Category: Policy
Sri Lanka, a cautionary tale about over-reliance on China: OBG
Mar 02, 2018 (LBO) – Sri Lanka, perhaps, provides the most cautionary tale from their Asia-Pacific markets about over-reliance on China-backed infrastructure development, a research firm said. In a blog post about Asia-Pacific’s road to economic prosperity, Asia Regional Editor of Oxford Business Group, Patrick Cooke said Chinese acquisitions from other countries make emerging nations […]
Sri Lanka needs firm policy to mitigate future refinancing risks: Fin Min
Feb 27, 2018 (LBO) – Sri Lanka faces refinancing risks in the coming years and need a concerted and coordinated policy response to mitigate such risks, Finance Minister Managala Samaraweera said. “It is clear that Sri Lanka, like many developing nations, faces such refinancing risks in the coming years. This warrants a concerted and coordinated […]
Benefits of global oil price reduction should be passed on to people: Fin Min
Dec 24, 2018 (LBO) – As a result of the price formula introduced by the Government, the price of petrol and diesel has been reduced by Rs.30 and Rs.20 per litre respectively when compared with the last price increase on October 10, 2018. Therefore the Government stresses that the bus fares and the charges in […]
CB keeps policy rates unchanged: Economy currently operating below potential
Feb 15, 2018 (LBO) – Sri Lanka will keep policy rates unchanged in February as the economy is stabilizing with improvements in trade figures, the islands central bank said. “The decision of the Monetary Board is consistent with the objective of maintaining inflation at mid-single digit levels over the medium term and thereby facilitating a sustainable growth […]
Auditor General reveals Rs826bn off balance sheet items of previous regime
Feb 09, 2018 (LBO) – Auditor General’s Department has found out that 826 billion rupees received during Rajapaksa regime, had not been included in the financial statements. These off balance sheet items include certain debt balances of Puttalam Coal Power Plant, Hambanthota Port and Mattala International Airport payable by the government.Auditor General’s latest report on […]
Sri Lanka debt sustainability: public debt Rs8.9tn; assets Rs1.1tn
Feb 09, 2018 (LBO) – Auditor General’s Department says even if the total amount of domestic and foreign debt payable by the government as at 31 December 2016 stood at 8.9 trillion rupees, in financial statements, the value of the total assets only shows 1.1 trillion rupees. Their latest report on the public debt management […]
Cost reflective pricing formula for fuel, electricity this year: CB Governor
Jan 24, 2018 (LBO) – Sri Lanka’s Central Bank Governor Indrajit Coomaraswamy says the government will introduce a cost reflective pricing formula for both fuel and electricity this year. The IMF said in its latest report that domestic prices of fuel and electricity are expected to be determined by a formula introduced in March and […]
Seat belts, air bags compulsory on vehicles from July: Finance Ministry
Jan 19, 2018 (LBO) – Finance Ministry has decided to postpone the implementation of the budget proposal on introduction of emission standards and safety measures up to July 01, 2018. The decision has been taken after considering the representations made by motor vehicle importers and manufacturers for a lead time to make required adjustments to comply […]
Sri Lanka Debt Management Bill receives go-ahead from cabinet
Jan 17, 2018 (LBO) – Sri Lanka’s cabinet on Tuesday decided to publish proposed Debt Management Bill in gazette and present it in parliament for approval. Cabinet earlier granted approval to draft the law to implement accountability management as a strategy for effective public debt management. Through this new bill Sri Lanka’s public debt sustainability […]
Strengthening Sri Lankan SMEs in exports vital for development: Eran
Jan 15, 2018 (LBO) – Sri Lanka’s plans to increase the contribution made by smaller-scale businesses to exports and lift foreign direct investment (FDI) in 2018 were both topics of conversation at a meeting held recently between Eran Wickramaratne, state minister of finance, and a team from Oxford Business Group (OBG). During the talks, Wickramaratne […]
Sri Lanka seeks to modify performance criteria; EFF broadly on track: IMF
Jan 12, 2018 (LBO) – Sri Lanka’s performance under the Extended Fund Facility (EFF) program has remained broadly on track despite a series of weather-related supply shocks, the IMF said. Following the Executive Board’s discussion of the third EFF review, Mitsuhiro Furusawa, Acting Chair and Deputy Managing Director of IMF, said country’s fiscal performance has […]
Sri Lanka official reserves improve to USD8bn by end 2017
Jan 12, 2018 (LBO) – Sri Lanka’s gross official reserves have improved to 7,952.58 million US dollars by the end of last year from 7,319.40 million dollars in November 2017, official Central Bank data showed. By the end of 2016, country’s gross official reserves were stood at 6,062.71 million US dollars. Foreign currency reserves were […]