Category: Economy

The proposed Public Finance Act is to be pushed through to Cabinet as an urgent bill, as Parliament resumes work in the New Year. The new Bill raises financial reporting standards for public enterprises and gives legal backing to existing financial regulations.rn rnAs it exists, all financial regulations are compiled into a book of administrative […]

The government is to offer voluntary retirement to at least 10,000 state sector employees every year starting from 2003, as it plans to cut around 100,000 jobs in the clerical and lower grades.rn rnExecutives and higher grades will not be targeted for retirement, officials say. Officials say a detailed analysis of all government sector jobs […]

A lquote Reverse Fair quote kicked off Friday that attempts to forge links for subcontracting between small enterprises and five sector-specific industries, here and abroad.

A series of concerts by international artists is expected to put Sri Lanka on the centre stage in the global arena.rn rnThe Commerce and Consumer Affairs Ministry initiative will kick off in December with UB40, the UK based reggae band from the 1980s playing to a packed audience at the Parliament in Colombo. rn rnThe […]

The government is mobilizing an island wide network of private sector consultants to advise the Small and Medium Scale (SME) sector.rn rnAlready 300 private sector firms have signed up for the initiative, with the government working closely with the International Labor Organisation (ILO) to train new members. rn rnThe fee levying service is expected to […]

The Labour Ministry is campaigning several European countries for lquote job quotas quote to ease staggering unemployment levels and tackle illegal immigration head-on.rn rnDiscussions are already underway with Canada, Germany, France, Switzerland and several oil rich Central Asian countries where development and a demand for labour are just picking up.rnrnldblquote We have already begun talking […]

Setting the base for the donor meeting on November 25 in Oslo, the government is releasing a white paper outlining urgent funding needs. rn rnThe paper sets out priority areas where funding is needed including the requirements for housing projects for resettlement, road and other basic infrastructure facilities and community development projects. rn rnTo expedite […]

The grand vision usually decorate the first part of the budget, and is usually not implemented was not much in evidence in this year quote s budget. rn rnIn fact most of the initiatives listed were already quietly underway.rn rnThe budget instead focused on what budgets are generally supposed to do, that is, laying the […]

Employees Provident Fund monies will be lent for lower middle class housing loans with a treasury subsidy.rn rnOf the Rs. 3 bn in loans the government plans to provide up to Rs. 1 bn through the Housing Development Finance Corporation or HDFC.rn rnOne and a half billion rupees are expected to be channeled through the […]

The concessionary loans, a total of US$ 50 million, topped off with US$ 10 million from the government will go towards poverty elevation and development of infrastructure and natural resources.rn rnFor the plantations sector the ADB facility, unlike previous assistance projects, will form a plantation fund to invest in equity and quasi-equity in the plantations […]

Budget Speach – Part Irn rnBudget Speach – Part II

In a potentially controversial move a 10 per cent VAT would be slapped on banks from January 2003.rn rnFinance Minister Choksy said no input credit will be permitted but VAT will not be charged on gross income but on a base composed of net profits and employee emoluments in a bid to prevent a rise […]