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Sri Lanka to raise up to $2bn in foreign borrowings COLOMBO: Sri Lanka's new government plans to borrow up to $2.0 billion from overseas, the finance minister said Thursday, just two weeks after raising a billion through its first international bond issue.Minister Ravi Karunanayake said the government was seeking at least $1.0 billion with a five-year tenure, but may increase the loan amount to $2.0 billion depending on the market response."Tomorrow we will advertise and call for bids. We hope to collect $1.0 billion in a couple of days. It would even go up to $2.0 billion," Karunanayake said.The move to raise foreign cash comes amid rising domestic spending and shortfalls in revenue collection, the minister said, while accusing the previous administration of overstating revenues and under estimating expenditure."We want to borrow at low interest rates to pay off the high interest loans taken by the previous government," the minister told the Foreign Correspondents' Association of Sri Lanka. The Central ...

IMF says no progress in Greece talks, deal far off WASHINGTON: The International Monetary Fund said Thursday Greece and its official creditors have made no recent progress towards resolving their differences.Hours after Greek Prime Minister Alexis Tsipras held talks with German Chancellor Angela Merkel and French leader Francois Hollande on a possible new bail-out deal, the IMF said major differences had not been bridged."There are still major differences between us in most key areas," IMF spokesman Gerry Rice told reporters."There has been no progress in ...
Qatar faces first budget deficit in 15 years DOHA: Qatar could run its first budget deficit in 15 years in 2016, official government figures have predicted.Ministry of Development Planning and Statistics figures also showed that the energy-rich Gulf state's economy will grow by 7.3 percent next year. This was down on the previous estimate of 7.7 percent, but still above growth in 2014 of just over six percent.The figures were released on Wednesday in a statement posted on the ministry's website.In 2016, Qatar ...
African leaders to unveil new common market bloc SHARM EL SHEIKH: The leaders of 26 African countries gathered in Egypt on Wednesday to sign a new trade pact to create a common market across half the continent that will serve 625 million people.The Tripartite Free Trade Area (TFTA) will cap five years of negotiations to set up a common framework for preferential tariffs that will ease the movement of goods across member countries.The signing will take place at a summit hosted by Egyptian ...
Portugal showing off finances to set apart from Greece LISBON: As Greece teeters on the brink of possible default, another bailed-out eurozone nation, Portugal, is showing off its relative economic health seeking to set itself apart from the Greek crisis.Lisbon has said it intends to pay back this month some two billion euros ($2.2 billion) it owes the International Monetary Fund, which comes after it repaid 6.6 billion euros -- around a quarter of its debt to the global lender -- early.On the other ...
Cyprus GDP expands 1.5pc NICOSIA: Cyprus returned to growth in the first quarter of this year, expanding by a revised 1.5 percent on a quarter-on-quarter basis, data showed on Tuesday, in the first expansion in output since it slipped into recession in mid-2011.On an annual basis, economic output rose by 0.2 percent from January to March compared with the fourth quarter of 2014, when the economy contracted by 1.8 percent.The quarter-on-quarter growth figure was marginally lower than the 1.6 ...
China consumer inflation falls to 1.2pc in May BEIJING: Chinese inflation fell to 1.2 percent in May, data showed Tuesday, as Beijing struggles to boost consumer spending while analysts tipped further stimulus measures on top of the three interest rate cuts since late 2014.The reading for the consumer price index (CPI), the main gauge of inflation in the world's second-biggest economy, was lower than April's 1.5 percent, National Bureau of Statistics said.It also fell short of a median forecast of 1.3 percent in ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln