Category: Economy
Sri Lanka Govt to ensure continued progress of financial inclusion: Fin Min
Apr 18, 2018 (LBO) – Minister of Finance Mangala Samaraweera says it is important for the Sri Lankan financial system to have robust access and engagement with the global financial architecture. The challenge for countries like Sri Lanka is how to ensure continued progress of financial inclusion, he said. “One negative fall-out is “de-risking”, the scenario […]
Sri Lanka’s CEB threaten TU action, Says not liable for inconvenience to public
Apr 17, 2018 (LBO) – Sri Lanka’s Ceylon Electricity Board Engineers Union (CEBEU), of the state owned electricity supplier Ceylon Electricity Board (CEB) is to take a trade union action from 20th April against its regulator Public Utilities Commission of Sri Lanka demanding the approval CEB’s power generation plan. The regulator amended and approved the […]
South Asia regains growth lead, Still lags on jobs
Apr 17, 2018 (LBO) – South Asia has regained its lead as the fastest growing region in the world, supported by recovery in India. With the right mix of policies and reforms, growth is expected to accelerate to 6.9 percent in 2018 and 7.1 percent next year. The twice-a-year South Asia Economic Focus (SAEF) finds that the […]
Sri Lanka Central Bank issues warning on virtual currencies
Apr 17, 2018 (LBO) – The Central Bank has warned the pubic about the use of “virtual currencies”, commonly used to refer to digitally created representations of value that are issued by private developers and denominated in their own unit of account. “It is hereby notified to the public that CBSL has not given licence or […]
World Bank warns of reform slowdown amid challenging political environment
Apr 17, 2018 (LBO) – Sri Lanka’s growth is projected to rebound in 2018 and continue to be around 4.5 percent in the medium term, driven by private consumption and investment, the Wold Bank says in its latest report. “Inflation will stabilize at the mid-single digit level as the impact of natural disasters wears off, […]
SriLankan reports revenue of Rs.126.9Bn in 2017/18
Apr 16, 2018 (LBO) – National carrier SriLankan Airlines has achieved a un-audited annual passenger revenue of 126.9 billion rupees (US Dollars 830.7 million) for its just ended financial year of 2017/18. “This is the highest ever in the Company’s 38-year history,” the Airline said in a statement. The revenue comes on the back of recent […]
Asia will grow at 6-pct in 2018, Trade risk warnings: ADB
Apr 12, 2018 (LBO) – The Asian Development Bank raised its 2018 economic growth estimate for developing Asia to 6.0 per cent from 5.8 per cent, citing solid export demand, but said US protectionist measures and any retaliation against them could undermine trade. Growth in developing Asia would only ease slightly to 5.9 per cent […]
Sri Lanka Govt call for expediting activities related to exploration and production of petroleum
Apr 12, 2018 (LBO) – Sri Lanka’s cabinet of ministers has called for an action plan for expediting the activities related to exploration and production of petroleum. It has been planned to enter in to agreements with selected companies to explore the petroleum in Eastern Coastal area and shallow sea areas, a cabinet statement said. “The attention […]
President calls for proposals to solve problems in construction field
Apr 11, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena advised the Secretary for Ministry of Skills Development and Vocational Training to prepare a proposal for finding solutions to fill the shortage of workmen in construction field.The President further advised to form a special committee jointly headed by the Secretaries of Ministry of Skills Development […]
Sri Lanka targets USD2.5Bn in FDI in 2018, USD 5Bn by 2020:Fin Min
Apr 10, 2018 (LBO) – Sri Lanka’s government is looking at attracting up to US 2.5 billion dollars in Foreign Direct Investments (FDI) in 2018, and to double it to US 5 billion by 2020, a statement said. In 2017 the the highest FDI inflows came from China, followed by Hong Kong, India and Singapore, the […]
Sri Lanka’s debt burden is higher than Ethiopia, Uganda & Ghana
Apr 09, 2018 (LBO) – Sri Lanka’s government revenue as a share of GDP is lower than many peers, while the government debt-to-GDP ratio is much higher, Moody’s Investors Service said in a statement.Debt-to-GDP ratio in Ethiopia, Uganda and Ghana among other countries is lower than Sri Lanka even though revenue-to-GDP ratio in these countries […]
Sri Lanka trade deficit expands over USD1bn in January; imports USD2bn
Apr 09, 2018 (LBO) – Sri Lanka’s trade deficit has expanded in January surpassing 1 billion US dollars for the second consecutive month due to significant level of imports offsetting the increase in export earnings. While earnings from merchandise exports increased, expenditure on imports also increased significantly outweighing the performance in export earnings during the […]