Category: Economy
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 […]
World Bank doubles assistance to Sri Lanka over next three years
July 13, 2017 (LBO) – Sri Lanka will receive US1,340 million dollars in financial and technical assistance through a transitional support facility of the International Development Association (IDA), a member of the World Bank group, over the next three year period starting from July, the finance ministry said. Previously Sri Lanka received US 660 million dollars IDA […]
Sri Lanka cuts export earnings target to USD18bn by 2020
July 12, 2017 (LBO) – Sri Lanka is currently looking at a target for export earnings of 18 billion US dollars by 2020, State Minister of International Trade Sujeewa Senasinghe said. In 2015, Sri Lanka originally expected a 50 billion dollar export target by 2020 and later reduced it to 20 billion dollars amid sluggish […]
‘s new Inland Revenue Act will be investor friendly: Finance Minister
July 12, 2017 (LBO) – Sri Lanka’s Finance Minister says the main objective of the new Inland Revenue Bill is to simplify the tax system in order to create an investor friendly environment to attract more foreign investments. “The new Inland Revenue Bill will broad-base the tax system and incorporate globally accepted new tax principles […]
Sri Lanka’s foreign debt USD25.6bn by April: Mid Year Fiscal Report
July 10, 2017 (LBO) – Sri Lanka’s total outstanding external debt was 25.61 billion US dollars (Rs3,886bn) by the end of April 2017, up from 23.1 billion dollars at the end of April last year, the Mid-year Fiscal Report revealed. Government’s total debt service payments for the first four months of this year amounted to […]
SriLankan Airlines, CEB, CPC record Rs30bn loss in first 4 months
July 10, 2017 (LBO) – State-owned carrier Sri Lankan Airline, main power supplier Ceylon Electricity Board and Ceylon Petroleum Corporation together have recorded a loss of 30 billion rupees in the first four months of this year, a treasury report showed. Sri Lankan Airlines The total loss of Sri Lankan Airlines increased by 55 percent […]
India will move on ETCA at a pace set by Lanka: envoy
By P.K. Balachandran Assuaging fears that India is set to “impose” an Economic and Technical Cooperation Agreement (ETCA) on Sri Lanka, the Indian High Commissioner in Sri Lanka, Taranjit Singh Sandhu, has said that India is ready to move on the ETCA at a pace Sri Lanka is comfortable with. “The proposed Economic and Technical […]
Mannar identified for major tourism development: Ministry
The Ministry of Tourism Development has identified Mannar District for major tourism infrastructure development projects. Already over Rs. 40 million has been spent on making the beach areas tourist friendly and many other projects are being planned in order to make the district the main hub for tourism in the region. During a discussion between […]
New trade policy can help to reduce anti-export bias: World Bank
July 05, 2017 (LBO) – Sri Lanka has grown rapidly in the past but the non-tradable drivers of such growth are unlikely to remain adequate for inclusive and sustainable growth in the coming decade, the World Bank says. The recently launched World Bank’s Sri Lanka Development Update says that given the context of continued weak external […]
‘s ad-hoc tax changes
July 04, 2017 (LBO) – A Japanese business delegation has requested that Sri Lanka’s finance minister gives them at least six months notice prior to the enforcement of tax amendments, as it might have an adverse impact on exports. The request came during a meeting held at the Finance Ministry on Monday attended by the […]
Sri Lanka to conduct labour demand survey this month
July 04, 2017 (LBO) – Sri Lanka’s statistics office is to conduct a labour demand survey in the country this month to compile statistics that includes occupations with the largest amount of vacancies. Under this survey, a sample of 3,500 establishments or enterprises will be selected using appropriate sampling techniques. Information will be collected on […]
Sri Lanka launches FDI road map, reforms key: Prime Minister
July 04, 2017 (LBO) – Sri Lanka’s Prime Minister said that the island needs to fast track reforms as part of ambitious efforts to be ranked at least 70th in the ease of doing business rankings by 2020. The Premier Ranil Wickremesinghe, speaking at the launch of the road map on Investment Climate Reforms in […]