Category: Economy
Sri Lanka extends deadline for exchange of mutilated currency notes
Jan 01, 2018 (LBO) – Sri Lanka’s Central Bank said it had decided to extend the time period for the exchange of currency notes at Licensed Commercial Banks (LCBs ) up to 31 March 2018. The bank made the decision after members of the public revealed their difficulties in exchanging wilfully defaced currency notes at LCBs and […]
Dumindra Ratnayaka appointed chairman of BOI: Reports
July 18, 2017 (LBO) – Dumindra Ratnayaka has been appointed as the chairman of the Board of Investment (BOI) of Sri Lanka, media reports said. He is the only member from the previous board that has been reappointed to the new board. Others in the previous board were Upul Jayasuriya, Buddhi Keerthi Athauda, Manoj Cooray […]
IMF completes second review, to disburse USD167.2 mln
July 18, 2017 (LBO) – The Executive Board of the International Monetary Fund (IMF) has completed the second review of Sri Lanka’s economic performance under the program supported by a three-year Extended Fund Facility (EFF) arrangement, a statement said. “Completion of the review enables the disbursement of the equivalent of SDR 119. 894 million (about […]
New revenue Bill should be implemented from April 2018: Ceylon Chamber
July 17, 2017 (LBO) – Ceylon Chamber of Commerce says it is their view that the new Inland Revenue Bill, once enacted, should ideally be implemented from 1st April 2018. The chamber says it will give a longer transitional period for both the tax payer and the Department of Inland Revenue to become fully conversant […]
Bangladesh’s first ever FTA will be with Sri Lanka later this year
By P.K. Balachandran Bangladesh’s first-ever FTA will be with Sri Lanka and that is expected to signed by year end, Bangladesh’s Foreign Secretary Mohmmad Shahidul Haque told the media in Dhaka on Friday. “Prime Minister Sheikh Hasina and President Maithripala Sirisena decided to sign the deal in 2017 and asked that negotiations and studies be […]
‘s
July 14, 2017 (LBO) – Evidence of effective implementation of reforms that leads to significant and lasting improvements in tax collection, and more stable external financing conditions, would support a return of Sri Lanka’s rating outlook to stable, Moody’s said. Moody’s Investors Service said signs that planned fiscal consolidation measures are less effective than Moody’s […]
National Export Strategy to be implemented with budget 2018: Advisor
July 13, 2017 (LBO) – Sri Lanka’s proposed National Export Strategy will be implemented with the budget of 2018, a senior official at the International Trade Center said. The International Trade Ministry and Export Development Board, together with the help of the International Trade Center, is currently conducting the second round of consultations to chart […]
World Bank doubles assistance to Sri Lanka over next three years
July 13, 2017 (LBO) – Sri Lanka will receive US1,340 million dollars in financial and technical assistance through a transitional support facility of the International Development Association (IDA), a member of the World Bank group, over the next three year period starting from July, the finance ministry said. Previously Sri Lanka received US 660 million dollars IDA […]
Sri Lanka cuts export earnings target to USD18bn by 2020
July 12, 2017 (LBO) – Sri Lanka is currently looking at a target for export earnings of 18 billion US dollars by 2020, State Minister of International Trade Sujeewa Senasinghe said. In 2015, Sri Lanka originally expected a 50 billion dollar export target by 2020 and later reduced it to 20 billion dollars amid sluggish […]
‘s new Inland Revenue Act will be investor friendly: Finance Minister
July 12, 2017 (LBO) – Sri Lanka’s Finance Minister says the main objective of the new Inland Revenue Bill is to simplify the tax system in order to create an investor friendly environment to attract more foreign investments. “The new Inland Revenue Bill will broad-base the tax system and incorporate globally accepted new tax principles […]
Sri Lanka’s foreign debt USD25.6bn by April: Mid Year Fiscal Report
July 10, 2017 (LBO) – Sri Lanka’s total outstanding external debt was 25.61 billion US dollars (Rs3,886bn) by the end of April 2017, up from 23.1 billion dollars at the end of April last year, the Mid-year Fiscal Report revealed. Government’s total debt service payments for the first four months of this year amounted to […]
SriLankan Airlines, CEB, CPC record Rs30bn loss in first 4 months
July 10, 2017 (LBO) – State-owned carrier Sri Lankan Airline, main power supplier Ceylon Electricity Board and Ceylon Petroleum Corporation together have recorded a loss of 30 billion rupees in the first four months of this year, a treasury report showed. Sri Lankan Airlines The total loss of Sri Lankan Airlines increased by 55 percent […]