Category: Policy
Sri Lanka to draft legislation to abolish Executive Presidency, improve electoral system
Nov 19, 2015 (LBO) – Sri Lanka plans to draft legislations to abolish the Executive Presidency and to transfer the powers to the Parliament while introducing a more democratic electoral system, the cabinet spokesman told reporters today. Powers of the Executive Presidency could not be reduced as was expected earlier by the 19th amendment to […]
‘s representation to be amended
Nov 19, 2015 (LBO) – Sri Lanka is to amend the local authorities act so as to increase women’s representation in local authorities. Although about 51 percent of Sri Lankan population is women, only about 5 percent from the total members elected to the parliament, provincial councils and local government institutions are women. Sri Lanka’s […]
Innovation crucial for Sri Lanka’s future success: ex central banker
Nov 17, 2015 (LBO) – Sri Lanka’s ability to invent and innovate will be vital for economic development and developed country status, a former central banker says.“The future of Sri Lanka will depend on the development of science and technology and how we combine inventions with innovations;” W.A. Wijewardena, former deputy governor of the Central […]
Sri Lanka sets standard for plugs and socket outlets
Nov 16, 2015 (LBO) – Sri Lanka’s Public Utility Commission said that it has decided to create an enabling environment to systematically move to using one type of plug and socket outlet.The commission has decided that the Type G plug and socket outlet , widely known as the 13 ampere plug and socket outlet, commonly […]
Sri Lanka to restrict revocation of deeds of gift
Nov 12, 2015 (LBO) – Sri Lanka plans to draft legislations to make provision for revocation of irrevocable deeds of gift to provide greater security for lending institutions who lends money using property as collateral, cabinet spokesman Rajitha Senaratne told reporters on Thursday.Health Minister Rajitha Senaratne said issues have been raised on the rights of […]
Sri Lanka to amend Fisheries act, increase penalties for offences in international waters
Nov 12, 2015 (LBO) – Sri Lanka will change the law on governing the operation of fishing vessels in international waters, cabinet spokesman Minister Rajitha Senaratne said. “Cabinet of Ministers has approved the amendment of the Fisheries’ and Aquatic Resources Act 02 of 1996 for the increase of penalties for the offences done in the […]
Interview: State enterprise strategic plan in progress, management skill the biggest issue, says Eran
Nov 11, 2015 (LBO) – Sri Lanka is in the process of making plans to restructure the state owned enterprises and boosting management skill levels, Deputy Minister of State Owned Enterprises Eran Wickramaratne told LBO in an exclusive interview. “We have lots of plans and we are right at the beginning. We are in the […]
‘s EPF move
Nov 11, 2015 (LBO) – Sri Lanka’s new move to separate Employee Provident Fund from the Central Bank would only ensure more security to the fund and end conflict of interest, Deputy Minister of Foreign Affairs Harsha De Silva told reporters on Monday. “If someone says the employee provident fund (EPF) is safe with Central Bank, […]
Asian stocks open lower with stronger Fed rate hike possibility
Nov 10, 2015 (LBO) – Asian stocks opened lower after global stocks fell on Monday on increased chances of a Fed rate hike this year. Probability that the Fed will hike interest rates this year have increased to 68 percent, from 50 percent a week ago and 39 percent last month, according to market data. […]
Infrastructure: Negotiating position crucial in structuring deals, say experts
Nov 09, 2015 (LBO) – Sri Lanka’s government must pay attention to increasing its negotiating strength when seeking commercial borrowing and entering into partnerships with the private sector, financing experts said. This process involves announcing long-term plans, with properly structured projects in the pipeline, and building institutional capacity to structure deals, they said. “As a […]
Sri Lankan born economist predicts global recession next year
Nov 06, 2015 (LBO) – Sri Lankan-born economist Howard Nicholas on Thursday warned that the world will have to face a recession by next year. Speaking at the 36th National Conference of Chartered Accountants in Colombo Nicholas, who is a senior lecturer of Rotterdam Erasmus University, argued the world is now near the bottom of […]
Sri Lanka taxes to go online
Nov 03, 2015 (LBO) – Sri Lanka plans to increase revenue collection by setting up a platform for the public to pay taxes through an online based system, the Commissioner General of Inland Revenue said.“Tax is the price we pay for the country we want,” Kalyani Dahanayake, commissioner general of Inland Revenue of Sri Lanka […]