Category: Economy
Benefits of global oil price reduction should be passed on to people: Fin Min
Dec 24, 2018 (LBO) – As a result of the price formula introduced by the Government, the price of petrol and diesel has been reduced by Rs.30 and Rs.20 per litre respectively when compared with the last price increase on October 10, 2018. Therefore the Government stresses that the bus fares and the charges in […]
Sri Lanka’s external sector improve, BOP record surplus : CB
Feb 23, 2018 (LBO) – Sri Lanka’s external sector performance continued to improve in the month of December 2017, mainly with higher inflows to the Financial Account of the Balance of Payments (BOP), the Central Bank said in its latest report. . Although earnings from exports increased at a higher rate, the increase in import expenditure resulted […]
‘s 3rd phase
Feb 21, 2018 (LBO) – The Government has given the go ahead to award the contract for construction of 3rd phase of Central Expressway to M/S Taisei Corporation of Japan. “Tokyo Mitsubishi Bank of Japan has agreed to provide funds of Japanese Yen 100 billion and it was decided to award the contract to M/S Taisei […]
Sri Lanka President promises new Economic programme
Feb 21, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena said a new economic programme of the government will be finalized by the National Economic Council (NEC) by next week. Chairing a meeting at the Presidential secretariat the President held detailed discussions on the rapid changes required in the country, Tuesday. He said that short term […]
‘s Liability Management Bill presented to Parliament
Feb 20, 2018 (LBO) – The new Active Liability Management Bill, to improve public debt management, was presented to Parliament for the first reading, Monday. Through this new bill Sri Lanka’s public debt sustainability is to be managed at a national level. To avoid any possible risk, appropriate reform methods are to be followed. Following […]
‘s small businesses
Feb 16, 2018 (LBO) – Sri Lanka has decided to obtain an additional financing through a loan of US 75 million dollars from the Asian Development Bank to scale up the ongoing Small and Medium Enterprise (SME) line of credit project, the Finance Ministry said. The Government had earlier obtained ADB financial assistance of US […]
Construction sector challenged by continued labour shortage: report
RIU report 2018 – The construction industry is worth approximately USD 8 Bn and is already under strain owing to rising construction costs.This industry is challenged by a shortagein skilled construction workers due to two factors; firstly, there is a large number of potential labour who seek employment as trishaw drivers and secondly, due to worker […]
CB keeps policy rates unchanged: Economy currently operating below potential
Feb 15, 2018 (LBO) – Sri Lanka will keep policy rates unchanged in February as the economy is stabilizing with improvements in trade figures, the islands central bank said. “The decision of the Monetary Board is consistent with the objective of maintaining inflation at mid-single digit levels over the medium term and thereby facilitating a sustainable growth […]
Sri Lanka needs to create an environment that rewards investment: Harvard economist
Feb 14, 2018 (LBO) – Sri Lanka should move towards a simpler tariff structure, and implement direct taxes on things like income and property to maintain revenue, Harvard economist Robert Lawrence says. “90 percent of your tariffs should be in the simple schedule, and then there may be some exceptions,” Lawrence, faculty chair of the Practice of […]
‘s Industrial production up 4.3-pct in Dec 2017
Feb 14, 2018 (LBO) – Sri Lanka’s industrial production has increased by 4.3 percent in the month of December, 2017 compared to the same month in 2016, latest official data shows. The Index of Industrial Production (IIP) is a key indicator of economic performance in most countries. Index numbers summarize past developments, facilitate forecasting of future […]
Sri Lanka – Iran sign mutual cooperation deal
Feb 13, 2018 (LBO) – Iran and Sri Lanka have inked a deal for further cooperation between the two nation in the areas of trade and economy. The agreements were signed following a two-day visit by an Iranian delegation to Colombo, over the last week-end, media reports said. Iran and Sri Lanka also agreed to finalise […]
Auditor General reveals Rs826bn off balance sheet items of previous regime
Feb 09, 2018 (LBO) – Auditor General’s Department has found out that 826 billion rupees received during Rajapaksa regime, had not been included in the financial statements. These off balance sheet items include certain debt balances of Puttalam Coal Power Plant, Hambanthota Port and Mattala International Airport payable by the government.Auditor General’s latest report on […]