparel exporters in Colombo.
Before the forum was temporarily halted, exporters [...]

March inflation rise

Sri Lanka’s March inflation jumped to 8.6% from February’s 7.8%.
The year on year average inflation too has edged up by a basis point to stand at 6.2%.
During March 2010 the country’s inflation stood at 6.3%.

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Sri Lanka January Exports reach record levels

Sri Lanka’s January exports have grown by 72.4% year on year to record the best ever monthly performance to earn US$ 813 million.
This has been backed by significant increases in exports of textiles and garments and rubber products.
Garment sector exports during January have increased by 121.9% year on year to earn US$ 385 million.
Rubber based [...]

Inflation during festive season to go up

Sri Lanka’s inflation is expected to see an upward trend during the festive month of April, says the Central Bank.
The Bank says this is owing to the festive demand and the base impact.
Central Bank expects the March inflation to be below February levels as they have observed a gradual reduction in food prices in the [...]