Category: Economy
Business Conclave: Why invest in Sri Lanka?
March 10, 2016 (LBO) – “This is the best time to invest in Sri Lanka,” Minister of Finance Ravi Karunanayake urged at the successful Investment and Business Conclave 2016 organised by the Ceylon Chamber of Commerce, raising the question ‘Why is it the best time to invest in Sri Lanka?’ Admitting that everything is not […]
Sri Lanka increases VAT to 15-pct, imposes Capital Gains Tax
Mar 08, 2016 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe told Parliament that the government has decided to amend certain budget proposals applicable for this year. “We hope to amend few budget proposals in line with medium term objectives of the development activities of the government as well as considering the current global scenario […]
State debt rose to 9.5 trillion rupees after revealing hidden dues: PM
Mar 08, 2016 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe told Parliament Tuesday that the island’s debt has now increased to 9.5 trillion rupees after adding hidden government dues which amount to 1,442 billion rupees. Wickremesinghe, making a special statement in Parliament, said as at end of 2015 the state debt amounted to 8,475 […]
Sri Lanka Investment and Business Conclave 2016 to open
Mar 07, 2016 (LBO) – Sri Lanka Investment and Business Conclave 2016 organised by the Ceylon Chamber of Commerce will commence tomorrow in Colombo with the participation of 125 plus potential investors from 27 countries. Apart from them, 130 Sri Lankan executives representing top local firms will take part in the event in order to […]
Sri Lanka exports, imports declines; trade gap widens in December 2015
Mar 04, 2016 (LBO) – Sri Lanka’s exports fell 18.7 percent to 817.5 million US dollars in December 2015 from a year earlier while imports fell at a slower 8.5 percent to 1,644.7 million US dollars, official data showed. The trade gap widens 4.4 percent to 827.3 million US dollars from a year earlier. On […]
‘s visit: BOI
Mar 03, 2016 (LBO) – Prime Minister Ranil Wickremasinghe’s forthcoming visit to Beijing is being eagerly awaited by the Chinese leadership as a timely opportunity to strengthen bilateral relations, the BOI said in a statement. Chinese Vice Minister of Foreign Affairs Liu Zhenmin has assured Minister Malik Samarawickrama that Chinese authorities are committed to achieving […]
China positive on trade, investment says Malik after visit
Mar 02, 2016 (LBO) – China is positive about Sri Lanka’s prospects as a strategically located platform for trade, investment and tourism, a statement issued following Minister Malik Samarawickrama’s recent visit to China said. “They saw opportunities for strengthening bilateral cooperation and looked forward to Prime Minister Ranil Wickramasinghe’s visit to China in April to […]
US calls on Sri Lanka to join Indo-Pacific Economic Corridor
Mar 01, 2016 (LBO) – United States called Sri Lanka to strengthen cooperation on issues of regional importance through multilateral organizations like the Indian Ocean Rim Association. “The United States encouraged Sri Lankan participation in its Indo-Pacific Economic Corridor initiative to increase economic connectivity among South Asian countries and with Southeast Asia, which is congruent […]
Sri Lanka finds more hidden dues of past regime: Ravi Karunanayake
Mar 01, 2016 (LBO) – Sri Lanka has uncovered more dues of the past regime which will affect public finance, Finance Minister Ravi Karunanayake said. According to Karunanayake, Minister S.B. Dissanayake’s ministry has recently revealed that they have a burden on bills to pay an additional 5,423 million rupees. With this new addition government has […]
” on external debt
Feb 29, 2016 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) one notch to ‘B+’ from ‘BB-‘. A Negative Outlook has been assigned to the IDRs. The issue ratings on Sri Lanka’s senior unsecured foreign- and local-currency bonds are also downgraded to ‘B+’ from ‘BB-‘. The Country […]
Colombo inflation accelerates 2.7-pct in February
Feb 29, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 2.7 percent in February 2016 from a year earlier, up from 0.9 percent in January 2016 with the inflation index dropping 0.6 percent in the month, the state statistics office said. As per the statistics office, this increase was mainly due […]
Potential IMF funding helps Sri Lanka fiscal consolidation: MOODY’S
Feb 29, 2016 (LBO) – Over the next three years, potential financing from the IMF can lead to an agreement to implement fiscal consolidation, Moody’s Investors Service said in a report. The statement said although this will lower Sri Lanka’s high fiscal deficits and debt, it will likely require a widening of the small tax […]