Category: Economy
National Salaries Commission established to formulate national policy
Feb 14, 2020 (LBO) – A National Salaries Commission has been established to provide guidance and assistance to the Government in formulating and executing a National Salaries Policy. The Commission has been established by President Gotabaya Rajapaksa in accordance with the powers vested upon him under Article 33 of the Constitution. With the establishment of […]
Sri Lanka performs poorly on economic freedom: Focus on open trade crucial: Advocata
Sri Lanka currently ranks 104 out of 162 countries for Economic Freedom (Economic Freedom of the World Index, 2019). This is a 7 step drop from last year’s ranking, 97. The President, in his Independence day address to the nation promised “I not only respect your freedom, but I will work towards improving it and […]
Sri Lanka economy on the mend in 2020 : Will look at new IMF deal
Feb 11, 2020 (LBO) – A revival in economic activity can be expected in 2020 with the support of better fiscal and monetary measures with Sri Lanka also looking at a fresh deal with the IMF, a senior official said. Speaking at the Ceylon Chamber of Commerce’s Economic Outlook launch for 2020 the Central Bank […]
Effective Leadership for the New Digital Age
Leaders in this new age need to inspire, engage and lead with optimism. Digital leadership is about empowering others to lead and creating self-organized teams that optimize their day-to-day operations. Leadership is no longer hierarchical – it needs participation, involvement and contribution from everyone.
Primary deficit will widen to 1.9-pct of GDP with new tax cuts & exemptions: IMF Mission
Feb 08, 2020 (LBO) – IMF staff concluding a visit to Sri Lanka said that the country’s primary deficit could widen further to 1.9 percent of GDP in 2020, due to newly implemented tax cuts and exemptions, clearance of domestic arrears, and backloaded capital spending from 2019. The mission reminds that fiscal prudence remains critical […]
Sri Lanka official reserves at USD7.5bn by end January
Feb 07, 2020 (LBO) – Sri Lanka’s gross official reserves were 7.5 billion US dollars (USD7,526mn) by the end of January, down from 7.6 billion US dollars in December, the latest Central Bank data showed. By the end of January, the foreign currency reserves were 6,516.2 million dollars while the reserve position in the IMF […]
Colombo consumer price based inflation increased to 5.4-pct in January
Feb 01, 2020 (LBO) – Headline inflation as measured by the year-on-year change in the Colombo Consumer Price Index increased to 5.4 percent in January 2020 from 4.8 percent in December 2019, Statistics Department data showed. This was driven by the monthly increase of prices of items in both Food and Non-food categories. Food inflation […]
World Bank identifies new areas of cooperation in Sri Lanka
Jan 31, 2020 (LBO) – The World Bank and Sri Lanka has identified several new areas of development cooperation in addition to the World Bank-funded existing projects. They are renewable energy, garbage disposal, watershed management, plantation for export, easing traffic congestion and pedestrian and road safety. This understanding has been reached during a discussion that […]
Central Bank expects economic growth to exceed 4-pct this year
Jan 30, 2020 (LBO) – Sri Lanka’s economic growth will exceed 4 percent in 2020 as there has been a notable improvement in business confidence caused by political stability and targeted measures taken by authorities to boost demand, the Central Bank Governor said. “Revival in economic activity & confidence, fiscal measures, and credit relief package, […]
Former COPE Chief wants President to implement law on forensic audit report
Jan 28, 2020 (LBO) – Former Chairman of the COPE Committee, JVP Parliamentarian Sunil Handunnetti has written to the President requesting that the law be implemented based on the forensic audit report of the Central Bank bond issue. Translated version of the letter: The President, Democratic Socialist Republic of Sri Lanka, Colombo 01. Your Excellency, […]
Opinion: How technology shapes apparel sector supply chains: Shifting to nearshoring and reshoring
Nipuni Perera Advances in technology have made nearshoring – the practice of shifting production operations to a nearby country closer to the end market – and reshoring – bringing back offshore production back to the home country – more viable for apparel manufacturers, compared to offshoring production to far-away, developing countries. For instance, ‘SewBots’ – […]
Tax changes included in proposed Inland Revenue Amendment Bill
Jan 22, 2020 (LBO) – Sri Lanka’s Finance Ministry announced the list of tax changes introduced in the proposed Inland Revenue Amendment Bill which is to be presented to Parliament for approval. Related: Cabinet nod to amend Inland Revenue Act The complete list of proposed tax amendments: (i). Interest Income (a) Interest paid up to […]