InfoAnda - Sri Lanka offers stimulus package to ride out global recession

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Sri Lanka offers stimulus package to ride out global recession AFP - Thursday, January 1 COLOMBO (AFP) - - Sri Lanka announced Wednesday a 16 billion rupee (141-million dollar) stimulus package that included reducing fuel prices to shield the economy from the global slowdown. "We want to maintain our economic growth rate at six percent or more -- as it has been in the past few years -- through this economic stimulus package," Central Bank of Sri Lanka Governor, Nivard Cabraal, told reporters. The price of diesel was reduced by 12.5 percent while gasoline was lowered by less than two percent. Expenses of government ministries, parliamentarians, ministers, the prime minister and the president were slashed by between five and 50 percent under the new scheme. The price of gas used in cooking stoves was reduced by 10 percent and the government also removed a 15 percent electricity surcharge on the clothing, tourism, leather and rubber industries. Taxes on rubber exports will be removed, while fertiliser will be sold to small tea farmers at subsidised rates. Tea, the island's biggest commodity export, will benefit from a suspension of loan repayments. Tea factories are also eligible for one month's working capital through commercial banks at lower rates. Cabraal said the package will cost the war-hit island 16 billion rupees, but that there would be no cutbacks in the government's 1.7 billion dollar defence budget next year. Sri Lanka is in the grips of a long-running conflict between government forces and ethnic Tamil Tiger rebels. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy December consumer confidence drops to all-time lowAP - 22 minutes ago Vietnam economic growth slows to lowest rate since 1999: govtAFP - 41 minutes ago World stocks end wretched 2008 with modest rallyAFP - 53 minutes ago UBS sells 3.4 billion share stake in Bank of ChinaAP - 1 hour 11 minutes ago Related Articles: Business December consumer confidence drops to all-time lowAP - 22 minutes ago Iraq offers up giant oilfields to foreign firmsReuters - 25 minutes ago Gazprom calls for political intervention in gas rowReuters - 26 minutes ago China says approves issuance of 3G licencesReuters - 28 minutes ago Syndicate Bank to sell 1.5 bln rupees of perpetual bondsReuters - 29 minutes ago Enlarge Photo Sri Lanka offers stimulus package to ride out global recession Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Japanese tourist spends 3 months in Mexico City airport Actress Jennifer Aniston appears naked in GQ magazine Two thousand and strange: offbeat stories of the year US throws $6bln lifeline to GMAC Defiant governor fills Obama's senate seat despite graft scandal View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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