Category: Economy
‘s development priorities needed
What is Next for Middle-Income Asia and Sri Lanka? By Dr. Ganeshan Wignaraja* Decades of sustained economic growth have left the Asia Pacific with few lower-income countries. Absolute poverty levels are and will continue to keep falling. This is cause for celebration. But it also requires a new partnership between countries and development institutions to […]
CICT to enhance Colombo Port’s deep water capacity by March 2019
Dec 13, 2018 (LBO) – Colombo International Container Terminals (CICT) has announced a significant equipment addition that will enhance the terminal’s deep water capacity and make Colombo one of the few ports in Asia capable of handling vessels of 22,000 + TEUs. The Company said the enhancement encompasses the addition of two new mega Quay […]
Expert Committee hands over report on Singapore-Sri Lanka FTA to President
Dec 11, 2018 (LBO) – The report compiled by a Presidential Commission on the Sri Lanka – Singapore Free Trade Agreement (FTA), was handed over to President Maithripala Sirisena Monday.In a tweet, President Sirisena said that the report highlights how the agreement had been rushed without the proper consent of stakeholder institutions.The presidential committee was chaired […]
‘s macro economic conditions stable, Fiscal discipline required: CB Gov
Dec 06, 2018 (LBO) – Central Bank Governor Dr. Indrajit Coomaraswamy says that the islands debt situation is manageable and that no major destruction to the on- going economy development activities are foreseen, even though international rating agencies have downgraded Sri Lanka. “We are not going to crash, it can be managed through maintaining financial discipline,” […]
‘s Central Bank disputes rating agencies’ latest rating decisions
Dec 04, 2018 (LBO) – Sri Lanka’s Central Bank says it is of the view that the decisions by Fitch Ratings and Standard and Poor’s (S&P Global Ratings) to downgrade Sri Lanka’s Long-Term Rating to ‘B’ are based on uncorroborated facts on the country’s macroeconomic fundamentals. Full Statement The Central Bank of Sri Lanka (CBSL) […]
” amidst political crisis; outlook stable
Dec 04, 2018 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’, with a stable outlook. Fitch Ratings said the downgrade reflects heightened external refinancing risks, an uncertain policy outlook, and the risk of a slowdown in fiscal consolidation as a result of an ongoing political crisis. KEY […]
Sri Lanka BOI ink deal for USD29Mn Braybrooke Residential Towers
Nov 30, 2018 (LBO) – Sri Lanka’s state investment agency, the Board of Investment signed an agreement with Braybrooke Residential Towers (Pvt) Ltd to set up an apartment complex in Colombo 2. The total investment of this project is US 28.94 million dollars and it will generate 1730 direct employment opportunities. Hemasiri Fernando, chairman BOI […]
Sri Lanka to construct 60MW wind and 150MW solar power plants
Nov 29, 2018 (LBO) – Sri Lanka’s cabinet of ministers has approved the procurement process for a policy framework for the construction of solar and wind power plants in the island. A 60 Mwt wind power plant and 150 Mwt solar power plant will be connected to the national grid by 2020. The proposal was […]
Sri Lanka Cabinet approves funds for 2019 first quarter
Nov 28, 2018 (LBO) – The Cabinet of Ministers has approved a proposal to present a Vote on Account in order to secure provisions for 2019 first quarter. Accordingly the cabinet of Ministers approved the proposal presented Prime Minister Mahinda Rajapaksa, in his capacity as the Minister of Finance and Economic Affairs to present a proposal […]
‘s retail industry to be a prominent and important pillar of the economy
Nov 28, 2018 (LBO) – Increasingly the significance of retail as an industry, as a value creator for the economy, as an employer and as a catalyst of growth brings to the forefront the need to recognize it as an Industry, a senior official said. Addressing the Sri Lanka Retailers’ Association second annual general meeting […]
Entrepreneurs in Jaffna? Take a look in Ammachi!
By Jekhan Aruliah Soon after I moved to Jaffna in 2015 I heard rumours of this fantastic food court run by war widows. Friends driving North from Colombo said they found it somewhere on the A9 near Killinochchi in Sri Lanka’s Northern Province. It was a year before I actually got round to visiting the […]
Mahinda reiterates need of general election and calls for public support
Nov 26, 2018 (LBO) – Mahinda Rajapaksa says there is no need to hold a presidential election at this stage but only a general election. In a special statement he proposed to all political parties to agree among themselves to hold a general election to enable the people to exercise their sovereign right to elect a government of their […]