Category: Economy
Indonesia, Sri Lanka to strengthen trade and economic ties
Mar 09, 2017 (LBO) Sri lanka’s President Maithripala Sirisena, who is on a state visit to Indonesia, met with President Joko Widodo Wednesday with a proposal for a free trade agreement between the two countries among the topics discussed. The meeting between the two leaders commenced following a cordial discussion, a statement from the Sri […]
S&” rating on Sri Lanka
Mar 08, 2017 (LBO) – Standard and Poor global ratings affirmed its ‘B+’ long-term and ‘B’ short-term sovereign credit ratings on Sri Lanka while keeping a ‘negative’ outlook unchanged, a statement said. “High external debt, and low reserves continue to make Sri Lanka vulnerable to external shocks. Other rating constraints on Sri Lanka include the […]
New Zealand keen to broaden investment in Sri Lanka
Mar 08, 2017 (LBO) – The Government of New Zealand expects to broaden existing investment in Sri Lanka and is ready to assist in economic development activities in the island, the finance ministry said in a statement. New Zealand wants to provide technical support in infrastructure development and assist in developing the agricultural sector of […]
Sri Lanka fulfilled Dec fiscal targets, eyes on SOE reforms: IMF
Mar 07, 2017 (LBO) – Sri Lanka needs to accelerate implementation of structural reforms in public financial management and state owned enterprises, the International Monetary Fund said Tuesday, concluding a staff visit. A staff team from the IMF led by Jaewoo Lee visited Colombo during February 21-March 7, 2017 to hold discussions on the second […]
Sri Lanka rated ‘Mostly Unfree’ in new report: Heritage Foundation
Feb 21, 2017 (LBO) – Sri Lanka slipped to be rated as a ‘Mostly Unfree’ country this year in the Index of Economic Freedom, with the lack of government integrity and judicial freedom contributing towards the slip, a new report showed. The US-based Heritage Foundation, in their annual Index of Economic Freedom, said that economic […]
‘s public sector expanded 39-pct during past decade
Feb 21, 2017 (LBO) – Sri Lanka’s public sector, excluding the semi government sector and three forces, expanded 39 percent in the last ten years, a census conducted by the statistics office showed. Preliminary results of the census show that by last year Sri Lanka’s public sector alone had a workforce of 874,395 which is […]
Sri Lanka Central Bank launches data library for public use
Feb 21, 2017 (LBO) – The Central Bank of Sri Lanka (CBSL) has launched a data library for the general public to use via the CBSL external website. “Data Library of CBSL is a comprehensive database consisting of time series data on a variety of topics spanning Real, Monetary, Fiscal, External and Financial sectors,” a […]
Sri Lanka-Singapore FTA to be finalised in 2017: Singapore PM
Feb 20, 2017 (LBO) – The Free Trade Agreement (SLSFTA) between Sri Lanka and Singapore will hopefully be finalised this year, Singapore Prime Minister Lee Hsien Loong said following a dinner with Premier Ranil Wickremesinghe. In a FB post on Saturday, Lee said, “We talked about the FTA that we are negotiating, which we hope to […]
Sri Lanka to review public sector cadre, redeploy excess
Feb 17, 2017 (LBO) – Sri Lanka will conduct a cadre review to determine the total cadre requirement of the public sector and provincial councils. The review is expected to forecast public sector staff needed for the year 2020 based on the optimum cadre identified for 2017. “In case excess employees are identified at any […]
Sri Lanka to forge ahead despite external pressures: Ravi
Feb 17, 2017 (LBO) – Sri Lanka’s finances are improving despite global turmoil, Brexit and higher interest rates in the US, backed by a Fitch Ratings outlook upgrade, the finance minister said. “State revenues in 2016 rose to over 13 percent of gross domestic product from around 10 percent and the budget deficit had come […]
Australia and Sri Lanka sign new partnership agreement
Feb 16, 2017 (LBO) – Australia and Sri Lanka have signed a new development cooperation partnership during Prime Minister Ranil Wickramasinghe’s visit to Australia. “The new partnership sets a new direction,” the Australian High Commission said releasing a statement. “As Sri Lanka’s economy grows, Australia will support the Government’s reform agenda including ensuring that economic growth […]
With foreign debt servicing of USD4 bil, cabinet approves sovereign bond
Feb 16, 2017 (LBO) – Sri Lanka’s Finance Minister says the island’s total domestic and foreign debt service payments for 2017 is estimated to be around 1,480 billion rupees. In a cabinet memorandum Karunanayake said total foreign debt service payments including foreign currency denominated debt amounts to 609.4 billion rupees (4.04 billion dollars) in 2017. […]