Category: Budget
Ceylon Chamber advocates 12 focus areas to accelerate economic growth
Oct 30, 2019 (LBO) – The Ceylon Chamber of Commerce has identified twelve (12) areas as priority areas for Sri Lanka’s economic development in the 2020-25 period. The chamber launched the working draft of the Sri Lanka Economic Acceleration Framework (SEAF) 2020-25 on 17 September 2019 with the aim of identifying key areas for the […]
Vote on Account presented to Parliament
Oct 23, 2019 (LBO) – Sri Lanka’s Finance Minister Mangala Samaraweera today presented the Vote of Account for the first four months of 2020 in the Parliament. Accordingly, over 1,470 billion rupees will be allocated for the capital and recurrent expenditure headings while 5 billion rupees will be allocated for the advance accounts. For the […]
‘s credit profile reflects ongoing liquidity &’s
Aug 30, 2019 (LBO) – Moody’s Investors Service says in a new report that the credit profile of Sri Lanka (B2 stable) reflects ongoing government liquidity and external vulnerability risks. Key credit challenges include large borrowing requirements, with a high reliance on external funding, and low foreign exchange reserves coverage of forthcoming economy-wide external debt […]
Sri Lanka to present Vote on Account for 1Q 2020 instead of fully-fledged budget
Aug 14, 2019 (LBO) – Sri Lanka’s cabinet yesterday approved a proposal to present a Vote on Account (VoA) to allocate state expenditure for the first quarter of 2020 as it will be nonsensical to present a fully-fledged budget in the wake of a presidential election. Since the Presidential Election is due at the end […]
Cabinet approves amendments to Nation Building Tax & Value Added Tax
Aug 06, 2019 (LBO) – Sri Lanka’s Cabinet of Ministers has approved the tax amendments proposed by the Finance Minister Mangala Samaraweera in his Budget 2019. Accordingly, the Cabinet has approved the Amendment Draft Bills on Nation Building Tax and Value Added Tax (VAT). The Finance Ministry said all the amendments, once drafted by the […]
Accountants can assist in implementing effective tax system: Inland Revenue COMNR GEN
Jun 27, 2019 (LBO) – The new Commissioner General of Inland Revenue, Nadun Guruge recently highlighted the important role Chartered Accountants can play in ensuring an effective and efficient tax system in the country. Speaking at the felicitation ceremony organized by CA Sri Lanka, Guruge who assumed duties as the 33rd Commissioner-General also noted that […]
Moody’s cuts SL GDP forecast to 2.6-pct amid challenges of tourism, debt refinancing
Jun 20, 2019 (LBO) – Moody’s Investors Service have revised down their 2019 real GDP forecast to 2.6 percent from the previous estimate of 3.4 percent based on prospects for lower tourism arrivals and spending. Terrorist attacks of April 2019 will curb tourism, adding pressure to public and external finances, the firm said in their […]
Sri Lanka to raise up to Rs 480bn debt under Active Liability Management Act
Jun 19, 2019 (LBO) – Cabinet nod has been received to move a resolution in Parliament to raise up to 480 billion rupees under the provisions of the Active Liability Management Act. Accordingly, taking into consideration the Public Debt maturity structure during the period from 2020 to 2029, the Central Bank has recommended to raise […]
Sri Lanka growth may come down to about 2.9-pct in 2019: Central Bank Chief
Jun 11, 2019 (LBO) – Sri Lanka’s economic growth adversely affected by Easter Sunday bombings is expected to slow to around 2.9 percent this year, the Central Bank Governor Indrajit Coomaraswamy revealed. The Central Bank, however, projected the economic growth for this year to be around 4 percent, at the beginning of the year. “The […]
Sri Lanka Government signs Statement of Corporate Intent with 10 SOEs
Jun 11, 2019 (LBO) – Sri Lanka’s Government today signed the Statement of Corporate Intent (SCIs) with ten selected State-Owned Enterprises (SOEs) with the view of enhancing the performance of these SOEs. The Department of Public Enterprises (PED) introduced the concept of SCI in 2017 and the concept was approved by the Cabinet of Ministers […]
IMF approves extension & USD164mn disbursement; grants waivers to Sri Lanka for performance criteria
May 14, 2019 (LBO) – The Executive Board of the International Monetary Fund has completed the fifth review of Sri Lanka’s economic performance under the program supported by an extended arrangement under the Extended Fund Facility (EFF). Completion of this review, upon the granting of waivers of nonobservance for the end‑December 2018 performance criteria on […]
Central Bank presents annual report to Finance Minister; 2018 growth 3.2-pct
Apr 25, 2019 (LBO) – The sixty-ninth Annual Report of the Monetary Board of the Central Bank of Sri Lanka was presented to Mangala Samaraweera, the Minister of Finance, by Dr. Indrajit Coomaraswamy, the Governor of the Central Bank. According to the report, the real GDP growth was recorded at 3.2 percent in 2018, compared […]