Category: Economy
‘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 […]
Sri Lanka IMF agreement faces implementation risks: Fitch
May 03, 2016 (LBO) – Sri Lanka’s 1.5 billion US dollar three-year IMF programme eases near-term balance-of-payments risks but will require sustained commitment from the authorities to address long-standing weaknesses in external and public finances, Fitch Ratings said. The ratings agency said the IMF support therefore has no immediate impact on Sri Lanka’s ‘B+’/Negative sovereign […]
VAT goes up to 15 pct, threshold reduced: Finance Ministry
May 03, 2016 (LBO) – Sri Lanka’s Value Added Tax (VAT) will be revised up to 15 percent from 11 percent from May 2nd, with pharmaceuticals and education sectors being exempt, the Finance Ministry said. The Wholesale and Retail trade will be eligible for this taxation, although several items are exempted. The threshold for VAT […]
‘s foreign debt servicing rises steadily
May 01, 2016 (LBO) – The amount Sri Lanka has spent on external debt repayment and interest has more than doubled over the last five years, Central Bank data shows. Earnings from exports, however, have not grown as much. Debt service payments increased to 4.7 billion dollars in 2015 from 1.8 billion dollars in 2011, […]
Colombo inflation accelerates 3.1-pct in April 2016
Apr 29, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 3.1 percent in April 2016 from a year earlier, up from 2.0 percent in March 2016 with the inflation index gaining 1.3 percent in the month, the state statistics office said. The Year on Year inflation of Food Group has increased […]
Sri Lanka’s deal with IMF has 3 benefits for external financing profile: Moody’s
Apr 29, 2016 (LBO) – Sri Lanka’s 1.5 billion US dollars deal announced today with the IMF will have three benefits for Sri Lanka’s external financing profile, issuing a statement Moody’s Investors Service said.Marie Diron, Senior Vice President, Sovereign Risk Group, Moody’s Investors Service, and the lead sovereign analyst for Sri Lanka highlighted the three points as […]
Sri Lanka projected economic growth 5.4-pct in 2016; 5.9-pct in 2017: UNESCAP
Apr 28, 2016 (LBO) – Sri Lanka’s economic growth is projected to gain further momentum, at 5.4 percent in 2016 and 5.9 percent in 2017, newly released 2016 UNESCAP report said. The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) report further said private consumption in Sri Lanka will likely remain […]
Sri Lankans named in Panama Papers expected in May
Apr. 27, 2016 (LBO) – The International Consortium of Investigative Journalists said they will release on May 9th a searchable database with information on more than 200,000 offshore entities that are part of the Panama Papers investigation. The data comes from the Panamanian law firm Mossack Fonseca, one of the top players in the offshore […]
Fastest population shift in history, opportunity or threat to Asia?
Apr 27, 2016 (LBO) – If countries do not start planning for the rapid Asian demographic change, they will miss out on a unique opportunity to boost growth and investments for the future, a UN report said. The United Nations Development Programme (UNDP) in its latest Regional Human Development Report says that Asia-Pacific countries now […]