Author Archive for Economy

Sri Lanka shares gain after wartime defense chief launches presidential bid

Tuesday, August 13th, 2019

Courtesy London South East COLOMBO, Aug 13 (Reuters) – Sri Lankan shares closed marginally higher on Tuesday, easing from early gains of 1.2%, after the main opposition party named a hardline former defence chief as presidential candidate, seeking to capitalise on public clamour for a decisive leader. ** The rupee ended slightly weaker on importer […]

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Easter bombings damaged Sri Lanka economy beyond tourism

Wednesday, July 31st, 2019

Courtesy ABC News Shocks from deadly suicide bombings on Easter Sunday in Sri Lanka are reverberating throughout its economy in the worst crisis since the South Asian island nation’s civil war ended in 2009. The blasts that killed more than 250 people were blamed on Islamic extremists. They have devastated Sri Lanka’s vital tourism industry, […]

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Giants: Who Really Rules The World?

Friday, July 19th, 2019

Courtesy Empire Files Abby Martin sits down with Peter Phillips, former director of Project Censored and professor of Political Sociology at Sonoma State University. His new book Giants: The Global Power Elite” details the 17 transnational investment firms which control over $50 trillion in wealth—and how they are kept in power by their activists, facilitators […]

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Making the Political Alternative meaningful and Relevant to Masses

Thursday, July 18th, 2019

By Siri Hettige, Emeritus Professor of Sociology, University of Colombo – Courtesy The Island There has been considerable public discussion in recent months about the need to find a meaningful and real alternative to the existing two mainstream political formations in Sri Lanka. But, the people in the country are yet to see a clear […]

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World Bank assures continuous assistance to Sri Lanka

Thursday, July 18th, 2019

Courtesy Adaderana The World Bank will increase assistance to Sri Lanka under three of its new operations, the World Bank Vice President for South Asia Region, Hartwig Schafer said today (18). The three World Bank operations include assisting the agriculture sector faced with climatic vagaries, irrigation, renewable energy, climate resilience operations and renovation of tanks […]

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Central Banks revises Sri Lanka’s growth to 3% from 4%

Friday, July 12th, 2019

Courtesy NewsIn.Asia Colombo, July 12 (Daily FT) – The Central Bank yesterday said it has revised growth down to 3% from 4% earlier in the year, but kept policy rates unchanged on moderate inflation, international rate cuts, and expectations of lending rates declining in the coming weeks, to boost economic expansion. Central Bank Governor Dr. […]

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World Bank classifies Sri Lanka as upper middle income country

Friday, July 5th, 2019

COLOMBO, July 4 (Xinhua) — The World Bank has changed Sri Lanka’s classification from a lower-middle income country to an upper-middle income country under its latest country income classifications for the 2020 fiscal year, local media reports said here Thursday. The World Bank in a statement said it had classified the world’s economies into four […]

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India stays lower-middle-income nation while Sri Lanka gets richer: Report

Thursday, July 4th, 2019

Courtesy Business Standard Maldives ($9,310 or Rs 6,36,432) and Sri Lanka ($4,060 or Rs 2,77,542) are the only two countries in South Asia in the upper-middle-income group Mumbai: India continues to be a lower-middle-income country along with 46 others, while Sri Lanka has climbed to the upper-middle-income group for the fiscal year (FY) 2020, according to the […]

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Notes To The People Economic Development: An Alternative Perspective

Thursday, June 27th, 2019

By Sumanasiri Liyanage Courtesy Ceylon Today Since 1977, Sri Lanka has been following neo-liberal economic policies uninterruptedly. The change of Government has had no major impact on them. A forty-year period is long enough to assess the correctness of economic policies.  During this four decade period (1977-2019), total production as measured by Gross National Product […]

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Sri Lanka’s likely to raise $2 billion via sovereign bonds – government officials

Monday, June 24th, 2019

Courtesy Reuters COLOMBO (Reuters) – Sri Lanka is likely to raise $2 billion through 5-year and 10-year sovereign bonds launched on Monday, two government officials told Reuters, as the Indian Ocean island nation tapped global capital markets for the second time in three months.A man walks past a board advertising U.S. dollars at a money […]

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Sri Lanka in talks with China for $1 billion loan

Thursday, June 20th, 2019

Courtesy  Saudi Gazette COLOMBO — Sri Lanka is seeking a loan of nearly $1.0 billion from China for energy and highways as the island recovers from the devastating Easter Sunday bombings, the finance ministry said Thursday. Talks are underway with China’s Asian Infrastructure Investment Bank (AIIB) to raise the new loan in addition to the […]

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Govt’s capital expenditure cut will affect projects: Bandula

Wednesday, June 19th, 2019

Yohan Perera and Ajith Siriwardana Courtesy The Daily Mirror Government’s decision to cut capital expenditure will affect the contractors who have already undertaken to implement various government projects, UPFA MP Bandula Gunawardane said today. We have heard that the government had decided to cut capital expenditure by 15% and we would like to know what […]

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Lanka IOC also announces price hike in Petrol 92 Octane

Monday, June 10th, 2019

Courtesy Adaderana Lanka Indian Oil Company (LIOC) has decided to increase the price of Petrol 92 Octane by Rs 7.00 per litre and the price hike is set to take effect from midnight today (10). The revised price, which was previously at Rs 140.00 as per the price hike announced by the Lanka IOC last […]

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Foreign debt increases by ‘6% of GDP’ to 41.2% of GDP in 2018 Total debt by 6% of GDP to 82.9% of GDP

Tuesday, June 4th, 2019

By Paneetha Ameresekere Courtesy Ceylon Today Foreign debt liabilities increased significantly by ‘six percentage points in Gross Domestic Product (GDP) terms’ to 41.2 per cent of the GDP last year (2018) led by a rapid depreciation of the Rupee and low GDP growth in the review period, the Finance Ministry, in a document released on […]

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පාස්කු බෝම්බය අස්සේ ආර්ථික බෝම්බයත් පිපිරේ.. එක දවසට කෝටි 500ක් ණය වෙයි.. ආසියාවේ ආර්ථික වේගය 6% පනිද්දී ලංකාව 3%ට වැටේ..

Monday, June 3rd, 2019

වියත්මග මාධ්‍ය ඒකකය මතුගමදී පැවති ‘වියත්මග’ සම්මන්ත‍්‍රණය අමතමින් ආචාර්ය නාලක ගොඩහේවා මහතා මෙම අදහස් පල කලේය. අද ගොඩක් දෙනෙක් කතා කරන්නේ ජාතික ආරක්‍ෂාව ගැනයි. ඒ වගේම බොහෝ දෙනෙක්ට අද  අමතක වෙලා රටේ ආර්ථිකය ගැන. ජාතික ආරක්‍ෂාව ගැන කතා කරන කවුරුත් ආපස්සට ගිය ආර්ථිකය ගැන කතා කරන්නේ නැහැ. අද මෙරට ඉතිහාසයේ නොවූ විරූ ආකාරයේ ආර්ථික අර්බුදයකට […]

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Our Real Debt to China

Saturday, May 18th, 2019

Dinesh Perera J M Keynes on IndiaThe available statistics appear to show that, whether the phenomena are connected or not, the rise of prices has nearly been proportional to the increase of currency”[1]Apart from the fluctuations of the seasons the Indian level of prices is most influenced at the present time by the extent to […]

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Risk-sensitive economic planning critical for post-disaster revival

Friday, May 17th, 2019

Risk-sensitive economic planning and coherence between climate and disaster risk reduction (DRR) policies are vital in building resilient societies and economies as envisioned by the Sustainable Development Goals (SDG), Sri Lanka’s Permanent Representative to the UN in Geneva, Ambassador A.L.A. Azeez stated. He made these remarks addressing the Sixth Global Platform on Disaster Risk Reduction […]

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IMF: too early to assess Sri Lanka economic damage from Easter bombings

Thursday, May 16th, 2019

Courtesy Reuters COLOMBO (Reuters) – The International Monetary Fund said on Thursday it was holding its forecast for Sri Lanka’s 2019 economic growth at 3.5% in spite of devastating Easter bombings, saying it was too early to assess financial damage.FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, […]

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Is Sri Lanka Really a Victim of China’s ‘Debt Trap’?

Wednesday, May 15th, 2019

Sri Lanka’s debt crisis and Chinese loans – separating myth from reality. By Umesh Moramudali Sri Lanka is often portrayed as a country that fell into a debt trap as a result of public investment projects financed by China. One such investment project was Hambantota port, which was leased to China Merchant Port Holdings Limited (CM […]

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Pathfinder Foundation and Academy of Macroeconomic Research of China Holds Roundtable

Friday, May 10th, 2019

Press Release Pathfinder Foundation Spatial Planning and Regional Development was the theme of the recently held roundtable jointly organized by the Pathfinder Foundation (PF) and the Academy of Macroeconomic Research (AMR) of the National Development and Reform Commission (NDRC) of China. The AMR delegation that visited Colombo, was headed by Director General Dr. Gao Guoli. […]

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Reveal the contents of the MCC agreement to the general public

Saturday, May 4th, 2019

SPUR   (Society for Peace, Unity and Human Rights for Sri Lanka Inc) Australia In the aftermath of the tragic Easter Sunday bombings, the prime Minister of Sri Lankan Ranil Wickremasinghe on 27/04/2019 announced that the Millennium Challenge Corporation agreement was signed and that this agreement has provided Sri Lanka USD 500 million which could be […]

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Maximum impact of attacks on tourism industry is 20% – Kishu Gomes

Wednesday, May 1st, 2019

Courtesy Adaderana Speaking at a foreign media interview, Kishu Gomes, the Chairman of the Sri Lanka Tourism Promotion Bureau, stated that the Easter Day attacks are a blow in the economy at large, not just tourism industry. However, the Chairman says that when considering other tourist destinations which also received similar attacks in similar incidents […]

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Sri Lanka fears up to $1.5 billion tourism losses

Friday, April 26th, 2019

Courtesy Adaderana Sri Lanka’s tourism industry fears losing around $1.5 billion in revenue this year due to Sunday’s attacks, the country’s Finance Minister Mangala Samaraweera said. Tourism will be the worst affected,” Samaraweera told reporters in Colombo on Friday. We expect a 30 percent drop in arrivals and that means a loss of about $1.5 […]

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Island’s tourism may take a hit, hurting economy badly

Wednesday, April 24th, 2019

Courtesy The Straits Times Country with already precarious external position may be forced to seek more IMF aid HONG KONG • Sri Lanka faces a likely collapse of tourism following the Easter Sunday bomb attacks on churches and hotels, which would deal a severe blow to the island’s economy and financial markets, and potentially force […]

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Solar power could save Rs 266b – SIA

Saturday, April 20th, 2019

RANMINI GUNASEKARA Courtesy Ceylon Today The immediate implementation of the ‘Least Cost Long Term Solar Power Generation Plan’ will save a total of Rs 266 billion for the Sri Lankan economy, the Secretary of the Solar Industries Association (SIA), Lakmal Fernando claimed today (18). He said this at a SIA Press conference held in Colombo. […]

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Are the World Bank and IMF Failing the World?

Thursday, April 18th, 2019

By Frank Vogl Courtesy Ceylon Today Amidst Trump administration flame-throwing, top experts worry about the ability of the main multilateral institutions safeguarding the global economy. On the 75th anniversary of the Bretton Woods conference that established the World Bank and International Monetary Fund, Finance and Development Ministers and Central Bank Governors from across the world […]

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King Parakramabahu & UNP’s tax policy

Friday, April 12th, 2019

C.A.Chandraprema Courtesy The Island In this interview, former Central Bank Governor Ajith Nivard Cabraal speaks to C.A.Chandraprema about the tax policy of the UNP government since 2015 and the Budget for 2019. Q. You were a private sector person for the better part of your career. How is the Sri Lankan private sector taking the […]

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Continuous power cuts have adverse impact on economy – Chambers of Commerce

Friday, April 12th, 2019

RANMINI GUNASEKARA Courtesy Ceylon Today The continuous power cuts carried out by the Ceylon Electricity Board has adversely affected exports and potential Foreign Direct Investments, claimed Executive Committee Member of the Federation of the Chambers of Commerce, Dr. Krishanth Wisenthige today (10). He was speaking at a ‘Professionals for a Better Future (Viyathmaga)’ press conference […]

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Three Lessons from Bolivia

Thursday, April 11th, 2019

By Sumanasiri Liyanage Courtesy Ceylon Today Compared to Sri Lanka (25,330 sqkms.), Bolivia (1,098, 581 sqkms) is relatively a large country. However, Sri Lanka with around 22 million is more populous than Bolivia, the population of which is estimated at 11 million. Since 2005, a sea change has been taking place in Bolivia covering every […]

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Buying Power from Multinationals

Tuesday, April 9th, 2019

By Garvin Karunaratne Power Cuts to the extent of 2 to 3 hours has been the order of the day and the news is just out that we are about to buy 500MW of Power from three Multinationals Agrico, V Power included, our estimated excess requirements for the next 5 years.. What is also important […]

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