Category: Economy
European Investment Bank in EUR50mn Colombo water network expansion
Jan 24, 2016 (LBO) – The European Investment Bank will provide EUR 50 million to support improvement and expansion of sewage networks across the Sri Lankan capital Colombo. “The new loan will help Colombo Municipal Council to achieve its goal of providing full sanitation coverage to benefit people living and working in the greater Colombo […]
Over one million Sri Lankans affected by drought
Jan 23, 2017 (LBO) – Sri Lankans have been warned to conserve water and electricity with over a million persons affected so far by drought as crop output decreases and shortages of drinking water are being reported, officials said. Officials at the disaster information center say over a million person have so far been affected […]
Central Bank says internal & external probe on 2015/16 EPF operations
Jan 23, 2017 (LBO) – Sri Lanka’s Central Bank said an internal examination is currently underway under the direction of the Monetary Board on transactions of EPF in government securities during 2015 and 2016. Releasing a statement, Secretary to the Monetary Board of Central Bank said the law enforcement authorities have also been requested to […]
IMF commends Sri Lanka on economic progress made so far
Jan 23, 2017 (LBO) – The International Monetary Fund (IMF) has commended the new strategy of Sri Lankan government to create financial discipline and lead the country in a correct path to economic development. Managing Director of the International Monetary Fund Christine Lagarde said she highly values the Sri Lankan Government’s dedication to take the […]
Sri Lanka President to appoint committee to investigate bond scam
Jan 23, 2017 (LBO) – Sri Lanka’s President Maithripala Sirisena said he would appoint a commission to investigate and recommend actions for an alleged bond issue scam in early 2015. “I will appoint a Special Presidential Commission of Inquiry this week to investigate the Central Bank bond issue and recommend actions,” President Maithripala Sirisena tweeted. […]
Sri Lanka president advises officials to brace for impending drought
Jan 19, 2017 (LBO) – Sri Lanka’s President Maithripala Sirisena has held a discussion to look into the preparations at ministerial level to provide essential relief to the public during the impending drought. A special committee comprising secretaries of the ministries of power and energy, mahaweli and water supply has been appointed to make quick […]
New leasing scheme for vehicles comes into effect
Jan 18, 2017 (LBO) – Central Bank of Sri Lanka has advised commercial banks and leasing companies to follow new regulations in granting loans for vehicle leasing including three wheelers. “The new circular has slapped additional controls over credit facilities afforded to three wheelers. Under the new leasing regulations the leasing facility offered will be 25 […]
Implementing international conventions only criteria for GSP Plus: EU
Jan 18, 2017 (LBO) – European Union today reiterated that the ratification and implementation of 27 international conventions signed by Sri Lanka are the only criteria to rejoin the Generalized Scheme of Preferences Plus (GSP+). The delegation of the European Union to Sri Lanka and Maldives said these conventions relate to international human rights, labour […]
‘s industrial output up 4.5-pct in November
Jan 18, 2017 (LBO) – Sri Lanka’s Index for Industrial Production (IIP) shows volume of industrial production rose 4.5 percent in November 2016 when compared with the same period last year, a statement said. According to the island’s Census and Statistics Department, manufacturing of food products is the major contributor at a total industrial value […]
Prime Minister meets Chinese President at World Economic Summit
Jan 18, 2017 (LBO) – Prime Minister Ranil Wickremesinghe today met Chinese President Xi Jinping on the sidelines of the World Economic Summit to be held in Davos City from 17th to 21st January. The Prime Minister attended the World Economic Summit on invitation last year too. Leaders of nearly 40 countries are scheduled to attend the 2017 […]
Trade deficit narrows in Sept, cumulative exports down 3pct
Jan 13, 2017 (LBO) – Sri Lanka’s trade deficit narrowed in September 2016 with an increase in export earnings for the second consecutive month, together with a reduction in import expenditure. Earnings from exports grew by 5.7 per cent to 898 million dollars in September, compared with 850 million dollars in the same month in […]
CB joins Dept for Registration of Persons against money laundering
Jan 13, 2016 (LBO) – The Financial Intelligence Unit, located at the Central Bank of Sri Lanka, has entered into a memorandum of understanding with the Department for Registration of Persons to receive information in order to facilitate investigations on money laundering and terrorist financing. “Money laundering and terrorist financing are internationally connected financial crimes […]