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Sri Lanka gets into more debt without any new projects

Colombo, October 1 (NIA): Even as it is burdened with a total debt of US$ 69.7 billion, which is 75 percent of its GDP, Sri Lanka is getting into more debt, points out  Wade Shepard in Forbes. Under President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe, who came to office at the beginning of 2015, domestic debt without starting any new large-scale...

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India up 16 places in global competitiveness index

Geneva, Sept 28 (NIA) - In a huge leap forward, India has moved up 16 positions to rank 55th on a global index of the world's most competitive economies, where Switzerland remains on top. The jump in India's position underlines the country's recent economic recovery, improvement in the competitiveness of the country's institutions and its macro economic environment and a...

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Sri Lanka luxury Yacht cruises becalmed over regulations

Colombo, Sept 24 - An endeavor to launch luxury yacht cruises in Sri Lanka has been stalled over a tight shipbuilding requirement, forcing already booked tours to be cancelled and depriving the country of a potential growth industry, its promoters said. TVB Group, a travel group which already run 'liveaboard' luxury yacht cruises in the Red Sea, under Aggressor brand said its Sri...

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Sri Lanka looks to foreign parties to help enhance oil refining capacity

Colombo, September 19 (NIA): Sri Lanka is exploring possibilities of private investment in oil refining and has invited several foreign companies, including Indian companies like Reliance, to come up with proposals, the Minister for Petroleum, Chandima Weerakkody, told the Foreign Correspondents’ Association here on Monday. He said that he will be visiting India soon to meet his Indian counterpart. Officials...

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Sri Lanka to construct large marina in Galle

Sept 17 (NIA) - Sri Lanka is to construct a large marina in the southern tourist town of Galle and will soon call for expressions of interest to build it, the government said here on Saturday. Sources said that some international companies had already shown interest in the project and the government would soon start discussions. Galle has gained popularity in the...

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IMF reviews loan facility extended to Sri Lanka

Sept 14 (NIA) - Representatives from the International Monetary Fund (IMF), on Thursday held discussions with Sri Lanka's Minister of Finance, Ravi Karunanayake for a mission review of a 1.5 billion US dollar loan approved for Sri Lanka under the Extended Fund Facility (EFF). The facility has been allocated to support Sri Lanka's economic reform agenda. Jaewoo Lee, IMF Representative...

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