Category: Economy and Markets

Nov 09, 2012 (LBO) – Sri Lanka is expecting to grow revenues by an optimistic 19.2 percent to 1.25 trillion rupees cut foreign borrowings by 55 percent and ratchet up domestic borrowings by a record 64 percent to 421 billion rupees, a budget for 2013 shows. In 2013, Sri Lanka is expecting to run a […]

Nov 09, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said it was encouraged by government plans to cut the budget deficit which will help create a stable economy which will allow economic targets to be achieved. “Prudent monetary policies and the maintenance of fiscal discipline are required if the medium term macro targets […]

Nov 08, 2012 (LBO) – Sri Lanka’s economy will expand 7. 5 percent in 2013 after slowing to 6. 8 percent in 2012 helped by a global recovery, monetary easing and better weather for agriculture, the Central Bank said. The budget deficit which was targeted at 6.2 percent of gross domestic product for 2012 had […]

Nov 08, 2012 (LBO) – Sri Lanka will keep the budget deficit at 5. 8 percent of gross domestic product in 2013, and a 2012 target of 6. 2 percent will be maintained despite falling import tax revenues, President Mahinda Rajapaksa said. President Rajapaksa who is also finance minister said national debt will be maintained […]

Nov 08, 2013 (LBO) – The Sri Lankan government plans to raise salaries of workers in the overstaffed state sector with the increases being staggered to limit inflationary pressures, according to the budget for 2013. President Mahinda Rajapaksa, who is also finance minister, told parliament he plans to increase allowances given to public servants by […]

Nov 07, 2012 (LBO) – Sri Lanka is to recognize foreign companies which invested in the island during the height of two rebellions by leftwing youth and Tamil Tiger separatists that almost wrecked the economy. The ‘Global Commerce Excellence Awards 2012’ will recognize 150 international companies for their contribution to the national economy during the […]

Nov 07, 2012 (LBO) – Sri Lanka’s Supreme Court has ruled that sections of an appropriation bill for 2013 which lays the basic outline for a budget for next year is unconstitutional. The ruling was read out as the administration launched an impeachment process against Sri Lanka’s chief justice. The Supreme Court also ruled against […]

Nov 06, 2012 (LBO) – Friday Forum, a Sri Lankan citizens group has asked for informed debate on the budget by parliamentarians instead of a slanging match, and has asked the administration to prioritize expenses and pay attention to a growing debt burden. The full statement is reproduced below: A PLEA FOR A BIPARTISAN BUDGET […]