Category: Economy
‘s, Explores FTA option
Jan 25, 2018 (LBO) – President of Indonesia Joko Widodo in the island on a offical vist met with Sri Lanka’s President and exchanged views on the progress and challenges in the bilateral cooperation and agreed to enhance cooperation for the mutual benefit. President Widodo conveyed Indonesia’s commitment to contribute towards Sri Lanka’s development, particularly in infrastructure and connectivity. Both […]
Cost reflective pricing formula for fuel, electricity this year: CB Governor
Jan 24, 2018 (LBO) – Sri Lanka’s Central Bank Governor Indrajit Coomaraswamy says the government will introduce a cost reflective pricing formula for both fuel and electricity this year. The IMF said in its latest report that domestic prices of fuel and electricity are expected to be determined by a formula introduced in March and […]
Sri Lanka inflation dips to 7.3-pct in December 2017
Jan 23, 2018 (LBO) – The overall rate of inflation as measured by National Consumer Price Index (NCPI) on year on year basis was down to 7.3 percent in December 2017 when compared with 8.4 percent November 2017, according to the Department of Census and Statistics. Issuing a statement the department said Y on Y inflation of food […]
Sri Lanka signs FTA with Singapore tomorrow
Jan 22, 2018 (LBO) – A Free Trade Agreement between Sri Lanka and Singapore will be signed following bilateral talks between the two nations, Tuesday. Prime Minister of Singapore Lee Hsien Loong is to arrive in Sri Lanka on the invitation of Sri Lanka’s President Maithripala Sirisena, Monday. Last week, Sri Lanka’s Cabinet approved a […]
‘s economy to grow USD 5Tn by 2025
Jan 22, 2018 (LBO) – Indian economy is set to double to USD 5 trillion in the next 7-8 years as booming consumption of digital services would support addition of about USD 2.5 trillion to the country’s wealth, Paytm founder Vijay Shekhar Sharma said today. “It took 70 years for India to become USD 2.5 […]
Sri Lanka Debt Management Bill receives go-ahead from cabinet
Jan 17, 2018 (LBO) – Sri Lanka’s cabinet on Tuesday decided to publish proposed Debt Management Bill in gazette and present it in parliament for approval. Cabinet earlier granted approval to draft the law to implement accountability management as a strategy for effective public debt management. Through this new bill Sri Lanka’s public debt sustainability […]
Strengthening Sri Lankan SMEs in exports vital for development: Eran
Jan 15, 2018 (LBO) – Sri Lanka’s plans to increase the contribution made by smaller-scale businesses to exports and lift foreign direct investment (FDI) in 2018 were both topics of conversation at a meeting held recently between Eran Wickramaratne, state minister of finance, and a team from Oxford Business Group (OBG). During the talks, Wickramaratne […]
Sri Lanka seeks to modify performance criteria; EFF broadly on track: IMF
Jan 12, 2018 (LBO) – Sri Lanka’s performance under the Extended Fund Facility (EFF) program has remained broadly on track despite a series of weather-related supply shocks, the IMF said. Following the Executive Board’s discussion of the third EFF review, Mitsuhiro Furusawa, Acting Chair and Deputy Managing Director of IMF, said country’s fiscal performance has […]
Sri Lanka official reserves improve to USD8bn by end 2017
Jan 12, 2018 (LBO) – Sri Lanka’s gross official reserves have improved to 7,952.58 million US dollars by the end of last year from 7,319.40 million dollars in November 2017, official Central Bank data showed. By the end of 2016, country’s gross official reserves were stood at 6,062.71 million US dollars. Foreign currency reserves were […]
“Enterprise Sri Lanka” to be launched in March: Fin Min
Jan 12, 2018 (LBO) – Sri Lanka’s Government will disburse 60 billion rupees through state and private banks while the Treasury will set aside 5 billion rupees to reimburse interest to banks as part of the Budget 2018’s “Enterprise Sri Lanka” program to create new entrepreneurs. Minister of Finance and Mass Media MangalaSamaraweera said that one of the […]
Governor received bond commission report yesterday: Central Bank
Jan 11, 2018 (LBO) – Central Bank revealed Thursday that the secretary to the President has handed over a copy of the bond commission report to the Governor of Central Bank yesterday. Central Bank said that it has already implemented some of the recommendations, while measures have already been initiated to implement most of the […]
IFC, CB partner to create Sri Lanka’s first national financial inclusion strategy
Jan 09, 2018 (LBO) – IFC, a member of the World Bank Group has partnered with the Central Bank to develop the country’s first National Financial Inclusion Strategy (NFIS). The strategy will promote a more effective and efficient process to improve financial inclusion across Sri Lanka. IFC, over the course of the project, will provide […]