Category: Economy
Sri Lanka GDP expands 2.6-pct in second quarter 2016
Sept 15, 2016 (LBO) – Sri Lanka’s economy expanded 2.6 percent in the second quarter of 2016 from a year earlier, led by services activities, the state statistics office said. The Gross Domestic Product of Sri Lanka for the second quarter of 2016 at constant price reportedly reached up to 2,130,240 million rupees against 2,075,805 […]
Sri Lanka to set up a special unit for economic development
Sep 14, 2016 (LBO) – Sri Lanka’s cabinet has approved obtaining the assistance of the Mackenzie Institute of USA to set up a Central Programme Management Unit in Sri Lanka to aid with rapid development. “It is important to establish a separate unit to supervise and take corrective measures on development activities for achieving the […]
Sri Lanka revises VAT threshold for wholesale & retail trade
Sept 14, 2016 (LBO) – Sri Lanka’s cabinet has approved a new draft bill revising the VAT liable threshold for wholesale and retail trade, a cabinet decision said. Under the new amendments, the threshold for VAT liability on wholesale or retail supply of goods has been revised to 12.5 million rupees for a quarter, or 50 […]
Sri Lanka budget deficit to be 4.7-pct in 2017, FinMin tells IMF
Sep 14, 2016 (LBO) – Sri Lanka’s Finance Minister said that the island plans on reducing the budget deficit to 4.7 percent in 2017. “We had a budget deficit of 6.7 percent of the GDP last year and this year’s target will be 5.4 percent. it will be further reduced to 4.7 percent in 2017,” […]
Sri Lanka’s cabinet approves VAT increase: State Finance Minister
Sept 13, 2016 (LBO) – Sri Lanka’s Cabinet has approved the VAT increase in principle as required by the Supreme Court judgment, State Finance Minister Lakshman Yapa Abeywardena said. The Supreme Court issued an interim order in July preventing the government from implementing the 4 percent VAT increase until the consent of the cabinet and […]
‘s unemployment 4.2-pct in first quarter 2016
Sep 13, 2016 (LBO) – Sri Lanka’s unemployed is estimated as 349,686 during the first quarter 2016 and the unemployment rate was 4.2 percent, marginally down from the average 4.6 percent in 2015. According to the latest data the estimated economically active population is about 8.3 million in the first quarter, of which 63.3 percent […]
Sri Lanka foreign reserves up USD125mn in August: Central Bank
Sept 12, 2016 (LBO) – Sri Lanka’s official reserves rose 124.7 million US dollars to 6.6 billion dollars in August, up from 6.5 billion dollars end of July, official Central Bank data showed. Foreign currency reserves were 5.6 billion US dollars, and reserves in Gold were 0.94 billion US dollars. Central Bank has purchased 190.8 […]
‘s CCC and Police to discuss law enforcement matters
Sept 08, 2016 (LBO) – The Ceylon Chamber of Commerce, the National Police Commission and the Sri Lanka Police says they will will hold a seminar with the participation of the corporate sector representatives to discuss ‘law enforcement matters’ in the country. The seminar will focus on how to collaborate between the police and the […]
LBR LBO Infrastructure Summit 2016 to focus on transformative power of “Western Region Megapolis Project”
Sep 08, 2016 (LBO) – Leading local and foreign urban planners, legal experts, technology professionals, policy makers, academics, researchers and senior corporate thought leaders will take the stage at the 2016 edition of “LBR LBO Infrastructure Summit. With an objective of creating a multi-stakeholder conversation on the transformative opportunities of the Western Region Megapolis Project, […]
Opinion: Big banks exploit countries like Sri Lanka, probe finds
Sept 07, 2016 (LBO) – Big banks have turned to the powerful worldwide legal system and commandeered it for profit, exploiting countries like Sri Lanka in the process, according to a Buzzfeed probe. In 2006, big international banks presented officials who ran Sri Lanka’s state oil venture with a way to hedge against further price […]
Sri Lanka’s Finance Ministry denies resignation claims of treasury officials
Sept 06, 2016 (LBO) – Sri Lanka’s Finance Ministry on Tuesday denied recent media reports that there was a mass resignation and stepping down of directors from SoEs. The Finance Ministry said that all their nominees who have been appointed as Directors to the boards of the State Owned Enterprises (SoEs) are continuously serving in […]
Sri Lanka seals USD100mn credit from World Bank for economic reforms
Sep 05, 2016 (LBO) – Sri Lanka signed a 100 million US dollar credit from the International Development Association (IDA), an arm of the World Bank, today to support economic reforms in the island. “This program will support the Sri Lankan Government’s commitment to unleash the potential of Sri Lankan enterprises to grow, become more […]