Category: Economy
Sri Lanka inflation accelerates 4.3-pct in April 2016
May 23, 2016 (LBO) – Sri Lanka’s consumer prices as measured by National Consumer Price Index rose 4.3 percent in April from the 2.2 percent inflation reported a month earlier on year-on-year basis, data from the state statistics office showed. Year-on-year inflation of Food Group reported for the month of April 2016 was 4.9 percent […]
Twilight of the Petrostate and the rise of alternatives
May 23, 2016 (LBO) – Russian billionaire Petr Aven and two Moscow economists have published an article titled the “Twilight of the Petrostate” warning of alternative energy sources and cheaper extraction techniques that could hurt revenues of oil exporting nations. “The influence of the Petroleum Leviathan — the handful of producing countries with the ability […]
Sri Lanka holds rates unchanged after policy meeting
May 20, 2016 (LBO) – Sri Lanka’s monetary board held interest rates unchanged after a monthly policy meeting taking into account among other things the Extended Fund Facility expected from the IMF and the others, that would enhance the country’s resilience to external shocks and improve investor confidence in the economy. The full statement is below: The […]
Ravi K says Japan agrees USD2.5bn development loan to Sri Lanka
May 19, 2016 (LBO) – Finance Minister Ravi Karunanayake told Parliament Thursday that Japan has agreed to provide about 2.5 billion US dollars worth development policy loan to Sri Lanka. This has been revealed yesterday when Japanese Prime Minister Shinzo Abe’s Special Representative Hiroto Izumi called on Prime Minster Ranil Wickremesinghe, Finance Minister said.“Mr. Izumi also […]
Sri Lanka could issue Islamic finance sovereign bonds: official
May 18, 2016 (LBO) – Sri Lanka could issue Islamic finance sovereign bonds or ‘Sukuks’ and take the lead in becoming a regional centre for Islamic financial services, an official said. “We can think of being an Islamic Banking and Finance hub for the region,” Shibly Aziz, President Bar Association said while delivering the keynote […]
Upper limit for Sri Lanka bank leasing to be imposed: Finance Minister
May 18, 2016 (LBO) – Several changes to Sri Lanka’s financial services will be enacted soon such as leasing services offered by banks, Finance Minister Ravi Karunanayake said, speaking at a forum in Colombo. A proposal in the budget that banks should stop leasing from June 1 will be modified, he said. “Finally, it is […]
Sri Lanka moving ahead with Panama Papers probe, says minister
May 17, 2016 (LBO) – Sri Lanka’s government is following up on the Panama Papers leaks and has requested for an official list from authorities in Panama, State Minister for National Policies and Economic Affairs Niroshan Perera said. “Central Bank Financial Intelligence Unit (FIU) has contacted authorities in Panama to obtain an official list,” Perera […]
‘s GSP+ application
May 12, 2016 (LBO) – Sri Lanka’s government and the EU said the island’s GSP application was discussed at the EU-Sri Lanka Working Group on Trade and Economic Cooperation which met on 11 May 2016 in Brussels. The meeting was co-chaired by Sonali Wijeratne, Director General of Commerce, for Sri Lanka and Peter Berz, Head […]
China to help upgrade Sri Lankan hospitals, Japanese assistance for coast guard
May 12, 2016 (LBO) – Sri Lanka’s Cabinet has approved to use funds granted China amounting 85 million US dollars to develop the healthcare sector. “The scope of the project is to purchase essential equipment and to construct buildings in selected hospitals including provincial hospitals,” a statement on cabinet approvals said. The .proposal was made […]
Sri Lanka corporate leaders raise concerns over ad hoc tax changes
May 09, 2016 (LBO) – Members of the main committee of the Ceylon Chamber of Commerce has observed that consistency in policy should be a top priority of the government in order to build confidence and boost private sector investment. Ceylon Chamber said in a statement that the members of the Committee at its latest […]
‘s trade gap narrows 9.1-pct in January 2016
May 06, 2016 (LBO) – Sri Lanka’s exports fell 2.5 percent to 893.9 million US dollars in January 2016 from a year earlier while imports fell at a faster 5.5 percent to 1,589.1 million US dollars, official data showed. The deficit in the trade account contracted in January 2016, by 9.1 percent from a year […]
No one solution to reform SOEs, says Dep Minister at Advocata launch
May 06, 2016 (LBO) – Sri Lanka’s state-owned enterprises need individually crafted approaches for reforming them and one solution may not suit every enterprise, Deputy Minister Eran Wickramaratne said. Wickramaratne was speaking at the launch of Advocata Institute, a new independent policy think tank based in Colombo, and its report on SOEs. The institute will […]