Category: Economy
Parliament passes resolution to raise Rs.310Bn under Active Liability Mgmt
Oct 26, 2018 (LBO) – Sri Lanka’s Parliament on Friday passed a resolution to raise up to 310 billion rupees by way of loans, in or outside Sri Lanka under the Active Liability Management Act. The Active Liability Management Act provides the legal framework for the government to raise loans for management of public debt […]
EU Ambassador appreciates progress being made to resolve investor issues
Oct 26, 2018 (LBO) – EU Ambassador Tung-Lai Margue participating in the 7th Edition of EU Dialogue that was held last week, has appreciated the encouraging progress being made by Sri Lanka to resolve investor issues. This meeting was held with several issues relating to EU companies in Sri Lanka being taken up for resolution. The […]
Finance Ministry launches dedicated hotline for Enterprise Sri Lanka
Oct 25, 2018 (LBO) – Sri Lanka’s Finance Ministry has introduced a call center and a hotline number 1925 to assist and resolve issues faced by entrepreneurs under the Enterprise Sri Lanka credit scheme. Accordingly, any entrepreneur can dial the special information hotline to submit their inquiries, complaints, and feedback. Under this scheme, over 58,817 […]
Finance Ministry justifies divestiture of Hyatt and Hilton Hotels
Oct 22, 2018 (LBO) – Sri Lanka’s Finance Ministry on Monday justifying the divestiture of Hyatt and Hilton Hotels said the decision was taken by the Cabinet and proposed in several budget speeches. The ministry further stated that independent financial advisers Lazard and MTI through their global offices have already begun to reach out to […]
Govt. will support retail sector to make Sri Lanka a regional shopping destination: Fin Min
Oct 19, 2018 (LBO) – Opportunities for the retail sector will continue to expand with Sri Lanka recently crossing the US 4,000 dollar GDP per capita threshold, the Minister of Finance said. Mangala Samaraweera told a retail forum in Colombo, Thursday. “Tourist arrivals this year have crossed the 2 million mark with growth of 11.6 percent, creating […]
Mangala reveals fuel pricing formula
Oct 18, 2018 (LBO) – Sri Lanka’s Finance Minister Mangala Smaraweera reveled to media the recently introduced fuel price formula calculation method following repeated calls for it. “The Maximum Retail Price (MRP) of auto fuels has been established as follows MRP = V1 + V2 + V3 + V4,” he told reporters in Colombo a short while […]
BOI rejects reports about resignation of its Director General
Oct 18, 2018 (LBO) – Sri Lanka’s Board of Investment on Thursday rejected media reports that its Director General Duminda Ariyasinghe has tendered his resignation. BOI Media Director, Dilip Samarasinghe in a statement requested media to refrain from baseless speculation, especially on matters that have implications on investor confidence. Releasing another statement in the afternoon, International […]
Sri Lanka secures USD1Bn Foreign Currency Term Financing Facility
Oct 17, 2018 (LBO) – Sri Lanka has secured 1,000 million US dollars from the China Development Bank (CDB) under the Foreign Currency Term Financing Facility (FCTFF) with a maturity period of eight years.The Central Bank said in a statement that interest cost is highly competitive and linked to 6 Month USD LIBOR with a grace […]
Sri Lanka plans new import controls for non essential goods
Oct 17, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena has instructed the Finance Ministry to study the current imports and submit a report on goods of which the imports can be temporarily restricted. President has made these remarks at the 20th session of the National Economic Council, which was held at the Presidential Secretariat […]
Sri Lanka vehicle registrations down in Sept 2018
Oct 17, 2018 (LBO) – Sri Lanka’s motor car registrations dropped to 4,990 units in September 2018 from 7,003 in the previous month following hike in taxes imposed by the government earlier this year, data compiled by JB Securities equities research shows. Total registrations were down to 34,293 units from 43,190 in the month of August. […]
Only 8-pct of Sri Lanka’s 2018 budget promises progressing on track: Verité
Oct 16, 2018 (LBO) – Sri Lanka’s private think tank Verité Research has found out that only 8 percent of promises announced in the 2018 budget are progressing on track through the end of the first six months of this year. The research firm has also found out that progress on 33 percent of proposals […]
‘s growth to recover and remain at 4-pct : World Bank
Oct 16, 2018 (LBO) – Sri Lanka’s economic growth is projected to recover from the effects of last year’s weather disruptions, which negatively affected agriculture, and to remain around 4 percent in the next two years, says the World Bank in its twice-a-year regional economic update. Growth will be robust in most South Asian countries, except […]