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Ambiguity in economic consequences

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1Ambiguity in economic consequences Empty Ambiguity in economic consequences Sun Mar 25, 2012 10:13 pm

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

There is a feeling of uncertainty on the possible economic consequences to Sri Lanka following the draft resolution by the US being adopted last week, according to economic experts. Even though there will not be a major setback to the country’s financial system, Sri Lanka might now be perceived as a much riskier country than it used to be before this fateful day, they opine.

“I do not believe that the US resolution will have any short-term economic implications, however, capital markets might be affected due to the negative sentiments. Particularly 5 to 10 years foreign borrowings will carry an additional risk premium,” Commonwealth Secretariat Economic Affairs Division’s former Director Dr Indrajit Coomaraswamy told The Nation.

When asked whether there would be a strain on trade relations with India, Dr Coomaraswamy answered in the negative stating that the issue was more of a political nature than an economic one.

Economist turned Opposition Parliamentarian, Dr Harsha De Silva in his view said that Sri Lanka is bound to face multiple issues through the adoption of the resolution and that the sovereign risk rating is likely to be adjusted in the interim.

“There will be more of an indirect impact followed by a direct impact on foreign investments and loans taken from overseas. However, since the Commission has given us a time frame, it could be temporary,” he pointed out. However, refuting the economic implications, Secretary to the Treasury, Dr P.B. Jayasundera addressing the media last week said that there was no way the Geneva issue would affect the Sri Lankan economy.
“The Geneva issue has not affected the Sri Lankan economy. Those who were voting are Sri Lanka’s strong economic development partners. I’m not considering the Geneva issue economically seriously,” opined Dr Jayasundera.

Touching on the present economy, Dr Jayasundera stressed that today Sri Lanka was moving from a consumption-oriented economy to a more savings-oriented economy.
“We now have slightly less than a US $ 5 billion reserve,” he pointed out. In fact, the 2012 budget spelt out the economic revival where in the airline sector alone Sri Lanka was moving beyond the 20 aircraft to ensure the all important connectivity to international airlines in keeping abreast with the global air traffic market.

2Ambiguity in economic consequences Empty Re: Ambiguity in economic consequences Mon Mar 26, 2012 12:37 pm

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

But, JKH and some other heavy weight stocks are moving no?

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