Category: Economy
EU Parliament rejects motion to deny GSP+ for Sri Lanka
Apr 27, 2017 (LBO) – Sri Lanka won the vote in Brussels by 436 against and 119 in favor for the motion to deny GSP plus for Sri Lanka. A group of EU parliamentarians last week forwarded a motion to deny Sri Lanka access to GSP Plus, citing the slow pace of essential reforms in […]
Next IMF tranche by June, reserves comfortable by year end: Ravi
Apr 27, 2017 (LBO) – Sri Lanka’s Finance Minister said he was optimistic about talks on reaching a staff level agreement with the International Monetary Fund for the next phase, and that the next tranche would be released by June. “I think the tranche that was due April will come by June, there were some technical difficulties like […]
Higher growth for Sri Lanka will depend on addressing structural issues: CB
Apr 27, 2017 (LBO) – Sri Lanka’s economic performance in 2016 reconfirmed the necessity of addressing deep rooted structural issues, in order to enable the country to progress towards a higher growth trajectory, the Central Bank said. “Along with strengthening macroeconomic fundamentals through improved fiscal performance and the conduct of monetary policy in a forward […]
WB and IMF to send team for solid waste management
Apr 24, 2017 (LBO) – World Bank and the International Monetary Fund have agreed to send a special team to the island to inspect solid waste management, the finance ministry said in a statement. The comments were made to Finance Minister Ravi Karunanayake during the G24 Finance Ministers’ meeting where the current economic performance of […]
Shangri-La opens luxury paradise apartments for viewing
(PRESS RELEASE) – Colombo’s once static skyline is now in the midst of a vast transformational process and at the forefront of this immense development is Shangri-La, Asia Pacific’s leading luxury hotel, resort and residential group, with its very first mixed development project, One Galle Face. A rendition of the luxury apartment, the ‘New Show […]
COPE should inquire transactions of Templeton fund in Sri Lanka: Harsha
Mar 09, 2017 (LBO) – Sri Lanka’s Committee On Public Enterprises (COPE) should investigate the transactions carried out between the US-based Franklin Templeton Fund and Central Bank in the past, Deputy Foreign Minister Harsha de Silva said. De Silva confirmed to reporters Wednesday that close to 500 million US dollars have been taken out from […]
Indonesia, Sri Lanka to strengthen trade and economic ties
Mar 09, 2017 (LBO) Sri lanka’s President Maithripala Sirisena, who is on a state visit to Indonesia, met with President Joko Widodo Wednesday with a proposal for a free trade agreement between the two countries among the topics discussed. The meeting between the two leaders commenced following a cordial discussion, a statement from the Sri […]
S&” rating on Sri Lanka
Mar 08, 2017 (LBO) – Standard and Poor global ratings affirmed its ‘B+’ long-term and ‘B’ short-term sovereign credit ratings on Sri Lanka while keeping a ‘negative’ outlook unchanged, a statement said. “High external debt, and low reserves continue to make Sri Lanka vulnerable to external shocks. Other rating constraints on Sri Lanka include the […]
New Zealand keen to broaden investment in Sri Lanka
Mar 08, 2017 (LBO) – The Government of New Zealand expects to broaden existing investment in Sri Lanka and is ready to assist in economic development activities in the island, the finance ministry said in a statement. New Zealand wants to provide technical support in infrastructure development and assist in developing the agricultural sector of […]
Sri Lanka fulfilled Dec fiscal targets, eyes on SOE reforms: IMF
Mar 07, 2017 (LBO) – Sri Lanka needs to accelerate implementation of structural reforms in public financial management and state owned enterprises, the International Monetary Fund said Tuesday, concluding a staff visit. A staff team from the IMF led by Jaewoo Lee visited Colombo during February 21-March 7, 2017 to hold discussions on the second […]
Sri Lanka rated ‘Mostly Unfree’ in new report: Heritage Foundation
Feb 21, 2017 (LBO) – Sri Lanka slipped to be rated as a ‘Mostly Unfree’ country this year in the Index of Economic Freedom, with the lack of government integrity and judicial freedom contributing towards the slip, a new report showed. The US-based Heritage Foundation, in their annual Index of Economic Freedom, said that economic […]
‘s public sector expanded 39-pct during past decade
Feb 21, 2017 (LBO) – Sri Lanka’s public sector, excluding the semi government sector and three forces, expanded 39 percent in the last ten years, a census conducted by the statistics office showed. Preliminary results of the census show that by last year Sri Lanka’s public sector alone had a workforce of 874,395 which is […]