Category: Economy
Sri Lanka needs reforms to bloated govt sector to drive growth: Eran
Aug 11, 2015 (LBO) – Sri Lanka’s bloated state sector, which comprises 1.5 million employees who are paid from ordinary people’s money, needs reforms to drive growth, a minister said.“The problem in this county is not with the institutions, but with the human resources,” Deputy Minister of Highways, Higher Education and Investment Promotion, Eran Wickramaratne […]
China devalues yuan by 1.9 pct against dollar
Aug 11, 2015 (LBO) – Calling it a one-time fix, China’s central bank devalued its tightly-controlled currency, the yuan, by 1.9 percent on Tuesday. The midpoint for the yuan is now set at 6.2298 against the dollar, compared with 6.1162 yuan on Monday, the lowest rate for the yuan against the US dollar in almost […]
Sri Lanka’s PM says 2.5mn Freehold lands to come into market
Aug 10, 2015 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe said, the government will provide freehold land titles for those who have enjoyed occupation of land under different government schemes since 1931. “We want to encourage small ownership, a strong middle class and this is why we will be giving full hold to the […]
”’ rating confirmed: S&P rating
Aug 07, 2015 (LBO) – Standard & Poor’s ratings has confirmed Sri Lanka’s ‘B+’ rating with a stable outlook, a statement said. “Foreign reserves will grow, external debt will fall in the next three years as risks associated with the country’s moderately weak external settings are mitigated by growing reserve buffers that improve Sri Lanka’s […]
Sri Lanka’s President assures support and freedom for private sector to engage in businesses
Aug 06, 2015 (LBO) – Sri Lanka’s President Maithripala Sirisena assured fullest support for private sector businesses to operate freely while government would build strong relations with other countries which would help trade and investment.“The government and private sector should share a bond, friendliness, trust and transparency to develop the economy.I believe the government should […]
‘s Fitch Affirms Ceylon Dollar Bond Fund at BB-/V-5
Aug 05, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Ceylon Dollar Bond Fund’s Fund Credit Quality Rating of ‘BB-‘ with a Fund Volatility Rating of ‘V-5’. The full text of the announcement is reproduced below. Fitch Affirms Ceylon Dollar Bond Fund at ‘BB-‘/’V-5’ Fitch Ratings-London/Colombo-05 August 2015: Fitch Ratings has affirmed Ceylon Dollar Bond […]
Sri Lanka should have simple, clear, predictable economic policies: Razeen Sally
Aug 05, 2015 (LBO) – Sri Lanka should have policies that are simple, clear and predictable for the economy to move ahead rather than a plethora that hold businesses back, an economist said. “Simplicity is the key,” Razeen Sally, an Associate Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore, […]
Sri Lanka should move on to next generation of reforms to achieve USD50bn export target: PM
Aug 04, 2015 (LBO) – Sri Lanka has to move towards the next generation of reforms, opening up factor and product markets while fasting government approval procedures that gives are a hindrance to businesses, Prime Minister Ranil Wickremesinghe said. “Firstly it’s the question of mindset. The change of mindset in the private sector.From crony capitalism […]
Sri Lanka to build economic development zones to encourage investments
Aug 04, 2015 (LBO) – Sri Lanka is planning to build economic development zones grouping about four investment zones to encourage investment and support 50 billion US dollars export target, Prime Minister Ranil Wickramasinghe said. “In order to ensure that there are large investors coming in to the country, we are having economic development areas,” […]
‘s Ceylon Chamber economic policy forum kicks off
Aug, 04, 2015 (LBO) – Sri Lanka’s Economic Summit 2015, with the participation of Sri Lanka’s President Maithripala Sirisena and Ranil Wickremesinghe will kick off Tuesday (04), in capital Colombo.The forum will cover national vision including: Policy Implementation and Perspective, A New Global Economic Strategy for Sri Lanka, Driving Exports – Use of Social Media […]
Sri Lanka’s budget 2016 targets budget deficit of 5.5 pct- of GDP
Aug 03, 2015 (LBO) – Sri Lanka wants to reduce the budget deficit to 5.5 percent of gross national production over 2016 to 2018, maintaining the state investment at around 6 to 8 percent of GDP, Cabinet Spokesman Minister Rajitha Senaratne said.The Finance Ministry had informed the cabinet that it has begun preparations for the […]
Sri Lanka records a deflation of 0.2-pct in July after two decades
July 30, 2015 (LBO) – Sri Lanka has experienced a deflation of 0.2 percent for July 2015, for the first time after March 1995. The main contributor for this decline was the major decrease in non food prices, statistics department said. “This was mainly due to the decrease of electricity and water bills, LP gas, […]