Author: lbostgadmin
Sri Lanka’s Ambitious Budget Agenda Faces High Implementation Risks: Fitch Ratings
The targets laid out in Sri Lanka’s budget for 2024 will be challenging to meet, even with the economic recovery that we expect to continue next year, says Fitch Ratings. Full Statement
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Fitch Ratings has assigned National Development Bank PLC’s (NDB, A-(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR5 billion a final National Long- Term Rating of ‘BBB(lka)’. The final rating is the same as the expected rating assigned on 1 September 2023 and follows the receipt of documents conforming to information […]
Siddhalepa honors Asian Games gold medalist Tharushi
Siddhalepa, a respected name in natural healthcare, took the opportunity to honor and appreciate the outstanding achievements of Tharushi Karunarathna, the young Sri Lankan track and field athlete who made history with her remarkable performance at the 19th Asian Games in Hangzhou, China last month. Tharushi, with her determination and prowess, secured a gold medal, competing […]
Budget 2024: Pragmatic Implementation & Timely Execution Will be Key, says CCC
The Ceylon Chamber of Commerce considers the 2024 Budget as a crucial step in continuing the macroeconomic stabilization measures that began in late 2022, as a response to the economic challenges faced by Sri Lanka. The Chamber acknowledges that one of the main challenges faced by Sri Lanka’s economy has been macroeconomic mismanagement. The National […]
Cabinet approval mandatory in appointing Interim Committees for Sri Lanka Cricket
President Ranil Wickremesinghe has instructed the Chairman of the Ministerial Sub-Committee for Cricket to spearhead efforts aimed at lifting the ban imposed by the International Cricket Council (ICC) on Sri Lanka Cricket. Further, it has been decided that, moving forward, the approval of the cabinet will be mandatory for the appointment of any interim committees.
Comm Bank Group’s 9-month gross income up 30.88-pct to Rs 256 Bn
A heightened emphasis on lending has seen the Commercial Bank Group increase gross loans and advances by Rs 51.404 billion in the third quarter of 2023 at a monthly average of Rs 17.135 billion, growing its loan book by 4.33% over three months to Rs 1.239 trillion and reversing the trend of the first half […]
Opinion: Price controls are not the way to bring down price of chicken
By Pravena Yogendra, a contributor to the Advocata Institute Most HoReCa channels in Sri Lanka sell a packet of chicken rice and curry at a higher price than a comparative packet of fish rice and curry. The price of a portion of chicken rice and curry is ~30% more than that of a portion of […]
CEB e-Billing System extended for more areas
The Ceylon Electricity Board (CEB) has announced the implementation of the CEB e-Billing system for more areas. Accordingly, customers residing in the Dehiwala, Kelaniya, Sri Jayewardenepura, Matara & Ambalangoda areas will exclusively receive their electricity bills in a digital format, either through SMS or email. This marks the discontinuation of the conventional practice of issuing […]
Full Budget Speech 2024
DOWNLOAD DOWNLOAD President Ranil Wickremesinghe, serving as the Minister of Finance, presented the 2024 budget to Parliament under the theme “Prelude to a Bright Future.” Here is a summary of the budget speech, including key tax proposals. Unveiling the 2024 budget, President Ranil Wickremesinghe asserted that Sri Lanka’s economy, which had faced setbacks, successfully regained […]
Tax Administration and Tax Policy Revisions
Excise Department Introduction of an online license-issuing system. And increase in the Excise License fees. Introduction of Sri Lanka Standards (SLS) for toddy and all types of locally manufactured liquor. Encourage investments in new types of liquor products targeting foreign markets. Make selected locally produced liquor to be available in duty-free shops. Strengthen the tax […]
Sri Lanka Allocates Rs. 3000 Bn for Sovereign Bond Settlement in 2024 Budget
Sri Lanka has earmarked a substantial Rs. 3000 billion for the execution of foreign debt restructuring and the settlement of international sovereign bonds within the foreign debt restructuring program. President Ranil Wickremesinghe, presenting the 2024 Budget in Parliament, emphasized the reduction of Sri Lanka’s net debt to its present value through the restructuring of International […]
Reliefs for Government Servants Extended in Budget 2024
The cost-of-living allowance for public servants will be increased to LKR 17,800 from LKR 7,800 with effect from 01 January 2024 and the payment will commence from 1 April 2024. The arrears owed from January to March will be paid in installments from October 2024 spread across 6 months. Cost of living allowance for Government […]