Category: Economy
Sri Lanka moving ahead with Panama Papers probe, says minister
May 17, 2016 (LBO) – Sri Lanka’s government is following up on the Panama Papers leaks and has requested for an official list from authorities in Panama, State Minister for National Policies and Economic Affairs Niroshan Perera said. “Central Bank Financial Intelligence Unit (FIU) has contacted authorities in Panama to obtain an official list,” Perera […]
‘s GSP+ application
May 12, 2016 (LBO) – Sri Lanka’s government and the EU said the island’s GSP application was discussed at the EU-Sri Lanka Working Group on Trade and Economic Cooperation which met on 11 May 2016 in Brussels. The meeting was co-chaired by Sonali Wijeratne, Director General of Commerce, for Sri Lanka and Peter Berz, Head […]
China to help upgrade Sri Lankan hospitals, Japanese assistance for coast guard
May 12, 2016 (LBO) – Sri Lanka’s Cabinet has approved to use funds granted China amounting 85 million US dollars to develop the healthcare sector. “The scope of the project is to purchase essential equipment and to construct buildings in selected hospitals including provincial hospitals,” a statement on cabinet approvals said. The .proposal was made […]
Sri Lanka corporate leaders raise concerns over ad hoc tax changes
May 09, 2016 (LBO) – Members of the main committee of the Ceylon Chamber of Commerce has observed that consistency in policy should be a top priority of the government in order to build confidence and boost private sector investment. Ceylon Chamber said in a statement that the members of the Committee at its latest […]
‘s trade gap narrows 9.1-pct in January 2016
May 06, 2016 (LBO) – Sri Lanka’s exports fell 2.5 percent to 893.9 million US dollars in January 2016 from a year earlier while imports fell at a faster 5.5 percent to 1,589.1 million US dollars, official data showed. The deficit in the trade account contracted in January 2016, by 9.1 percent from a year […]
No one solution to reform SOEs, says Dep Minister at Advocata launch
May 06, 2016 (LBO) – Sri Lanka’s state-owned enterprises need individually crafted approaches for reforming them and one solution may not suit every enterprise, Deputy Minister Eran Wickramaratne said. Wickramaratne was speaking at the launch of Advocata Institute, a new independent policy think tank based in Colombo, and its report on SOEs. The institute will […]
‘s
May 05, 2016 (LBO) – With slower growth in the next few years and signs of financial stress for some state-owned enterprises, achieving significant fiscal consolidation will be challenging, Moody’s said in a statement. The IMF mission chief mentioned a targeted deficit at 3.5 percent of GDP in 2020. The full text of the statement […]
Trinco to be developed as agri and energy hub
May 05, 2016 (LBO) – Sri Lanka’s cabinet has decided to approve a planning review to be done to develop Trincomalee and surrounding cities in the islands east. ”The Trincomalee area has been identified as major zone that could be developed as agricultural and energy hubs under the development program of the present government,” a statement […]
‘s high credit growth to private sector plateauing: Governor
May 05, 2016 (LBO) – Credit growth to Sri Lanka’s private sector by commercial banks is a key variable followed in determining monetary policy. This number has been running high in recent months, rising to 26.5 percent in February, compared with 25.7 percent in January on a year-on-year basis, although the figure is down from […]
Sri Lanka to raise USD500 mln through syndicated loan: Governor
May 04, 2016 (LBO) – Sri Lanka is planning to raise 500 million dollars through a syndicated loan and terms are being discussed, the Central Bank Governor said. Citi Emirates, NDB, HSBC and Mashreq bank are expected to be mandated to arrange a 3-year term loan that will be repaid in installments, Bloomberg reported citing […]
New agencies to fast track Sri Lanka investment approvals
May 04, 2016 (LBO) – Sri Lanka’s government will fast track the approval of investment projects through the setting up of two new agencies, a state minister said in a statement. “Ideally the time frame for approval of projects should be about two months,” Sujeewa Senasinghe, state minister, Development Strategies and International Trade, said. “The Government is […]
Ceylon Petroleum losses rise despite falling oil prices
May 04, 2016 (LBO) – State-owned Ceylon Petroleum Corporation (CPC) made a substantial loss of 18.4 billion rupee in 2015 compared with a marginal profit of 1.5 billion rupees in 2014, despite international oil prices falling sharply, according to provisional data released by the Central Bank. A significant reduction of domestic petroleum prices at the […]