Category: Budget
‘s economy
May 03, 2018 (LBO) – Sri Lanka’s Central Bank said recent indicators reflect positive sentiment expressed by external foreign parties regarding the performance of the Sri Lankan economy and its prospects. Central Bank’s response came at a time when serious concerns have been expressed regarding the performance of the Sri Lankan economy. “It is instructive […]
35-pct of 2017 budget promises near completion, 24-pct broken: Research
Apr 25, 2018 (LBO) – Progress for the 2017 budget proposals tracked by Verité Research shows that almost a quarter of the budget promises have been broken with only 22 percent of the promises have made substantial progress. Eight percent of 2017 budget promises have been fulfilled; about a third of the promises were completed […]
Sri Lanka to raise USD1000mn via ETFF to finance budget expenses
Mar 27, 2018 (LBO) – Government says it intends to raise a Foreign Currency Term Financing Facility (FTFF) denominated in US Dollars or Japanese Yen or Euro or their combinations up to 1,000 million dollars or its equivalent in 2018.The FTFF is expected to be raised at a fixed rate or a floating rate, linked […]
Government to borrow up to USD300mn from banks in 1Q 2018
Mar 21, 2018 (LBO) – Cabinet approval has been granted on Tuesday to obtain up to a maximum of 300 million US Dollars from banks. Accordingly, Government will borrow up to 300 million US Dollars from Bank of Ceylon, People’s Bank and other registered foreign banks in Sri Lanka.“Since it is advantageous to Release Sri […]
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 […]
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 […]
Sri Lanka Budget Openness, amongst lowest ranked countries in South Asia
Jan 31, 2018 (LBO) – Sri Lanka’s budget openness in the latest survey has scored 44 out of 100, coming in next to last in South Asia, tied with Pakistan. Open Budget Survey, which scores 115 countries on the openness of their budget process, is the world’s only independent assessment of information disclosure in public […]
Sri Lanka Debt Management Bill receives go-ahead from cabinet
Jan 17, 2018 (LBO) – Sri Lanka’s cabinet on Tuesday decided to publish proposed Debt Management Bill in gazette and present it in parliament for approval. Cabinet earlier granted approval to draft the law to implement accountability management as a strategy for effective public debt management. Through this new bill Sri Lanka’s public debt sustainability […]
Strengthening Sri Lankan SMEs in exports vital for development: Eran
Jan 15, 2018 (LBO) – Sri Lanka’s plans to increase the contribution made by smaller-scale businesses to exports and lift foreign direct investment (FDI) in 2018 were both topics of conversation at a meeting held recently between Eran Wickramaratne, state minister of finance, and a team from Oxford Business Group (OBG). During the talks, Wickramaratne […]
Treasury posts Rs22bn primary surplus in Budget, first time in 63 years
Jan 08, 2018 (LBO) – Government has achieved 21.9 billion rupees surplus in the primary balance of the fiscal accounts during the first ten months of 2017, for the first time in 63 years. Finance Ministry said in the post independent Sri Lankan history a surplus in the budget deficit was first recorded in 1954 […]
National Export Strategy to be implemented with budget 2018: Advisor
July 13, 2017 (LBO) – Sri Lanka’s proposed National Export Strategy will be implemented with the budget of 2018, a senior official at the International Trade Center said. The International Trade Ministry and Export Development Board, together with the help of the International Trade Center, is currently conducting the second round of consultations to chart […]