Tuesday, June 29, 2010

"Sri Lanka budget will maintain economic stability": IMF Representative



Sri Lanka’s latest budget should ensure the island maintains macro-economic stability that would help accelerate economic growth, the International Monetary Fund representative in the island said.

“The key element is in ensuring macro-economic conditions remain stable,” said Koshy Mathai.




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Tuesday, June 29, 2010

Sri Lanka proposes investment friendly budget



Sri Lanka’s delayed budget for the year 2010 presented in the Parliament today aims to cut the fiscal deficit and provide incentives for investments while targeting a double digit growth in the future.

Deputy Finance Minister Mr. Sarath Amunugama who was sworn in as the Acting Minister of Finance hours before presenting the budget proposals said that the country seeks faster growth after the end of three decade old war mainly in the tourism sector.


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Tuesday, June 29, 2010

Sri Lanka seeks to end its cold war



By Joe Leahy | Financial Times
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Sri Lanka can breathe a sigh of relief. After several months of delays, the International Monetary Fund Tuesday approved the third $400m tranche of a $2.5bn loan and agreed to extend the tenure of the programme.

The IMF had delayed disbursement of the tranche after Sri Lanka recorded a fiscal deficit of 9.9 per cent of gross domestic product in 2009, missing an earlier agreed target of 7 per cent. Sri Lanka, it appears, has come in from the cold. But it may take the country some time to fully thaw as allegations of rights abuse remain unaddressed.Announcing the budget for 2010 yesterday, the government said it expected a fiscal deficit this year of 8 per cent - still higher than the IMF target.


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Tuesday, June 29, 2010

Sri Lanka restrains state wages, presents policy budget



Sri Lanka presented a broad policy budget outlining a commitment to cut deficits over the medium term, bring down interest rates and inflation and also held a state salary hike until next year. Deputy finance minister Sarath Amunugama presenting a budget in parliament said a state salary hike would come in 2011.

The 2010 budget was delayed till June due to two elections in January and April.


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Tuesday, June 29, 2010

No drop in Sri Lanka defence spending in first peacetime budget



The Sri Lankan government on Tuesday was due to present its first budget since defeating Tamil separatist rebels last year but was not cutting defence expenditures, legislators said.

Estimates presented to Parliament showed the allocation for defence was expected to be 200 billion rupees (1.8 billion dollars), about the same as last year at the height of military operations.


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Tuesday, June 29, 2010

Sri Lanka, India in joint navy training exercise



The Indian and Sri Lankan navies will hold a new joint exercise with the intention of strengthening the regional security. Matters pertaining to the joint-exercise were discussed at an official meeting held between Indian Admiral Nirmal Verma who’s on a three day visit to the island and Prime Minister D. M. Jayaratne, at the Prime Minister’s Office premises yesterday evening (28). In addition, matters regarding the sharing of naval technology with respect to the maritime issues of the two countries were also discussed during the meeting.

During the discussion Prime Minister acknowledged the need to revive maritime public transport between India and Sri Lanka which would also upgrade the shipping facilities between the two countries. He pointed out that as a result the price of goods can be reduced considerably.


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Tuesday, June 29, 2010

Sri Lanka's new government to present first budget



Sri Lanka's new government is set to unveil its first budget on Tuesday that will seek to rein in the island's large deficit while maintaining defence spending, a legacy of the island's civil war.

Junior finance minister Sarath Amunugama is due to present the tax and spending plans for 2010 following presidential and parliamentary polls earlier this year.


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Tuesday, June 29, 2010

IMF grants third tranche of $2.6 bln Sri Lanka loan



By Ranga Sirilal | Reuters
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The International Monetary Fund will pay out the delayed third tranche of a $2.6 billion loan to Sri Lanka, saying the government was planning to tackle its weak finances in the 2010 budget to be announced on Tuesday.

The IMF in February had delayed the payment after the government missed its 2009 deficit reduction targets and said that domestic budget borrowing -- consistent with a deficit target of 7 percent of gross domestic product -- was exceeded by a substantial amount.


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Tuesday, June 29, 2010

Defence ties of Indo-Lanka strengthened



By Hilwiah Roche
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With a dual aim to strengthen the India-Sri Lanka defence ties and enhance Sri Lanka’s. Security in the Post- LTTE Era, the Indian Navy Chief Admiral Nirmal Verma is presently in the island nation on a five-day official visit.

Welcoming the Navy Chief, the Indian High Commissioner said, “India and Sri Lanka Navy Chiefs have been engaged in wide ranging mutual interactions over the years. They have jointly participated in a number of prestigious maritime Defence Forums which include the 19th Sea Power Symposium held at the Naval war College in the USA and Indian Ocean Naval Symposium (IONS) held in UAE”.



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Tuesday, June 29, 2010

Sri Lanka: Tamils dispossession worsens



By Chris Slee
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More than a year after its victory over the pro-independence Liberation Tigers of Tamil Eelam (LTTE), the Sri Lankan Army (SLA) continues to hold large areas of land in the predominantly Tamil north and east of Sri Lanka as “high security zones” (HSZ).

Many of the Tamil inhabitants who were evicted from these areas to create the HSZs during the decades-long war are still unable to return to their homes.




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