Category: Economy

The governments budget for next year will give substantial salary hikes for government sector workers while creating new jobs and improving infrastructure.A top minister said that underdeveloped industries would be looked at closely as a means of new employment generation.rn rnThe budget will be presented to parliament on the 12th of this month rn rnSome […]

The Ceylon Chamber of Commerce say the government must introduce lquote group taxation dblquote as an incentive for further investment in Sri Lanka. rnThe Chamber says if a committee goes to work on the framework, scope and regulatory provisions relating to the implementation of Group Taxation, a workable model should be ready for implementation by […]

Maintaining a positive growth trend over the past few months, Sri Lankas export earnings posted a double-digit growth for the first eight months of this year, a momentum that will help achieve better than forecasted year-end growth.The positive sentiment contributed to a rise in exports and a higher import bill in August.However, the trade deficit […]

The Urban Development Authority (UDA) has drawn plans to dispose a number of its property holdings that dont reap a minimum Rs. 1000 monthly rent, under a policy level decision taken to streamline its operations.UDA Chairman, S Amarasekera says the decision will free resources for other development work and generate funds for capital investments.rn rnThe […]

The far-reaching economic partnership agreement Comprehensive Economic Partnership Agreement between India and Sri Lanka will set up a new credit line and an economic cooperation fund of US$ 100 mn each to finance some of the countrys most pressing infrastructure bottlenecks.The economic cooperation agreement submitted to the Prime Ministers by two teams of top bureaucrats […]

MIGA, the World Banks insurance arm, says it is entertaining 12 proposal from foreign investors, to fund projects worth over US$ 1 bn in Sri Lanka.ldblquote There is tremendous investor appetite since the ceasefire started and the economy is growing faster. There is lot of interest for infrastructure projects, so inquiries have come our way […]

Finance Minister K N Choksy told parliament on Wednesday that the government hopes to spend Rs. 352.7 bn in 2004 for development work.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Ofrnthis, Rs. 209.1 bn will be spent on recurrent expenses to maintain publicrnservices and Rs. 143.6 bn on capital expenses.rn Capitalrnexpenditure on foreign funded projects will be raised to Rs. […]

Aid disbursements for this year from the top three lending institutions to Sri Lanka endash the ADB, the World Bank and JBIC, is expected to reach US$ 1 bn.ldblquote This is as against normal disbursements of US$ 650 mn dblquote , World Bank Country Director Peter Harrold told journalists on Thursday.rn rnldblquote It is through […]

The governments privatisation arm is throwing its doors open to the local investment banking community to help them out as financial advisors for upcoming privatisation issues.The Public Enterprise Reform Committee (PERC) says the move, will pave the way for merchant banks, investment arms of foreign banks and certain foreign consultants to take a look at […]

The private sector will absorb 5,000 unemployed graduates under a revamped graduate assistance programme. The Sarasavi Saviya Programme, the successor to the PA governments Tharuna Aruna project, is being planned to provide up to 10,000 jobs under the first phase due to end by December 2003.rn rnMinister of Employment and Labour, Mahinda Samarashighe told reporters […]

The Board of Investment is forging ahead with a colossal restructuring effort, with UNDP stepping in, to guide the re-haul the top investment promotion vehicle into a leaner, more efficient structure.Non-core functions like zone management and regulatory services are to be spun off separately, with the BOI narrowing its focus to key areas like investment […]

International donors to the country are trying to set up a mechanism through, which the LTTE could directly get involved in aid disbursement to the North and East.Japanese envoy Yasushi Akashi told the press that they hope to identify a mutually acceptable solution to this problem soon.rn rnldblquote We hope they will work in such […]