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Lotus Tower to commence operations on 15 September
The operations of the tallest self-supported structure in South Asia, the Lotus Tower, is planned to commence operations from the 15th of September. With the commencement of operations of the Lotus Tower, which was built at a cost of nearly US$113 million, the Colombo Lotus Tower Pvt Ltd intends to offer the Sri Lankan public […]
Sri Lanka strikes staff-level pact with IMF on loan: reports
Sri Lanka and the International Monetary Fund (IMF) have reached a preliminary, staff-level agreement on an emergency loan and a formal announcement is likely on Thursday, the Reuters news agency reported. A hybrid press conference on the IMF Sri Lanka Extended Fund Facility Mission will be held on Thursday, at 11.00 a.m. at the Central […]
Govt of Sri Lanka and UNDP map out SDG investment for private sector to support recovery
The Government of Sri Lanka and UNDP in Sri Lanka today announced the launch of the Sri Lanka SDG Investor Map (the Map), a market intelligence tool that seeks to direct private capital where Sri Lanka’s Sustainable Development Goals (SDG) priorities, Government policy and market opportunity intersect, as the country seeks to rebuild its economy […]
CCC highlights need to focus on implementation of progressive proposals in interim budget 2022
The Ceylon Chamber of Commerce views the interim budget for 2022 delivered by President Ranil Wickremesinghe in his capacity as Minister of Finance, as a positive step towards rebuilding the macroeconomic framework of the country. The Budget provides an estimate of the expected revenue and expenditure of the Government for 2022 within an environment of […]
‘s interim budget proposals at a glance
A summary of President Ranil Wickremesinghe’s interim budget speech is as follows; By 2025 Government revenue is expected to grow to around 15 percent of GDP from 8.2 percent. The government targeting a primary surplus of more than 2 percent of GDP in 2025 with expectations to improve further. Government intends to reduce public sector […]
President proposes to allocate 20-pct shareholding in BOC & People’s Bank to depositors & staff
In order to meet recapitalization requirement borne out due to increase in interest rates, rising NPLs, loan settlement issues faced by businesses due to economic crisis, and liquidity issues faced by the state banks, it is proposed to allow 20 percent of shareholding of the Bank of Ceylon and People’s Bank by their depositors and […]
‘s Interim Budget Speech – 2022 (Full Text)
Full text of the Interim Budget Speech – 2022 (Amendment to the Appropriation Act, No. 30 of 2021) delivered by President Ranil Wickremesinghe in parliament today (30) “Our aim is to create a surplus in the primary budget by the year 2025. Our effort is to stabilize the economic growth rate. Our aspiration is to […]
A Fiscal Council for Sri Lanka: Pathway to Regaining Fiscal Credibility
By Dr. Lakmini Fernando: Sri Lanka was once considered a development success story. But within the last few decades, this legacy was lost to governance failures and economic mismanagement. In recent years, the country has been characterised by a glaring lack of fiscal discipline reflected in rising deficits, debt, inefficient state expenditure and an inability […]
‘s Analytics: The Uncertain Future of the Chip Shortage
The semiconductor chip shortage captured the world’s attention early on during the pandemic as the first clear sign that the measures undertaken during the pandemic were creating significant supply-chain disruptions. These disruptions have since expanded to include many other industries and have caused inflation to skyrocket in countries around the world. And while there are […]
Sri Lanka adds Indian Rupee to designated foreign currencies for off-shore banking
Sri Lanka’s Central Bank has added the Indian Rupee to the list of currencies that are permitted to be used for offshore banking, taking the total to 16. The Central Bank added the Thai Bhat to the list last year in a direction to be used in offshore banking business scheme. The 16 include the […]