Category: Economy
Finance Ministry to set up separate department for private sector from 2016
Oct 22, 2015 (LBO) – Sri Lanka’s Finance Ministry is to set up a separate department for the private sector development at the ministry from January 01, 2016, Minister Ravi Karunanayake said.Karunanayake said the upcoming budget will be a revolutionary one where the monopolistic approach of the government will be reduced with competitive element emerging […]
ADB to fund USD800mn for the 3rd phase of connecting rural in Sri Lanka
Oct 22, 2015 (LBO) – Sri Lanka to get financial assistance of 800 million US dollars from the Asian Development Bank (ADB) for the implementation of phase 3 of the Integrated Road Investment Programme, cabinet spokesman told reporters on Thursday.The programme is implemented with the view of improving the road connectivity within selected rural centres […]
Sri Lanka to introduce National Consumer Price Index
Oct 22, 2015 (LBO) – Sri Lanka is to introduce a new National Consumer Price Index to represent the national level changes in the inflation. The cabinet nod has been given to consider its base year as 2013 and from 21 November 2015 to declare the proposed index on 21st of each month. The current […]
Sri Lanka’s exports and imports declines in August 2015: Central Bank
Oct 22, 2015 (LBO) – Sri Lanka’s exports earnings recorded a decline of 19.5 per cent, year-on-year, to 799 million US dollars in August 2015, showing decreases in all major export categories, Central bank data showed. The lower earnings from tea, textiles and garments, transport equipment and rubber products mainly contributed to the overall decline […]
CEO Forum: Inter-ministerial task force to boost economy, says Harsha
Oct 22, 2015 (LBO) – Sri Lanka’s new government has formed an inter-ministerial task force to develop the economy by coordinating work of important ministries, the Deputy Foreign Minister Harsha de Silva said. Apart from the Foreign Affairs Ministry, the task force mainly works with the Development Strategies and International Trade Ministry and Industry and […]
Sri Lanka parliament approves borrowing increase, taxes
Oct 21, 2015 (LBO) – Sri Lanka’s parliament has approved raising the ceiling on treasury bill borrowing by 400 billion rupees to finance a higher budget deficit.The parliament also passed a series income, value added, nation building, gaming and broadcast taxes proposed in the last budget to raise government revenue by around 60 billion rupees.The […]
Sri Lanka to face tough challenges in adjusting economic reforms: Eran
Oct 21, 2015 (LBO) – Sri Lanka’s new administration is facing a lot of internal and external challenges with the economy received from the former regime and it will take a longer period to adjust policy and economic reforms, Eran Wickramaratne, deputy minister of state enterprise development, said. “As you know the new government faces […]
Sri Lanka needs a proper development policy: German ambassador
Oct 21, 2015 (LBO) – Sri Lanka’s full potential can be achieved if the new government can come up with a proper economic policy framework for the island, the German ambassador said. “Politically the country has opened a new chapter, but the full potential has not been reached yet,” Juergen Morhard, German ambassador to […]
Ravi K warns companies not paying bonuses due to Super Gains Tax
Oct 20, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake told Parliament Tuesday that the government is in search for big companies that are not paying bonus payments to employees. “I was disappointed with some of the companies that pretended to be paying Super Gains Tax and stop certain payments,” he said.“There is no […]
Sri Lanka BOI chief says land policy for foreigners will be corrected
Oct 20, 2015 (LBO) – Sri Lanka’s Board of Investment says that the new administration will correct the land policy for foreigners which will help to bring more foreign direct investments into the country. “This has to be corrected and it will be corrected,” Upul Jayasuriya, Chairman of Board of Investment said. “You have to treat […]
Central Bank holds key interest rates unchanged
Oct 20, 2015 (LBO) – Sri Lanka’s Central Bank held key interest rates unchanged on Tuesday after a monthly monetary policy announcement citing low inflation, a decision broadly expected by market participants. A poll by Lanka Business Online of 13 market participants showed 12 expected no change in policy interest rates, while one expected a […]
‘s Upul Jayasuriya
Oct 19, 2015 (LBO) – Sri Lanka has five billion US dollar worth of investments in the pipeline and the main goal of the island’s investment promotion office is to facilitate those investments, the Board of Investment (BOI) Chief told a forum held in Colombo. “Our main goal is to facilitate these investments,” Upul Jayasuriya, […]