1.
Sri Lanka
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Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia near south-east India. Sri Lanka has maritime borders with India to the northwest and the Maldives to the southwest, Sri Lankas documented history spans 3,000 years, with evidence of pre-historic human settlements dating back to at least 125,000 years. Its geographic location and deep harbours made it of strategic importance from the time of the ancient Silk Road through to World War II. Sri Lanka was known from the beginning of British colonial rule until 1972 as Ceylon, Sri Lankas recent history has been marred by a thirty-year civil war which decisively ended when the Sri Lankan military defeated the Liberation Tigers of Tamil Eelam in 2009. A diverse and multicultural country, Sri Lanka is home to many religions, ethnic groups, in addition to the majority Sinhalese, it is home to large groups of Sri Lankan and Indian Tamils, Moors, Burghers, Malays, Kaffirs and the aboriginal Vedda. Sri Lanka has a rich Buddhist heritage, and the first known Buddhist writings of Sri Lanka, Sri Lanka is a republic and a unitary state governed by a semi-presidential system. The legislative capital, Sri Jayawardenepura Kotte, is a suburb of the capital and largest city. Along with the Maldives, Sri Lanka is one of the two countries in South Asia that are rated among high human development on the Human Development Index. In antiquity, Sri Lanka was known to travellers by a variety of names, according to the Mahavamsa, the legendary Prince Vijaya named the land Tambapanni, because his followers hands were reddened by the red soil of the area. In Hindu mythology, such as the Mahabharata, the island was referred to as Lankā, in Tamil, the island is referred to as Eelam. Ancient Greek geographers called it Taprobanā or Taprobanē from the word Tambapanni, as a British crown colony, the island was known as Ceylon, it achieved independence as the Dominion of Ceylon in 1948. The country is known in Sinhalese as Śrī Laṃkā and in Tamil as Ilaṅkai, in 1972, its formal name was changed to Free, Sovereign and Independent Republic of Sri Lanka. Later in 1978 it was changed to the Democratic Socialist Republic of Sri Lanka, as the name Ceylon still appears in the names of a number of organisations, the Sri Lankan government announced in 2011 a plan to rename all those over which it has authority. The pre-history of Sri Lanka goes back 125,000 years, the era spans the Palaeolithic, Mesolithic and early Iron Ages. Among the Paleolithic human settlements discovered in Sri Lanka, Pahiyangala and it is said that Kubera was overthrown by his demon stepbrother Ravana, the powerful emperor who built a mythical flying machine named Dandu Monara. The modern city of Wariyapola is described as Ravanas airport, early inhabitants of Sri Lanka were probably ancestors of the Vedda people, an indigenous people numbering approximately 2,500 living in modern-day Sri Lanka. According to the Mahāvamsa, a written in Pāḷi, the original inhabitants of Sri Lanka are the Yakshas and Nagas. Ancient cemeteries that were used before 600BC and other signs of advanced civilization has also discovered in Sri Lanka
2.
Central bank
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A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
3.
De La Rue
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De La Rue plc is a banknote manufacturer, security printing of passports and tax stamps, brand authentication and papermaking company with headquarters in Basingstoke, Hampshire, England. It also has a factory on the Team Valley Trading Estate, Gateshead, there are overseas offices in Kenya, Sri Lanka and Malta. It is listed on the London Stock Exchange, the company was founded by Thomas de la Rue, who moved to London in 1821 and set up in business as a stationer and printer. Working as a boy of the streets, in 1831 he secured his business a Royal Warrant to produce playing cards, in 1855 it started printing postage stamps and in 1860 it began printing banknotes. In 1896, the partnership was converted to a private company. In 1921, the de la Rue family sold their interests and it was first listed on the London Stock Exchange in 1947. The company, then called Thomas De La Rue & Company, a takeover bid for De La Rue was made by the Rank Organisation plc in 1968 but this was rejected by the Monopolies commission as being against the public interest. In 1991 the company’s name was changed again – this time to De La Rue plc, in 1995, the company acquired Portals Limited from the Portal family. For almost 300 years Portals had been regarded as the banknote paper manufacturer in the world. In 1997, De La Rue acquired Harrison and Sons, the stamp, in 2003, the company acquired the Debden-based banknote printing operations of the Bank of England. In 2003 and 2004 the company supplied banknotes to Iraq, the company was recognized by Hermann Simon as a role model for other small- to medium-sized businesses in his book Hidden Champions. The Highest Perfection, a history of De La Rue was published in 2011, written by Peter Pugh for De La Rue, it covered the years 1712-2003. In August 2014, the announced the appointment of Martin Sutherland as Chief Executive Officer. In 2016, the Cash Handling division was sold to Privet Capital, in September 2016 The Bank of England issued the new UK five pound note, the first UK note to be printed on polymer. In December 2016 the company announced it will acquire the DuPont Authentication division, De La Rue sells high-security paper and printing technology for over 150 national currencies. Thomas de la Rues designs for playing cards are the basis for the standard design. The playing card business was sold to John Waddington in 1969, the company has also printed postage stamps for the United Kingdom and some of its colonies, for Italy and for the Confederate States of America. Some famous stamps such as the Cape of Good Hope triangulars were printed by De La Rue & Co. after Perkins Bacon fell out of favour with the authorities of the time
4.
Mint (facility)
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A mint is an industrial facility which manufactures coins that can be used in currency. The history of mints correlates closely with the history of coins, in the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers, with the mass production of currency, the production cost is weighed when minting coins. For example, it costs the United States Mint much less than 25 cents to make a quarter, metals were well suited to represent wealth, owing to their great intrinsic value and their durability, divisibility and rarity. The first mint was established in Lydia in the 7th century BC, for coining gold, silver. The Lydian innovation of manufacturing coins under the authority of the spread to neighboring Greece. Some of the earliest Greek mints were within city-states on Greek islands such as Crete, at about the same time, coins and mints appeared independently in China and spread to Korea and Japan. The manufacture of coins in the Roman Empire, dating from about the 4th century BC, the origin of the word mint is ascribed to the manufacture of silver coin at Rome in 269 BC at the temple of Juno Moneta. This goddess became the personification of money, and her name was applied both to money and to its place of manufacture, Roman mints were spread widely across the Empire, and were sometimes used for propaganda purposes. The populace often learned of a new Roman Emperor when coins appeared with the new Emperors portrait, Ancient coins were made by casting in moulds or by striking between engraved dies. The Romans cast their larger copper coins in clay moulds carrying distinctive markings, not because they knew nothing of striking, casting is now used only by counterfeiters. The most ancient coins were cast in bulletshaped or conical moulds, the blank or unmarked piece of metal was placed on a small anvil, and the die was held in position with tongs. The reverse or lower side of the received a rectangular mark made by the sharp edges of the little anvil. Subsequently the anvil was marked in ways, and decorated with letters and figures of beasts. The spherical blanks soon gave place to lenticular-shaped ones, the blank was made red-hot and struck between cold dies. One blow was usually insufficient, and the method was similar to that used in striking medals in high relief. With the substitution of iron for bronze as the material for dies, about 300 AD, in the Middle Ages bars of metal were cast and hammered out on an anvil. Portions of the sheets were then cut out with shears
5.
Royal Mint
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The Royal Mint is the body permitted to strike British coins. The Royal Mint originated over 1,100 years ago, producing coins for England, since 2010 it has operated as Royal Mint Ltd, a company owned by HM Treasury, under an exclusive contract to supply all coinage for the UK. Royal Mint Ltd is 100% owned by HM Treasury, which delegates shareholder responsibilities to the Shareholder Executive, responsibility for the security of the site falls to the Ministry of Defence Police, who provide an armed contingent. In 1968 The Royal Mint began to move its operations from Tower Hill in the City of London to Llantrisant, Mid Glamorgan, Wales, and has operated on a single site in Llantrisant since 1980. At Llantrisant it holds a collection of coins dating from the 16th century onwards, housed in eighty cabinets made by Elizabeth IIs cabinet maker. The site occupies 38 acres and employs over 900 people, the annual Trial of the Pyx assays coins produced for the UK government for size, weight and chemical composition. The London Mint first became an institution in 886, during the reign of Alfred the Great. By 1279 it had moved to the Tower of London, and remained there the next 500 years and he unofficially moved the Pound Sterling to the gold standard from silver in 1717. By the time Newton arrived, the Mint had expanded to fill several rickety wooden buildings ranged around the outside of the Tower, in the eighteenth century the processes for minting coins were mechanised and rolling mills and coining presses were installed. The new machinery and the demand on space in the Tower of London following the outbreak of war with France led to a decision to move the Mint to an adjacent site in East Smithfield. The new building, designed by James Johnson and Robert Smirke, was completed in 1809, and included space for the new machinery, the building was rebuilt in the 1880s to accommodate new machinery which increased the capacity of the Mint. During World War II, The Royal Mint was bombed by the Germans, the Royal Mint was hit on several occasions and was put out of commission for three weeks at one point. In 1967 it was announced that the mint would move away from London to new buildings in Llantrisant, smirkes 1809 Building is now used as commercial offices by Barclays Global Investors. On 1 April 1975 The Royal Mint became a trading fund to improve its efficiency by requiring it to become self-financing. In March 2009, the then Chancellor of the Exchequer, Alistair Darling began planning to sell off The Royal Mint, on 31 December 2009 it ceased to be an executive agency and its assets were vested in a limited company, Royal Mint Ltd. The owner of the new company became The Royal Mint trading fund, the Royal Mint exists principally to mint coins for circulation in the UK. As of 2013, The Royal Mint produces approximately 15% of the coin based currency. From the 1970s to 2009, it produced all Order of the British Empire Insignia, the Royal Mint in London also produced coins for Canada until a branch was opened in the Canadian capital city Ottawa in 1908
6.
Indian rupee
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The Indian rupee, is the official currency of the Republic of India. The rupee is subdivided into 100 paise, though as of 2011,25 paise is no more a legal tender, the issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in management on the basis of the Reserve Bank of India Act,1934. The rupee is named after the coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century. In 2010, a new symbol ₹, was officially adopted and it was derived from the combination of the Devanagari consonant र and the Latin capital letter R without its vertical bar. The parallel lines at the top are said to make an allusion to the tricolour Indian flag, the first series of coins with the new rupee symbol started in circulation on 8 July 2011. On 8 November 2016 the Government of India announced the demonetisation of ₹500 and ₹1000 banknotes with effect from midnight of the same day, a newly redesigned series of ₹500 banknote, in addition to a new denomination of ₹2000 banknote is in circulation since 10 November 2016. The new redesigned series is expected to be enlarged with banknotes in the denominations of ₹1000, ₹100. The word rupee was derived from the Sanskrit word रूप्यकम् or rupaya, the modern Indian rupee has a direct lineage from the rupiya, the silver coin, issued by Sher Shah Suri, continued by the Mughal rulers. Rūpa means to form or shape, example, Rūpyarūpa, rūpya — wrought silver, however, in the region of Bengal, the term taka has always been used to refer to currency. In the 14th century, Ibn Battuta noticed that people in the Bengal Sultanate referred to gold, today, the currency of Bangladesh is officially known as taka. The word taka in Bengali is also used generically to mean any money, currency. Thus, colloquially, a person speaking in Bengali may use taka to refer to money regardless of what currency it is denominated in, thus, in the states of West Bengal and Tripura the Indian rupee is officially known টাকা. Whereas, in the states of Assam and Odisha, the Indian rupee is known by names derived from the Sanskrit word ṭaṅka, টকা in Assamese. During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains, the silver coin remained in use during the Mughal period, Maratha era as well as in British India. Among the earliest issues of paper rupees include, the Bank of Hindustan, the General Bank of Bengal and Bihar, historically, the rupee was a silver coin. This had severe consequences in the century when the strongest economies in the world were on the gold standard. The discovery of large quantities of silver in the United States and several European colonies resulted in a decline in the value of relative to gold
7.
Indian anna
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An anna was a currency unit formerly used in India and Pakistan, equal to 1/16 rupee. It was subdivided into 4 paisa or 12 pies, the term belonged to the Muslim monetary system. The ānā was demonetised as a unit when India decimalised its currency in 1957. It was replaced by the 5-paise coin, which was discontinued in 1994. Even today, though, a 50 paise coin is colloquially referred to as 8 ānās. There was a coin of one ānā, and also half-ānās of copper, the term ānā is frequently used to express a fraction of 1/16. Additionally, ānā denominated postage stamps used during the British Indian period, Indian coinage British Indian coins History of the rupee
8.
Elizabeth II
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Elizabeth II has been Queen of the United Kingdom, Canada, Australia, and New Zealand since 6 February 1952. Elizabeth was born in London as the eldest child of the Duke and Duchess of York, later King George VI and Queen Elizabeth and her father acceded to the throne on the abdication of his brother Edward VIII in 1936, from which time she was the heir presumptive. She began to undertake duties during the Second World War. Elizabeths many historic visits and meetings include a visit to the Republic of Ireland. She has seen major changes, such as devolution in the United Kingdom, Canadian patriation. She has reigned through various wars and conflicts involving many of her realms and she is the worlds oldest reigning monarch as well as Britains longest-lived. In October 2016, she became the longest currently reigning monarch, in 2017 she became the first British monarch to commemorate a Sapphire Jubilee. Elizabeth has occasionally faced republican sentiments and press criticism of the family, however, support for the monarchy remains high. Elizabeth was born at 02,40 on 21 April 1926, during the reign of her paternal grandfather and her father, Prince Albert, Duke of York, was the second son of the King. Her mother, Elizabeth, Duchess of York, was the youngest daughter of Scottish aristocrat Claude Bowes-Lyon, 14th Earl of Strathmore and she was delivered by Caesarean section at her maternal grandfathers London house,17 Bruton Street, Mayfair. Elizabeths only sibling, Princess Margaret, was born in 1930, the two princesses were educated at home under the supervision of their mother and their governess, Marion Crawford, who was casually known as Crawfie. Lessons concentrated on history, language, literature and music, Crawford published a biography of Elizabeth and Margarets childhood years entitled The Little Princesses in 1950, much to the dismay of the royal family. The book describes Elizabeths love of horses and dogs, her orderliness, others echoed such observations, Winston Churchill described Elizabeth when she was two as a character. She has an air of authority and reflectiveness astonishing in an infant and her cousin Margaret Rhodes described her as a jolly little girl, but fundamentally sensible and well-behaved. During her grandfathers reign, Elizabeth was third in the line of succession to the throne, behind her uncle Edward, Prince of Wales, and her father, the Duke of York. Although her birth generated public interest, she was not expected to become queen, many people believed that he would marry and have children of his own. When her grandfather died in 1936 and her uncle succeeded as Edward VIII, she became second-in-line to the throne, later that year, Edward abdicated, after his proposed marriage to divorced socialite Wallis Simpson provoked a constitutional crisis. Consequently, Elizabeths father became king, and she became heir presumptive, if her parents had had a later son, she would have lost her position as first-in-line, as her brother would have been heir apparent and above her in the line of succession
9.
George VI
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George VI was King of the United Kingdom and the Dominions of the British Commonwealth from 11 December 1936 until his death. He was the last Emperor of India and the first Head of the Commonwealth, known as Albert until his accession, George VI was born in the reign of his great-grandmother Queen Victoria, and was named after his great-grandfather Albert, Prince Consort. As the second son of King George V, he was not expected to inherit the throne and spent his life in the shadow of his elder brother. He attended naval college as a teenager, and served in the Royal Navy, in 1920, he was made Duke of York. He married Lady Elizabeth Bowes-Lyon in 1923 and they had two daughters, Elizabeth and Margaret, in the mid-1920s, he had speech therapy for a stammer, which he never fully overcame. Georges elder brother ascended the throne as Edward VIII upon the death of their father in 1936, however, later that year Edward revealed his desire to marry divorced American socialite Wallis Simpson. British Prime Minister Stanley Baldwin advised Edward that for political and religious reasons he could not marry a divorced woman, Edward abdicated in order to marry, and George ascended the throne as the third monarch of the House of Windsor. During Georges reign, the break-up of the British Empire and its transition into the Commonwealth of Nations accelerated, the parliament of the Irish Free State removed direct mention of the monarch from the countrys constitution on the day of his accession. The following year, a new Irish constitution changed the name of the state to Ireland, from 1939, the Empire and Commonwealth – except Ireland – was at war with Nazi Germany. War with Italy and Japan followed in 1940 and 1941, respectively, though Britain and its allies were ultimately victorious in 1945, the United States and the Soviet Union rose as pre-eminent world powers and the British Empire declined. After the independence of India and Pakistan in 1947, George remained king of countries, but relinquished the title of Emperor of India in June 1948. Ireland formally declared itself a republic and left the Commonwealth in 1949, George adopted the new title of Head of the Commonwealth. He was beset by problems in the later years of his reign. He was succeeded by his eldest daughter, Elizabeth II, George was born at York Cottage, on the Sandringham Estate in Norfolk, during the reign of his great-grandmother Queen Victoria. His father was Prince George, Duke of York, the second and eldest-surviving son of the Prince and his mother was the Duchess of York, the eldest child and only daughter of the Duke and Duchess of Teck. His birthday was the 34th anniversary of the death of his great-grandfather, Albert, uncertain of how the Prince Consorts widow, Queen Victoria, would take the news of the birth, the Prince of Wales wrote to the Duke of York that the Queen had been rather distressed. Two days later, he again, I really think it would gratify her if you yourself proposed the name Albert to her. Consequently, he was baptised Albert Frederick Arthur George at St. Mary Magdalenes Church near Sandringham three months later, within the family, he was known informally as Bertie
10.
Brass
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Brass is a metal alloy made of copper and zinc, the proportions of zinc and copper can be varied to create a range of brasses with varying properties. It is an alloy, atoms of the two constituents may replace each other within the same crystal structure. By comparison, bronze is principally an alloy of copper and tin, however, bronze and brass may also include small proportions of a range of other elements including arsenic, phosphorus, aluminium, manganese, and silicon. The term is applied to a variety of brasses. Modern practice in museums and archaeology increasingly avoids both terms for objects in favour of the all-embracing copper alloy. It is also used in zippers, Brass is often used in situations in which it is important that sparks not be struck, such as in fittings and tools used near flammable or explosive materials. Brass has higher malleability than bronze or zinc, the relatively low melting point of brass and its flow characteristics make it a relatively easy material to cast. By varying the proportions of copper and zinc, the properties of the brass can be changed, allowing hard, the density of brass is 8.4 to 8.73 grams per cubic centimetre. Today, almost 90% of all alloys are recycled. Because brass is not ferromagnetic, it can be separated from ferrous scrap by passing the scrap near a powerful magnet, Brass scrap is collected and transported to the foundry where it is melted and recast into billets. Billets are heated and extruded into the form and size. The general softness of brass means that it can often be machined without the use of cutting fluid, aluminium makes brass stronger and more corrosion-resistant. Aluminium also causes a highly beneficial hard layer of oxide to be formed on the surface that is thin, transparent. Tin has an effect and finds its use especially in seawater applications. Combinations of iron, aluminium, silicon and manganese make brass wear and tear resistant, to enhance the machinability of brass, lead is often added in concentrations of around 2%. Since lead has a melting point than the other constituents of the brass. The pattern the globules form on the surface of the brass increases the available surface area which in turn affects the degree of leaching. In addition, cutting operations can smear the lead globules over the surface and these effects can lead to significant lead leaching from brasses of comparatively low lead content
11.
Nickel
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Nickel is a chemical element with symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a golden tinge. Nickel belongs to the metals and is hard and ductile. Meteoric nickel is found in combination with iron, a reflection of the origin of elements as major end products of supernova nucleosynthesis. An iron–nickel mixture is thought to compose Earths inner core, use of nickel has been traced as far back as 3500 BCE. Nickel was first isolated and classified as an element in 1751 by Axel Fredrik Cronstedt. The elements name comes from a mischievous sprite of German miner mythology, Nickel, an economically important source of nickel is the iron ore limonite, which often contains 1–2% nickel. Nickels other important ore minerals include garnierite, and pentlandite, major production sites include the Sudbury region in Canada, New Caledonia in the Pacific, and Norilsk in Russia. Nickel is slowly oxidized by air at room temperature and is considered corrosion-resistant, historically, it has been used for plating iron and brass, coating chemistry equipment, and manufacturing certain alloys that retain a high silvery polish, such as German silver. About 6% of world production is still used for corrosion-resistant pure-nickel plating. Nickel-plated objects sometimes provoke nickel allergy, Nickel has been widely used in coins, though its rising price has led to some replacement with cheaper metals in recent years. Nickel is one of four elements that are ferromagnetic around room temperature, alnico permanent magnets based partly on nickel are of intermediate strength between iron-based permanent magnets and rare-earth magnets. The metal is valuable in modern times chiefly in alloys, about 60% of world production is used in nickel-steels, other common alloys and some new superalloys comprise most of the remainder of world nickel use, with chemical uses for nickel compounds consuming less than 3% of production. As a compound, nickel has a number of chemical manufacturing uses. Nickel is a nutrient for some microorganisms and plants that have enzymes with nickel as an active site. Nickel is a metal with a slight golden tinge that takes a high polish. It is one of four elements that are magnetic at or near room temperature. Its Curie temperature is 355 °C, meaning that bulk nickel is non-magnetic above this temperature, the unit cell of nickel is a face-centered cube with the lattice parameter of 0.352 nm, giving an atomic radius of 0.124 nm
12.
Economy of Sri Lanka
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In GDP per capita terms, it is ahead of other countries in the South Asian region. Since the end of the terrorism, Sri Lanka is now focusing on long-term strategic. The main economic sectors of the country are tourism, tea export, apparel, textile, rice production, in addition to these economic sectors, overseas employment contributes highly in foreign exchange, 90% of expatriate Sri Lankans reside in the Middle East. Sri Lanka has met the Millennium Development Goal target of halving extreme poverty and is on track to meet most of the other MDGs, Sri Lanka experienced a big decline in poverty between 2002 and 2009 – from 23 percent to 9 percent of the population. Despite this pockets of poverty continue to exist, Sri Lanka has one of the lowest tax-to-GDP ratios in the world and creating jobs for the bottom 40% has become a challenge. Sri Lanka also faces a challenges in Social inclusion, Governance, creation of several business and technology development areas specialised in various sectors island wide as well as tourism zones in a planned manner is also being planned. Between 1977 and 1994 the country came under UNP rule in which under President J. R Jayawardana Sri Lanka began to shift away from a socialist orientation in 1977, since then, the government has been deregulating, privatizing, and opening the economy to international competition. In 2001, Sri Lanka faced bankruptcy, with debt reaching 101% of GDP, the impending currency crisis was averted after the country reached a hasty ceasefire agreement with the LTTE and brokered substantial foreign loans. After 2004 the UPFA government has concentrated on production of goods for domestic consumption such as rice, grain. Economic growth has been uneven in the years as the economy faced a multitude of global and domestic economic. Overall, average annual GDP growth was 5. 2% over 1991-2000, in 2001, however, GDP growth was negative 1. 4%--the first contraction since independence. The economy was hit by a series of global and domestic problems and affected by terrorist attacks in Sri Lanka. The crises also exposed the fundamental policy failures and structural imbalances in the economy, the year ended in parliamentary elections in December, which saw the election of United National Party to Parliament, while Sri Lanka Freedom Party retained the Presidency. In 2002, the experienced a gradual recovery. During this period Sri Lanka has been able to reduce expenditures and begin to focus on getting its large. In 2002, economic growth reached 4%, aided by strong service sector growth, the agricultural sector of the economy staged a partial recovery. Some state-owned corporations became overstaffed and less efficient, making huge losses with series of frauds being uncovered in them, during this time EU revoked GSP plus preferential tariffs from Sri Lanka due to alleged human rights violations, which cost about USD500 million a year. The resumption of the civil-war in 2005 led to a steep increase defense expenditures, the increased violence and lawlessness also prompted some donor countries to cut back on aid to the country
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