Category: Economy
Fitch affirms Sri Lanka at B+; outlook revised to stable
Feb 09, 2017 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Sri Lanka’s Long-Term Foreign- and Local Currency Issuer Default Ratings (IDR) at ‘B+’ and revised the Outlook to Stable from Negative. The Country Ceiling and issue ratings on Sri Lanka’s senior unsecured foreign- and local-currency bonds are also affirmed at ‘B+’. The Short-Term Foreign- and […]
Sri Lanka COPE reveals Rs110bn loss from 15 public institutions
Feb 08, 2017 (LBO) – Sri Lanka’s Parliamentary Committee on Public Enterprises today presented its third interim report to the Parliament. The interim report which covers the activities from 01 May 2016 to 31 August 2016 is based on the inquiries carried out in 15 state-owned institutions. COPE Chairman Sunil Handunnetti presenting the report before […]
‘s external situation manageable, but more FDI needed: Governor
Feb 08, 2017 (LBO) – Sri Lanka’s external debt situation is manageable. However, the current challenge is to increase inflows from exports and FDI, Central Bank Governor Indrajit Coomaraswamy said on Wednesday. “The external debt situation, in our view, is manageable. Sri Lanka has never defaulted on a payment. But the challenge for the country […]
Government of Finland keen to invest in Sri Lanka
The Ambassador of Finland to Sri Lanka Rauli Suikkanen says that he would call leading entrepreneurs of his country to commence investment in Sri Lanka. Ambassador Suikkanen announced this when he met Finance Minister Ravi Karunanayake at the Ministry for Finance yesterday (February 6). Finish Ambassador Rauli Suikkanen further said that there is a confidence […]
ADB to introduce new partnership strategy with Sri Lanka
Feb 06, 2017 (LBO) – Asian Development Bank is working on a new country partnership strategy with Sri Lanka’s government to address dynamic challenges with sustainable, inclusive and environmentally friendly solutions, an official said. During an event to mark 50 years of Sri Lanka’s partnership with ADB, director general of South Asia Regional Department of […]
Sri Lanka’s Right to Information Act comes into force
Feb 03, 2017 (LBO) – Sri Lanka’s Right to Information (RTI) Act comes into effect today bringing with it a promise of open government, citizens’ active participation in governance, and accountability to the people of the country. The Ministry of Mass Media and Parliamentary Reform said that it has been laying the groundwork of RTI, […]
Several Sri Lankan sectors can attract smart capital: Stax
Jan 31, 2017 (LBO) – The next three to five years will be a window of opportunity in which Sri Lankan companies in healthcare, hospitality, education, and export industries can attract smart capital, a consulting firm that advises leading private equity (PE) funds worldwide said. “With the right positioning and evidence of high growth, such […]
Indian trade chamber interested in investments in north
Jan 30, 2016 (LBO) – Sri Lanka is ready to welcome India’s largest business chamber, the Chamber of Commerce and Industry of India (ASSOCHAM), as there are significant opportunities for investment in the north, Rishad Bathiudeen, the minister of industry and commerce said. Bathiudeen was speaking at the 8th Jaffna International Trade Exhibition last week. […]
Sri Lanka’s foreign debt repayment to go up to USD3.9Bn in 2019
Jan 26, 2017 (LBO) – Sri Lanka’s debt servicing will double in 2019 to 3,992 million dollars, the highest debt repayment to be paid by the island in a year, when compared to last year due to the borrowings of the previous government, the Finance Ministry said. “The total debt stock of Sri Lanka has […]
‘s Auditor General acted unprofessionally: Finance Minister
Jan 25, 2017 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake today accused the Auditor General of releasing a confidential report to COPE without his knowledge. On the 19th August 2016, the Finance Minister had requested a special report from the Auditor General under section 43 (2) of the Monetary Law Act, within a period […]
Watch the West, Reach Out To The East: Stan Chart Economist
Jan 24, 2017 (LBO) – Sri Lanka should keep a keen eye on the developments in the West, the traditional export markets, but should reach out to the East for trade and investments, an economist said. Chief Economist of Standard Chartered Bank for Asia, David Mann was responding to LBO’s question on what should be Sri […]
Former Governor Mahendran “NOT” working at Ministry: Ravi
Jan 24, 2017 (LBO) – Sri Lanka’s Finance Minister has denied reports that former Governor of the Central Bank, Arjun Mahendran is attached to his ministry or the Central Bank, a statement said. “The Ministry of Finance wishes to inform that Arjun Mahendran, the former Governor of the Central Bank of Sri Lanka, is not working in […]