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| Sunday, 1 August 2004 |
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Development of road network The cabinet has approved a cabinet paper presented by Prime Minister and Minister of Highways Mahinda Rajapaksha to rehabilitate the country's road network on a priority basis. A ministerial committee has been appointed to co-ordinate the program and will be headed by the Minister of Highways himself. Under this program a total of 92700 km long road network comprising 11600 km A-grade roads and 16500 km provincial and 64600 km local authority roads will be rehabilitated within the next year. Cabinet committee to curb inflation A cabinet sub committee was appointed to take necessary actions to curb the rising cost of living and propose reliefs for the people. The committee is headed by Finance Minister Dr Sarath Amunugama. Minister of Power and Energy, Susil Prem Jayantha- Minister of Consumer Affairs and Trade, Jeyaraj Fernandopulle - Minister of Rural Industries Development Minister of Agriculture Anura Kumara Dissanayake - and Lal Kantha - are the other members of the committee. Business News Ports and Civil Aviation Minister Mangala Samaraweera said that government will give top priority to the construction of Hambantota Harbour and SLPA will start construction of bunkering facilities in Hambantota before October. The Minister said that although much has been said by the previous government about Hambantota Harbour no feasibility study has been done.The Ministry is ready to do a feasibility study and start the construction of the harbour as early as possible. The Minister pointed out that the strategical importance of the Hambantota port is its close proximity to the international shipping route. Minister agreed that there may be top level international conspiracies to sabotage the construction of the harbour by blocking financial assistance due to the strategic value and competition to regional ports. However he ruled out any connection with the Singapore Government in this regard answering a question raised by a journalist. The Minister said that government can overcome such obstacles and will start at least some worksuch as construction of bunkering soon as an initial step. MBSL introduces total return index Merchant Bank of Sri Lanka Ltd (MBSL) will publish the Total Return Index (TRI) in addition to the popular MBSL Midcap Index from 01st August 2004. The new index, which is known as MIDTRI, will compute the total return of the MBSL Midcap stocks from 2nd January 2004.(Tomorrow) MIDTRI assumes that the dividend declared by a company in the MIDCAP composite is reinvested in the company and compounded on a daily basis. The computation methodology of MIDTRI will be in the same line as the calculation of the Total Return Index of All Share Price Index (ASTRI) and Total Return Index of Milanka Index (MTRI) to enable comparison to be made by investors. MBSL decided to launch this MIDTRI to be in line with the two CSE indices (ASPI & Milanka Index) published by the Colombo Stock Exchange and also to provide additional information to the investors who like to invest in Medium Capitalized companies. IDA grant for community development International Development Association (IDA) of the World Bank has provided US$ 51mn grant to finance Community Development and Livelihood Improvement "Gami Diriya" project. The total cost of the project is US$69.8 and government will contribute remaining US$11 mn. The project will make it possible to improve the livelihood and quality of life of poor people in Badulla, Monaragala, Galle, Matara and Hambantota districts. Gami Diriya Foundation an autonomous and incorporated agency is responsible for the project implementation and financial management and the Ministry of Samurdhi and Poverty Alleviation has taken the overall responsibility of the project. The Project agreement was signed on Thursday (29) by Dr. P.B. Jayasundara, Secretary, Ministry of Finance and Peter Harrold, Country director of the WB in Colombo. |
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