Category: Economy

Nov 23, 2011 (LBO) – China has emerged as the top lender to Sri Lanka in the nine months to September 2011, in terms of money actually disbursed and loans committed for new projects, finance ministry data shows. Up to September 2011, China has disbursed 599. 9 million US dollars out of a total of […]

Nov 24, 2011 (LBO) – Sri Lanka has appointed competent authorities, a ministerial committee and a three member compensation committee to deal with 37 expropriated assets and enterprises. It is made up of foreign employment minister Dilan Perera, minor export crop promotion minister Reginald Cooray, productivity promotion minister Lakshman Seneviratne, deputy finance minister Geethanjana Gunawardena. […]

Nov 23, 2011 (LBO) – Sri Lanka’s private sector has been called upon to make big investments using tax savings and gains from incentives given by government, and banks urged to lend more to small business. Treasury secretary P B Jayasundera said the government was managing to maintain public investment at around six percent of […]

No 22, 2011 (LBO) – Sri Lanka’s unemployed graduates who have received a ‘free’ education at at tax payer’s funded universities are taking aim at another tax grab with a lifetime job and pensions in an already bloated state sector, according to media reports. Others who earn degrees with their own money from affiliated private […]

Nov 22, 2011 (LBO) – Sri Lanka has managed to gradually reduce the government budget deficit without cutting public investment which is needed to build the capacity to enable private investments, an official said. Treasury secretary P B Jayasundera said the government was maintaining the downward momentum in budget deficits and inflation had been brought […]

Nov 22, 2011 (LBO) – Sri Lanka’s main business chamber has approved the sudden devaluation of the rupee saying it would boost exports and urged the government to consult plantation firms whose uncultivated lands are being taken. The Ceylon Chamber of Commerce said the government’s 2012 budget presented to parliament Monday “maintains the consistent fiscal […]

Nov 21, 2011 (LBO) – Sri Lanka’s economy is expected to grow between 8. 5 to 9.0 percent in 2012 and inflation would be kept in the mid single digits, the Central Bank said in a report released ahead of the budget. Exports are projected at 14 percent and imports at 10 percent. Growth in […]

Nov 21, 2011 (LBO) – Sri Lanka is likely to meet the deficit target of 6.8 percent of gross domestic product set for 2011, with the gap in the first eight months contained at 5. 3 percent of GDP down from 5.6 percent a year earlier, the Central Bank said. In rupee terms the gap […]

Nov 21, 2011 (LBO) – Sri Lankan soldiers disabled by war will be given a loan scheme to start their own businesses in the government’s budget for 2012, Sri Lankan president and finance minister Mahinda Rajapaksa said. The budget for 2012 will allocate 1. 7 billion rupees to be given to the ‘Ranavira Authority’, a […]

Nov 21, 2011 (LBO) – Sri Lanka will depreciate the rupee 3. 0 percent to help export competitiveness, President Mahinda Rajapaksa told parliament in his budget speech for 2012. “Countries that are competing with us have depreciated their currencies,” President Rajapaksa said. “To correct this disadvantage, as an incentive to exports I intend to depreciate […]

Nov 21, 2011 (LBO) – Sri Lanka has raised annual taxes on ‘luxury’ cars between 20,000 to 50,000 rupees a year with new vehicles with engine capacity over two litres, being charged the highest rates of 150,000 rupees. Sri Lanka’s budget or 2012 said ‘luxury’ diesel cars over 2. 5 litres of engine capacity and […]

Nov 21, 2011 (LBO) – Sri Lanka will give tax holidays between 4 to 6 years to companies investing between 50 to 300 million rupees in export and import substitution businesses, President Mahinda Rajapaksa said. The necessary changes will be made into revenue and strategic investment laws, President Rajapaksa said. The state will also finance […]