Category: Economy
JICA pledges Rs14bn development loan to Sri Lanka
Aug 31, 2016 (LBO) – The Japan International Cooperation Agency (JICA) has agreed to provide a development policy loan of 14.4 billion rupees (JPY10,000mn) for Sri Lanka’s development agenda. These funds will be utilized for private sector development, governance improvement and fiscal consolidation. The loan is provided at a concessionary interest rate of 1.4 percent per annum with a […]
Sri Lanka’s growth expectation 5.5-pct this year: CB Governor
Aug 31, 2016 (LBO) – Sri Lanka’s growth expectation for this year is about 5 to 5.5 percent as things stand, Central Bank Governor Dr. Indrajith Coomaraswamy told reporters. Coomaraswamy said no additional foreign borrowings are expected for this year. “We don’t anticipate any additional external borrowings for this year apart from T-bills and bonds,” […]
‘s progress, wants to increase aid: Ravi K
Aug 31, 2016 (LBO) – Sri Lanka’s Finance Minister says multilateral donor World Bank is keen to increase its aid following Sri Lanka rapidly achieving its development goals which were set at the time loans were granted to it. “The World Bank is very happy with the progress made so far in the projects that […]
Sri Lanka’s Central Bank keeps policy rates steady
Aug 30, 2016 (LBO) – Sri Lanka’s Central Bank has decided to keep its key interest rates steady despite rising inflation and high private sector credit growth. The full text of the statement is reproduced below. Monetary Policy Review – August 2016 Both headline and core inflation, measured on a year-on-year basis, edged down in […]
World Bank looks at further collaboration in Sri Lanka: South Asia VP
Aug 29, 2016 (LBO) – The World Bank says it will further support Sri Lanka’s journey towards higher growth and prosperity and this will require progress across all provinces. “I hope to continue discussions that I have previously had with government to further our collaboration. We look forward to continue supporting Sri Lanka’s ambitious development […]
Excise duty on diesel increased to Rs13 a litre; LIOC down 9.7 pct
Aug 26, 2016 (LBO) – Sri Lanka’s government has raised excise duty on diesel by 10 rupees a litre to 13 rupees, the Finance Ministry said in a statement. Although the excise duty on diesel was raised three days ago, no public announcement was made until Friday. The share price of LIOC fell to 37.80 […]
Sri Lankan rupee stronger on foreign bank dollar sales
Aug 26, 2016 (Reuters) – The Sri Lankan rupee traded stronger on Friday as a foreign bank sold dollars while importers buying greenback slowed down as they awaited further appreciation, dealers said. The rise also comes as the government is increasing its three-year loan to 0 million from an initial target size of up to […]
Sri Lanka clarifies reports on McKenzie consultancy
Aug 25, 2016 (LBO) – Sri Lanka’s National Policy and Economic Affairs Ministry has clarified certain newspaper reports saying they were aimed at sabotaging the economic development strategy of the government. Releasing a statement the ministry said negative reports have appeared in the newspapers on the engagement of internationally reputed consultancy firms by the Government. […]
Sri Lanka must plug into global production networks: Harsha de Silva
Aug 25, 2016 (LBO) – Sri Lanka needs to get into the game of global production networks and needs to treat trade agreements seriously, a government minister said. Deputy Foreign Minister Harsha de Silva outlined Sri Lanka’s future path as a trading nation at a panel discussion organized by the Young Professionals Organization of UNP. […]
Sri Lankan reforms aims to simplify tax, increase base, compliance: Minister
Aug 24, 2016 (Reuters) – Sri Lanka’s new government is drafting reforms aimed at simplifying taxes, widening the tax base and increasing compliance, Finance Minister Ravi Karunanayake said on Wednesday. “The reforms are aimed at more simplified taxes, bigger tax base, and higher compliance,” he said in an interview with Reuters. The International Monetary Fund […]
Markets recover post Brexit, but political uncertainty remains
Aug 24, 2016 (LBO) – U.K. retail sales data have posted a positive outcome post-Brexit supporting markets even though some political uncertainty remains. From the FTSE’s low of 5,806 points immediately after the Brexit vote, the index has rallied some 18.38 percent. Other European indexes and the STOXX 600 have also recovered, with the STOXX […]
Chinese bank to set up South Asian branch in Sri Lanka: PM
Aug 23, 2016 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe told Parliament today that a Chinese bank has agreed to set up their South Asian branch here in Sri Lanka. “China agreed to set up the branch here in Colombo at the proposed financial city,” Wickremesinghe said. Prime Minister said the concept paper and […]