Category: Economy
Swedish Foreign Minister, companies meet Sri Lankan businesses
Apr 26, 2016 (LBO) – Swedish Foreign Minister Margot Wallström met Sri Lankan government and business representatives together with representatives of several top Swedish companies at a discussion on cooperation for sustainable urban development on Monday. Swedish companies such as ABB, Axis Communications, Ericsson, Icomera, Saab, Scania and Volvo were represented, while officials of several […]
Sri Lanka inflation accelerates 2.2-pct in March 2016
Apr 25, 2016 (LBO) – Sri Lanka’s consumer prices as measured by National Consumer Price Index rose 2.2 percent in March from the 1.7 percent inflation reported a month earlier on year-on-year basis, data from the state statistics office showed. The National Consumer Price Index has been compiled as 110.0 for March 2016 and shows […]
Demand for infrastructure finance shows no sign of slowing: ADB
Apr 25, 2016 (LBO) – The demand for finance for major infrastructure and development projects in Asia and the Pacific shows no sign of slowing as regional economies seek ways to address moderating economic growth, inequality, and significant environmental risks, says the Asian Development Bank (ADB)’s 2015 Annual Report. As ADB marks its 50th year […]
US expected to hold rates this week
Apr 25, 2016 (LBO) – The U.S Federal Reserve is widely expected to hold interest rates when its policy makers meet this week. More important than the actual rate decision at this week’s (26th-27th) Fed meeting will be the language of the policy statement, analysts say. “The market for Fed funds futures seems to be […]
Sri Lanka exporters protest gazette on repatriation of funds
Apr 25, 2016 (LBO) – Sri Lankan exporters have begun to protest after the Finance Ministry issued a gazette notification requiring the repatriation of funds from exports that are retained abroad. “As part of current policy measures taken to improve the foreign exchange inflows to the country, the Hon. Minister of Finance has issued the […]
Interview: Sri Lanka wants infrastructure that generate revenue, says Niroshan Perera
Apr 22, 2016 (LBO) – Sri Lanka will move ahead with development projects that generate revenue while strengthening accountability of state institutions to Parliament, a government minister said. State Minister for National Policies and Economic Affairs, Niroshan Perera, spoke to Lanka Business Online on several aspects of policy. Projects such as the Mattala airport and […]
‘s President opposes planned VAT hike
Apr 19, 2016 (LBO) – Sri Lanka’s President Maithripala Sirisena, in a public address on Monday, said he would not support tax increases that burden the people. The Value Added Tax (VAT) rate is scheduled to be increased to 15 percent from May 2nd, according to the Finance Ministry, and will include the telecommunications sector. […]
‘s top 10 FDI hotspots: US think tank
Apr 18, 2016 (LBO) – IHS Global Insight, a United States-based think tank, has listed Sri Lanka as one of the top 10 foreign direct investment (FDI) destinations in Asia. The other Southeast Asian countries projected to be the FDI hot spots in the region, are China, India, Bangladesh, Indonesia, Vietnam, Myanmar, Malaysia, The Philippines and […]
Central Bank sees monetary policy stance as appropriate
Apr 18, 2016 (LBO) – Sri Lanka’s Central Bank, in response to an opinion column, states that its monetary policy stance holding interest rates unchanged on March 29 was appropriate. WA Wijewardena, a former deputy governor, in an article in the Daily FT alleged that the Monetary Board should have tightened monetary policy “based on […]
Sri Lanka economy adjusting, may receive USD1-1.25 bln from IMF: CB
Highlights from press conference: * GDP grew 4.8 pct in 2015, vs 4.9 pct 2014 * Sri Lanka may receive around USD 1-1.25 billion IMF support: Governor * USD500 mln renminbi bonds may be issued in coming months: Governor * Worker remittances fell 0.5 pct to USD6.9 bln in 2015 * Official reserves at USD6.2 […]
Three member committee to streamline Chinese projects in Sri Lanka
Apr 12, 2016 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe has pledged to China to appoint a three-member high powered committee to streamline and expedite Chinese projects and investments in Sri Lanka. Special Assignments Minister Dr. Sarath Amunugama, Development Strategies and International Trade Minister Malik Samarawickrama and Economic Affairs Ministry Consultant R.Paskaralingam will be […]
Sri Lanka makes progress towards IMF facility: IMF mission
Apr 11, 2016 (LBO) – Sri Lanka has made significant progress toward reaching an International Monetary Fund (IMF) support facility, which could get approval within the next two weeks, an IMF review mission said concluding its visit. A staff team led by Todd Schneider visited Colombo during March 31-April 11 to hold 2016 Article IV […]