Category: Economy
Sri Lanka to welcome first National Cooperative Policy framework
Nov 25, 2016 (LBO) – Sri Lanka is set to welcome its first National Cooperative Policy framework backed by the International Labour Organisation (ILO). There are almost 14,500 cooperatives-in various productions services, SMEs, women’s development, rural banking, insurance and farming sectors-active in Sri Lanka. Through “Coop City” shops, cooperatives are also now present in the […]
Sri Lanka balances investments across India, China and Japan: official
Nov 23, 2016 (LBO) – Sri Lanka is internationalizing key investments in infrastructure across three Asian nations India, China and Japan, a government official said. After failing to weigh competing interests in the past, observers say the current government is on the right track to develop Sri Lanka’s key infrastructure. Japan will develop the light […]
Sri Lanka nation-wide inflation accelerates to 5-pct in October
Nov 21, 2016 (LBO) – Sri Lanka’s consumer prices as measured by National Consumer Price Index rose to 5.0 percent in October from the 4.7 percent reported a month ago, data from the state statistics office showed. The National Consumer Price Index (NCPI) for the month of October 2016 has been calculated as 114.7. In […]
ADB to support infrastructure reforms, revenue is key challenge
Nov 21, 2016 (LBO) – Further structural reforms are needed to strengthen the Sri Lankan economy, which has been slow to attract private investment and is encumbered by burdensome business regulations, a new Asian Development Bank study shows. The ADB, releasing an independent evaluation report that assesses its 5.5 billion US dollar program for Sri Lanka […]
‘s Finance Minister
Nov 21, 2016 (LBO) – The Minister of Finance has called on local and foreign entrepreneurs to seize the opportunity given by the government to invest in Sri Lanka, with incentives presented under the 2017 Budget. The Minister assured that all proposals would be implemented on time and some of the proposals have already come […]
IMF approves USD162.6mn disbursement to Sri Lanka
Nov 19, 2016 (LBO) – IMF Executive Board has completed its first review of Sri Lanka’s Extended Fund Facility (EFF) arrangement, which enables the disbursement of about 162.6 million US dollars. The IMF said in a statement, the reinstatement of the amendments to VAT will help boost revenues, while the 2017 budget proposal should strengthen […]
JICA to lend Yen23Bn for water supply project
Nov 17, 2016 (LBO) – The Japan International Cooperation Agency (JICA) signed a loan agreement with the Government to provide a Japanese loan of 23 billion Yen as assistance for the Anuradhapura North Water Supply Project. This project will construct a water supply system in the northern part of Anuradhapura District to provide safe drinking […]
Sri Lanka budget signals continuity, but implementation key: CCC
Nov 17, 2016 (LBO) – Sri Lanka’s budget 2017 has signaled continuity in the economic policy priorities of the government, but successful implementation should be the benchmark against which it is measured, the island’s leading business chamber said. “Budget 2017 seeks to continue the government’s focus on modernizing the economy, inclusive growth, strengthening the middle class, […]
Sri Lanka revenue reform a step toward stronger finances: Fitch
Nov 16, 2016 (LBO) – Sri Lanka’s budget 2017 proposed tax hikes will strengthen the revenue base although some of the revenue assumptions look optimistic and pose risks to projections, the Fitch rating agency said. “Sri Lanka’s budget for 2017 is broadly in line with the targets set out under its IMF programme, and contains […]
Sri Lanka foreign reserves drop by USD395mn in Oct: Central Bank
Nov 11, 2016 (LBO) – Sri Lanka’s official reserves dropped 394.6 million US dollars to 6.1 billion dollars in October, down from 6.5 billion dollars at the end of September, official Central Bank data showed. Foreign currency reserves were 5.1 billion US dollars and reserves in Gold were 0.91 billion US dollars. Central Bank has […]
Sri Lanka to introduce new law protecting foreign reserves
Nov 11, 2016 (LBO) – Sri Lanka has proposed to introduce a new Foreign Exchange Act to protect foreign reserves from irregular transactions. Finance Minister Ravi Karunanayake told Parliament yesterday that the current Exchange Control Act will be repealed for this purpose. An Investment Inflow Management Act will be introduced to facilitate the inward remittance […]
Education a priority, free tablets for students: Budget
Nov 11, 2016 (LBO) – Sri Lanka will prioritize education and give free tablet computers to students and teachers in 2017, the government said in budget proposals for next year. Almost 175,000 A Level students and 28,000 teachers will receive tablet computers in 2017, for which five billion rupees has been allocated. Sri Lanka has […]