Category: Policy
Business mission from New Zealand to arrive in April
Mar 20, 2018 (LBO) – A group of 20 delegates representing 13 innovative New Zealand companies will arrive in Colombo on 2nd April for a 3-day visit to continue forging business and trade links with Sri Lanka. The delegation, led by New Zealand Trade Commissioner for Sri Lanka, Ralph Hays, builds on the momentum of […]
Sri Lanka must enhance fiscal income to offset narrowing external drains: Fin Min
Mar 19, 2018 (LBO) – Sri Lanka’s Finance minister says the island must optimize utilizing local resources with a well-managed and efficient tax system as a pro-growth catalyst. My contention is that the new Inland Revenue Act will bring a paradigm shift to taxation in this country that is in line with our policy of […]
Sri Lanka official reserves rebound to USD7.9bn in February
Mar 16, 2018 (LBO) – Sri Lanka’s gross official reserves have improved to 7,914.33 million US dollars by the end of February from 7,672.75 million dollars in January, official Central Bank data showed. Reserves improved to 7,952.58 million dollars by the end of last year but reduced in January. Foreign currency reserves were 6,894.42 million […]
Reforms have progressed but vulnerabilities remain: IMF Staff Mission
Mar 11, 2018 (LBO) – Despite weather-related shocks and some delays in implementation, program performance remains broadly on track, said IMF Staff Mission after a recent visit to Sri Lanka. The IMF staff team led by Manuela Goretti visited Colombo from February 27 – March 9 to hold discussions for the fourth review of Sri Lankan […]
Not expecting rise in domestic interest rates: CB
Mar 05, 2018 (LBO) – Sri Lanka’s Central Bank responding to misleading news reports said it is not expecting a rise in domestic interest rates in the period ahead. “Based on its current projections, an increase in market interest rate is not expected in the near term,” the bank said issuing a statement regarding false […]
Sri Lanka, a cautionary tale about over-reliance on China: OBG
Mar 02, 2018 (LBO) – Sri Lanka, perhaps, provides the most cautionary tale from their Asia-Pacific markets about over-reliance on China-backed infrastructure development, a research firm said. In a blog post about Asia-Pacific’s road to economic prosperity, Asia Regional Editor of Oxford Business Group, Patrick Cooke said Chinese acquisitions from other countries make emerging nations […]
Sri Lanka needs firm policy to mitigate future refinancing risks: Fin Min
Feb 27, 2018 (LBO) – Sri Lanka faces refinancing risks in the coming years and need a concerted and coordinated policy response to mitigate such risks, Finance Minister Managala Samaraweera said. “It is clear that Sri Lanka, like many developing nations, faces such refinancing risks in the coming years. This warrants a concerted and coordinated […]
Benefits of global oil price reduction should be passed on to people: Fin Min
Dec 24, 2018 (LBO) – As a result of the price formula introduced by the Government, the price of petrol and diesel has been reduced by Rs.30 and Rs.20 per litre respectively when compared with the last price increase on October 10, 2018. Therefore the Government stresses that the bus fares and the charges in […]
CB keeps policy rates unchanged: Economy currently operating below potential
Feb 15, 2018 (LBO) – Sri Lanka will keep policy rates unchanged in February as the economy is stabilizing with improvements in trade figures, the islands central bank said. “The decision of the Monetary Board is consistent with the objective of maintaining inflation at mid-single digit levels over the medium term and thereby facilitating a sustainable growth […]
Auditor General reveals Rs826bn off balance sheet items of previous regime
Feb 09, 2018 (LBO) – Auditor General’s Department has found out that 826 billion rupees received during Rajapaksa regime, had not been included in the financial statements. These off balance sheet items include certain debt balances of Puttalam Coal Power Plant, Hambanthota Port and Mattala International Airport payable by the government.Auditor General’s latest report on […]
Sri Lanka debt sustainability: public debt Rs8.9tn; assets Rs1.1tn
Feb 09, 2018 (LBO) – Auditor General’s Department says even if the total amount of domestic and foreign debt payable by the government as at 31 December 2016 stood at 8.9 trillion rupees, in financial statements, the value of the total assets only shows 1.1 trillion rupees. Their latest report on the public debt management […]
Cost reflective pricing formula for fuel, electricity this year: CB Governor
Jan 24, 2018 (LBO) – Sri Lanka’s Central Bank Governor Indrajit Coomaraswamy says the government will introduce a cost reflective pricing formula for both fuel and electricity this year. The IMF said in its latest report that domestic prices of fuel and electricity are expected to be determined by a formula introduced in March and […]