Category: Economy and Markets
Tigers to let Tamils vote for Sri Lanka president
Sri Lanka’s Tiger rebels will allow minority Tamils to vote in next week’s presidential election, the guerrillas’ proxies in parliament said Thursday. Sri Lanka’s Tiger rebels will allow minority Tamils to vote in next week’s presidential election, the guerrillas’ proxies in parliament said Thursday. The Tamil vote could decide the winner in the closely-contested November […]
‘s peace chief quits amid deadlock in talks
Sri Lanka’s top official handling the peace process with Tamil Tiger rebels resigned Wednesday ahead of presidential elections this month, a government official said.Sri Lanka’s top official handling the peace process with Tamil Tiger rebels resigned Wednesday ahead of presidential elections this month, a government official said. President Chandrika Kumaratunga accepted the resignation of Jayantha […]
Elephants Walk Out
Sri Lankas main opposition party, the United National Party, took a sudden decision to boycott Tuesday budget, citing its a mere academicals exercise, a senior party spokesman said.“It was a sudden decision to boycott the budget, as there is no debate before the election next week,” UNP parliamentarian Rajitha Senerath said.rn rnSri Lankas Finance Minister […]
Budget 2006: Is it achievable?
The 2006 budget expects revenue to go up by 1.1 percent of GDP to 17.5 percent of GDP and the overall budget deficit to remain at 7.1 percent of GDP. The 2006 budget expects revenue to go up by 1.1 percent of GDP to 17.5 percent of GDP and the overall budget deficit to remain […]
Sri Lanka to change banking laws to mandate bigger credit to agro sectors
Sri Lanka plans to bring in changes to its banking laws before next March to mandate banks to double their agriculture lending portfolio, Treasury Secretary said Wednesday.Sri Lanka plans to bring in changes to its banking laws before next March to mandate banks to double their agriculture lending portfolio, Treasury Secretary said Wednesday. “Credit channeled […]
Sri Lanka’s peace chief quits amid deadlock in talks
Sri Lanka’s top official handling the peace process with Tamil Tiger rebels resigned Wednesday ahead of presidential elections this month, a government official said.Sri Lanka’s top official handling the peace process with Tamil Tiger rebels resigned Wednesday ahead of presidential elections this month, a government official said. President Chandrika Kumaratunga accepted the resignation of Jayantha […]
Tax changes in 2006 budget
VAT on Financial Services Sri Lanka to hike value added taxes and excise duties to fund its welfare budget, finance minister Sarath Amunugama said Tuesday. VAT on Financial Services Sri Lanka to hike value added taxes and excise duties to fund its welfare budget, finance minister Sarath Amunugama said Tuesday. • VAT rate on financial […]
Big Budget
Sri Lanka hopes to contain its 2006’s budget deficit at 8.2 percent of gross national product (GNP) while keeping total expenses within Rs.1003 billion. Sri Lanka hopes to contain its 2006’s budget deficit at 8.2 percent of gross national product (GNP) while keeping total expenses within Rs. 1003 billion. Cabinet Spokesperson and Health Minister Nimal […]
‘s 2006 budget presentation
Sri Lanka’s annual budget presentation got off to an inauspicious start with the main opposition party boycotting the proceeding, while government benches were half empty. Sri Lanka’s annual budget presentation got off to an inauspicious start with the main opposition party boycotting the proceeding, while government benches were half empty. Finance Minister Sarath Amunugama began […]
Pay Later
Sri Lanka plans to spend more and borrow further next year as expenses for defence and fuel related subsidies escalate.Sri Lanka plans to spend more and borrow further next year as expenses for defence and fuel related subsidies escalate. Total state spending will rise 30 percent to Rs.568.3 billion (US$ 5.6 billion) in 2006 from […]
Sri Lanka raise sin taxes, unveils deficit budget amid opposition boycott
Sri Lanka Tuesday announced higher taxes on gambling, smoking and liquor but slashed other levies in a budget speech boycotted by the opposition which dubbed it a ploy to bribe voters before a key election. Sri Lanka Tuesday announced higher taxes on gambling, smoking and liquor but slashed other levies in a budget speech boycotted […]
Sri Lanka revives automatic fuel price revision formula
The government has proposed a return to the automatic fuel price formula after squandering billions on a failed attempt to ‘unplug’ Sri Lanka from the global economy.The government has proposed a return to the automatic fuel price formula after squandering billions on a failed attempt to ‘unplug’ Sri Lanka from the global economy. “Recurrent expenditure […]