Category: Economy

The Govt., the World Bank and the Asian Development Bank are preparing a survey on the investment climate in Sri Lanka.The survey will help policy makers address impediments to investment including legal, policy and institutional reforms.rn rnThe exercise forms part of a regional effort to attract more investment and promote information sharing between the countries. […]

Continuing a robust recovery, Sri Lankas export earnings clocked in a double-digit growth for the first nine months of this year, which helped the trade deficit shrink marginally, the Central Bank said Monday.The positive sentiment contributed to a rise in exports and a higher import bill in September.rn rnHigher export numbers helped lower the trade […]

The government is hoping to persuade BOI firms to submit to the proposed Economic Service Charge.Finance Minister K N Choksy says the agreements with BOI firms and International Investor Protection Agreements, that the government is signatory to, prevented the state from slapping such levies against their will.rn rnFinance Minister however says they should pay the […]

The main opposition Peoples Alliance is geared for Act Two of the ongoing political drama, with the President on Thursday setting a mid December deadline for political haggling with the Prime Minister to end.President Chandrika Kumaratunga set this deadline, while addressing a cross section of the business community late Thursday.rn rnA memorandum of understanding between […]

World Bank is likely to chip in and help the government foot the hefty early retirement bill to off load around 300,000 public servants. rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Talks on negotiating the wish list under thernfourth tranche of the World Banks Poverty Reduction Support Programme, is duernto start next year. Part of the hefty VRS package […]

The main opposition Peoples Alliance is geared for Act Two of the ongoing political drama, with the President on Thursday setting a mid December deadline for political haggling with the Prime Minister to end.President Chandrika Kumaratunga set this deadline, while addressing a cross section of the business community late Thursday.rn rnA memorandum of understanding between […]

The Treasury is taking a second look at budget proposal to slap a new tax on equity trading, following howling protest by market players.rnrnrnrnrnrnProposals like a tax on mobile phones and Economic Service Chargernrnrnrnrn Proposals like a tax onrnmobile phones and Economic Service Charge (ESC), have also grabbed policymakersrnattention for some tinkering before they come […]

The UNF government is prepared to forget the past and offer a greater role for the opposition in the current peace talks, if a consensus can be developed on the peace process and the economy, Minister G L Pieris says.ldblquote The government wishes very strongly to put the strains and tensions, that have characterised the […]

The government is coming up with a series of housing loan packages targeted at different segments, to help spur a construction boom.The housing programmes will have four components based on the levels of affordability of different categories of peoplern rnUnder its lquote homeownership campaign, the Treasury will allocate Rs. 800 mn next year, to build […]

Giving a leg up to the local tourist trade, the government plans to develop Maskeliya and Puttalam as a future hotspot for the travel trade.Finance Minister K N Choksy says the lagoons in these regions will be developed to be a major resort area, with funds pumped in to expand the Bentota resort stretch.rn rnChoksy […]

Sri Lanka Wednesday announced it was shedding 300,000 state-sector jobs and offered a generous severance package that will effectively pay employees to stay at home for the rest of their lives.rnFinance Minister K. N. Choksy said the public sector reforms included a 30 percent trimming of the 1.09 million workforce, but instead of job cuts […]

Stockbrokers are sitting on a potential gold mine as a result of a new tax on equity trading proposed in the budget.rnrnrnrnrnrnNew Page 2rnrnrnrnrn A 15rnpercent tax on trading profits on share transactions, is just one of the newrntaxes slapped by the UNFs third budget, to strengthen governments finances.rn Equityrnmarket investors are the ones who […]