Category: Economy

Mar 25, 2015(LBO) – Sri Lanka needs to create a skilled labour force who will be able to compete with international markets in the phase of implementing new regime’s social market economy, Deputy Minister of Finance and Planning Harsha De Silva said.“We need a radical change in grade one admission in school and go beyond […]

Mar 24, 2015 (LBO) – Sri Lanka’s Central Bank said the Island reported a Balance of Payment or BOP deficit of 695.5 million US dollars in 2014 compared to a surplus of 732.9 million US dollars, a year earlier. Worker’s remittances declined 5.8 per cent to 523.5 million US dollars in January 2015 from a […]

Mar 24, 2015 (LBO) – Sri Lanka’s export earnings rose 0.6 per cent to 910 million US dollars in January 2015 form a year earlier led by industrial exports, the Central bank said.Earnings from industrial exports increased by 0.9 per cent due to an increase in export of petroleum products, machinery and mechanical appliances and […]

Mar 24, 2015 (LBO) – Sri Lanka’s Central Bank has rejected the claims made by former deputy governor W.A. Wijewardena over the legality of decisions made in the bank without the governor’s approval.The full text of the statement issued by the Central Bank is reproduced below.Acting arrangement for the Governor of the Central Bank during […]

Mar 20, 2015 (LBO) – Sri Lanka’s entrepreneurs are extremely unhappy with the new administration’s interim budget 2015 which was approved by parliament last month including one-off and super gain taxes, Naomal Goonewardena,partner of Nithya partners, a corporate law firm said. “You can’t decide anything with the mini budget except the fact that there is […]

Mar 20, 2015 (LBO) – Sri Lanka’s policy inconsistency is unhealthy for foreign investments while the new mini budget does not send the right signals to the FDI community, an investment advisor said. “In my role as a banking partner at KPMG, we get lot of investors who come and one of the things they […]

Mar 19, 2015 (LBO) – Sri Lanka’s Bandaranayake International Airport runway overlay and related work tender that was awarded to Access Engineering, a local construction company has been annulled by cabinet due to lack of transparency, cabinet spokesman Minister Rajitha Senaratne said today.“No proper procurement procedure has been followed when awarding this contract,” Senarathne said. […]

Mar 19, 2015 (LBO) – Sri Lanka’s Cabinet spokesman Rajitha Senarathne said, that the government has information about accounts amounting to two billion US dollars which belong to a “top and important family” in the island.Senaratne said the government had information of the people who had hidden “billions of dollars” in foreign accounts.“We have found […]

Mar 13, 2015 (LBO) – India has extended the facility of tourist visa on arrival electronic travel authorization scheme to Sri Lankan citizens from 14th April 2015, addressing a gathering at the presidential secretariat Indian Prime Minister Narendra Modi said. “India will soon start direct flights between New Delhi and Colombo,” Modi said. The reserve […]