Category: Economy
Sri Lanka seeks to boost capital markets, draw FDI : OBG
Oct 31, 2016 (LBO) – Government commitments to step up privatisation, repair its balance sheet and encourage more listings should help broaden the base of Sri Lanka’s capital markets and draw stronger flows of foreign direct investment (FDI) into the economy, the Oxford Business Group said. In April the Sri Lankan government brokered a $1.5bn […]
Government will bring a people’s Budget: Ravi Karunanayake
Oct 31, 2016 (LBO) – Sri Lanka’s budget for 2017 on Nov 10 will be a people’s budget as it would incorporate ideas proposed from all corners of the country, the Finance Minister said in a statement. “The Ministry of Finance has already received over 2200 proposals from the people. This also includes proposals from […]
Opinion: Budget 2017 expectations, unrealistic or achievable?
Oct 28, 2016 (LBO)- Gearing for the new budget in a few weeks time Finance Minister Ravi Karunanayake is optimistic about Budget 2017. An equity buyout for Hambantota port is on the cards, and the second IMF tranche will be back on track, although continued support for SriLankan Airlines is likely, Karunanayake said, speaking to […]
Sri Lanka Central Bank to keep rates steady ahead of budget
COLOMBO, Oct 27 (Reuters) – Sri Lanka’s central bank is expected to keep its key interest rates steady on Monday, a few days ahead of the national budget and the government’s five-year policy, analysts said. The central bank has already tightened its monetary policy stance three times since December, to fend off pressure on a […]
”’ rank down one notch to 110: World Bank
Oct 27, 2016 (LBO) – The World Bank says Sri Lanka has dropped one place in the “Doing Business ” rank to 110, over the past year, but the island has made progress in two reform areas: starting a business and protecting minority investors. “The improvements, while important, were not enough to stop a decline […]
Sri Lanka to obtain USD75mn credit in SDR from World Bank
Oct 27, 2016 (LBO) – Sri Lanka is to obtain 75 million US dollars as credit of Special Drawing Rights (SDR) from the International Development Association of the World Bank for the Social Safety Nets project. The project which will be implemented from 2017 – 2022 has been designed to improve the equity, efficiency and […]
Sri Lanka targets budget deficit of 4.4-pct for 2017: Minister
Oct 26, 2016 (LBO) – Sri Lanka plans on reducing it’s budget deficit to 4.4 percent in 2017 and curbing its total expenditure by around 10 percent, the State Minister of Finance said. “We propose to cut the budget deficit up to 4.4 percent and curb expenditure through reducing the government expenditure and better financial […]
Sri Lanka delayed VAT debate in Parliament tomorrow
Oct 25, 2016 (LBO) – Sri Lanka’s much delayed Value Added Tax (VAT) amendment bill under the equitable taxation principle will be debated in parliament, Wednesday, the Finance Ministry said in a statement. “The newly proposed VAT system is very simple and transparent,” Ravi Karunanayake, Minister of Finance said in the statement. VAT was introduced […]
‘s FIU and Inland Revenue to share info
Oct 25, 2016 (LBO) – Sri Lanka’s Central Bank says its Financial Intelligence Unit (FIU) has entered into a memorandum of understanding with the Department of Inland Revenue to exchange information on money laundering and terrorist financing. The MoU will facilitate investigations and prosecutions in terms of the provisions of the Financial Transactions Reporting Act, […]
Danish delegation to look at infrastructure in Sri Lanka
Oct 25, 2016 (LBO) – A business delegation is due from Denmark to look at investment opportunities in Sri Lanka in in energy, infrastructure and water. “The delegation is interested in exploring the Sri Lankan market and strengthening ties with the Sri Lankan business community,” a statement from the European Chamber of Commerce of Sri […]
Acceptance of e-documents an urgent matter: Sri Lankan companies
Oct 24, 2016 (LBO) – Sri Lanka’s trading companies say acceptance of electronic documents is a matter that requires urgent attention. The Import Section of the Ceylon Chamber of Commerce in partnership with Verité Research held a round-table discussion on “Acceptance of Electronic Documents: One small step for the government, one giant leap for businesses” […]
UNDP allocates USD 38mn to support dry zone communities in Sri Lanka
Oct 20, 2016 (LBO) – The United Nations Development Programme announced the commencement of a 38.1 million dollar project under the Green Climate Fund to improve agriculture-based livelihoods of farmers in the dry zone. “The project will allow assistance to be provided to 770,000 people in three river basins – Malwatu Oya, Yan Oya and […]