Validity period of expired licences further extended

Opposition warns country at critical stage

The opposition warned in parliament today that the country was at a critical stage following the adoption of a resolution at the UN Human Rights Council recently. JVP MP Anura Kumar Dissanaike accused the government of making contradictory statements regarding its position on the resolution. He urged the government to make its stand clear as the country was at a critical stage with the U.S sponsored resolution being adopted by a majority at the UN Human Rights Council. Meanwhile UNP MP Lakshm

03 Apr, 2012

CB says IMF funds will boost reserves

The Sri Lankan Central Bank said that the announcement by the International Monetary Fund (IMF) that it had approved a US dollar 427 million loan will help boost the country?s foreign reserves. Sri Lanka?s foreign reserves had in recent times seen a drastic drop resulting in the bank allowing the Sri Lankan Rupee to depreciate as against the U.S dollar to record low levels. However the Central Bank said in a statement early Tuesday that with the IMF approving the loan the disbursement as well

03 Apr, 2012

LIOC seeks another fuel price hike

Indian Oil Company’s Sri Lanka unit has sought government approval for retail price hike in view of depreciating currency and rising crude prices globally. “We have asked the government to revise the prices of petrol and diesel,” said Suresh Kumar, IOC Lanka’s Managing Director. He said the request was made in view of the Sri Lankan rupees’ depreciation and the price escalation of fuel in the global market. IOC, which operates over 100 fuel stations throughout the island, raised the retail pr

03 Apr, 2012