Chinese investment in Sri Lanka is causing major problems for Sri Lanka’s President Mathripala Sirisena and has become a point of tension in Sri Lanka–China relations. Before taking office, Sirisena had promised that he would look into alleged corruption, stating he would investigate how Sri Lanka is ‘being obtained by foreigners by paying ransom to…
The statement by Singapore statesman Lee Kuan Yew that ‘Sri Lankan democracy is a periodic auctioning of non-existent resources’ gained special significance during the past six months and the popular promises given by the new government through its interim budget has pushed the financial stability of the country into a grave crisis, points out the…
A spokesman for the Metallurgical Corporation of China Ltd. (MCC), which is the main contractor which has undertaken to construct the Outer Circular Highway Phase III, firmly rejected certain media reports over the weekend alleging that the project’s costs have been inflated. The spokesman said that MCC which is the contractor for the Colombo-Katunayake Expressway…
While categorically rejecting the recent media reports that Rs. 2,700 billion has been “misappropriated” in the years 2012, 2013 and 2014 through private Treasury Bond auctions, former Governor of the Central Bank of Sri Lanka, Ajith Nivard Cabraal says that it defies all logic and common sense to claim that the entirety of the Treasury…
By W.A Wijewardena Central Bank making losses in two consecutive years There is an ominously dangerous Trojan horse that has been placed in the Central Bank by its previous administration led by the so called Monetary Board which still continues in perpetual succession. That horse is the mounting losses it has made consecutively for two…
The new government of Sri Lanka has revealed its stance on a Western Region Megapolis enveloping the Colombo, Gampaha and Kalutara Districts, states the Central Bank of Sri Lanka’s annual report for 2014. Meanwhile, a recent Cabinet approved proposal stated that the Western Region Megapolis plan prepared in 2004 to develop the Greater Colombo region…
The Central Bank of Sri Lanka (CBSL) has released its Annual Report for 2014 and according to it Sri Lanka’s economic growth rate or Gross Domestic Product (GDP) has risen by 7.4 per cent during the last year. Sri Lanka’s economic growth rate stood at 7.2 per cent during 2013. The CBSL has stated that…
Referring to an allegation by a high-ranking official of Sri Lanka’s Finance Ministry that the interest rates on Chinese loans are high, the spokesperson of the Chinese Chamber of Commerce in Sri Lanka (CCCSL) told Xinhua that the interest rates of Chinese loans are not high. During the past 10 years, at the request of…
The government is preparing to begin the construction work on the Kerawalapitiya to Kadawatha 9.32 kilometre stretch which is the third phase of the Outer Circular Highway connecting the Southern Expressway at Makumbura in Kottawa. The approved civil construction contract for this phase is Rs. 66.6 billion and 95 per cent of this cost would…
The Sri Lanka Credit Information Bureau (CRIB) has issued the most number of credit information reports per month during last March and this shows the rising demand for borrowings, said the CRIB Deputy General Manager. CRIB Deputy General Manager K.A. Janaka Lakmal told www.adaderanabiz.lk that when compared to March 2014, the Bureau has indicated a…
Video Story
