Category: Economy
Our people-centric economic model aims at overcoming development slowdown:President
Mar 05, 2020 (LBO) – Accelerating our economic development is the primary challenge facing Sri Lanka today and most of the security issues that Sri Lanka has faced over the years have been due to the exploitation of the economically disadvantaged, President Gotabaya Rajapaksa said. The proposed people-centric model takes this factor into account, said […]
Future engagement with Sri Lanka to be decided after next review in mid-April: IMF
Feb 28, 2020 (LBO) – Sri Lankan authorities have expressed interest in a range of options for future engagement with the fund, the International Monetary Fund said. Gerry Rice of the IMF Communications Department speaking at a briefing, however, said that the specifics of that engagement will be discussed after the next review in mid-April. […]
Sri Lanka decides not to go ahead with current MCC agreement
Feb 28, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers has decided not to go ahead with the current Millennium Challenge Corporation Compact (MCC) agreement. Prime Minister Mahinda Rajapaksa today handed over the interim report of the 4-member committee appointed to review the MCC agreement to the Cabinet of Ministers. At the cabinet press briefing […]
Ford Foundation partners with Lankan Angel Network to grow startup ecosystem
Feb 25, 2020 (LBO) – The Lankan Angel Network (LAN) today announced that it has signed a landmark grant agreement with the Ford Foundation to catalyze the growth of Sri Lanka’s startup ecosystem. The grant of USD 300,000 is the first of its kind for the Ford Foundation in Sri Lanka and will be utilized […]
Central Bank to introduce cost-reflective benchmark interest rate instead of SLIBOR
Feb 24, 2020 (LBO) – The Monetary Board of Sri Lanka’s Central Bank has decided to discontinue the compilation of SLIBOR with effect from 01 July 2020. The Central Bank will continue to publish SLIBOR based on offered rates submitted by LCBs until 30 June 2020, in order to prevent inconvenience to any participant in […]
Safer roads to add over USD1 Tn to South Asian economies
South Asia’s eastern subregion, comprising Bangladesh, Bhutan, India, and Nepal, needs to invest an estimated extra $118 billion in road safety over the next decade to halve its road crash fatalities, says a new World Bank report, noting that this will bring $1.2 trillion in economic benefits annually, equivalent to 3.75 percent of regional GDP. […]
Private sector keen to join mobilization of domestic investment for SDGs
For mobilizing domestic investment for the Sustainable Development Goals (SDGs), the Government needs to develop different schemes of blended finance, non-state budget investment financing, and collaborative financing schemes. For such a mix of investment to be attracted, ‘the ease of doing business’ in Sri Lanka needs to be improved significantly and policy consistency is an […]
Central Bank responsible for taking legal action on forensic audit: President’s Secretary
Feb 21, 2020 (LBO) – Secretary to the President, P B Jayasundera has informed COPE Chairman and JVP Parliamentarian Sunil Handunnetti that it is the responsibility of the Central Bank to take legal action on the forensic audit report. Handunnetti wrote to the President last month requesting that the law be implemented based on the […]
Poll: Business impact on Sri Lanka from Novel Coronavirus
By the Economic Intelligence Unit of the Ceylon Chamber of Commerce: The outbreak of the Novel Coronavirus (COVID-19) is having its toll on the global economy with many economists now expecting a larger impact than the SARS outbreak in 2002-03. The outbreak is lowering China’s GDP growth expectations in the first quarter to 4.5%, a […]
Sri Lanka’s export performance in 2019
Feb 20, 2020 (LBO) – Total exports of the country recorded US$ 16.14 Bn in 2019, which comprised of US$ 11.94 Bn Merchandise exports and USD 4.2 Bn of Service exports. The Service exports include `ICT/BPM, Construction, Financial Services and Transport Services include an estimated figure for the last quarter of the year. Export value […]
Sri Lanka foreign reserves show signs of depletion: First Capital Research
Feb 19, 2020 (LBO) – First Capital Research expects Sri Lanka’s foreign reserves to fall to around 7 billion US dollars by June this year due to the debt repayments despite the 1 billion dollar Chinese Loan. Launching the Strategy Report 2020, Head of Research at the First Capital Holdings, Dimantha Mathew emphasized that a […]
Sri Lanka trade deficit widens in Dec 2019
Feb 18, 2020 (LBO) – The deficit in the trade account widened in December 2019 to US dollars 784 million, from US dollars 701 million in December 2018, led by a decline in exports and a growth in imports on a year-on-year basis, the monthly external report said. However, on a cumulative basis, the trade […]