Category: Featured
PM to head committee on UNHRC recommendations
June 22, 2017 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe will head a special committee to oversee implementation of United Nations Human Rights Council recommendations agreed on in 2015. “Cabinet approved to appoint a committee of ministers chaired by the Prime Minister Wickremesinghe together with officials to assist the main committee in this regard,” […]
‘s IFC to sell Sri Lanka rupee bonds
June 22, 2017 (LBO) – Sri Lanka’s government has approved a proposal to establish an offshore Sri Lankan Rupee (LKR) Bond Programme by the International Finance Corporation, a statement said. The program is beneficial to Sri Lanka, and the Cabinet Committee on Economic Management has recommended its implementation, the most recently approved cabinet decisions statement […]
Sri Lanka inflation slows to 7.1-pct in May 2017
June 22, 2017 (LBO) – Sri Lanka’s inflation according to the National Consumer Price Index (NCPI) was down to 7.1 percent in May 2017 from 8.4 percent in April, the Census and Statistics Department said. The NCPI for all items for the month of May 2017 was 121.8, an increase of 0.8 index points or […]
Sri Lanka to postpone SVAT abolition till end 2017
June 22, 2017 (LBO) – Sri Lanka’s cabinet approval has been granted to postpone the abolition of SVAT system until the end of this year. Accordingly, the SVAT abolition will take effect from 01 January 2018 after the necessary legislation is passed through Parliament. This decision has been taken in order to give sufficient time […]
Sri Lanka to abolish import control fee for tea
June 21, 2017 (LBO) – Sri Lanka’s cabinet nod has been received to abolish the import control license fee for imported tea in line with 2017 budget proposals. There has been a significant debate on the issue of importing cheaper leaves for blending and re-export, over fears of damaging Ceylon Tea brand. Some tea exporters […]
Central Bank expected to keep key rates unchanged: First Capital
June 21, 2017 (LBO) – The Central Bank of Sri Lanka is expected to keep key interest rates unchanged in its monthly monetary policy announcement on Friday, with slower first quarter growth and a deceleration in inflation contributing to the decision, First Capital Research said in a pre-policy research note. GDP growth for the first […]
Religious violence in Sri Lanka has chronic nature: Verité
June 21, 2017 (LBO) – Religious violence in Sri Lanka is not a post-war phenomenon and has persisted over a much longer period of time, Verité Research said in a report. The think tank studied a dataset between 1994 and 2014 compiled by the National Christian Evangelical Association of Sri Lanka (NCEASL). The data showed […]
Fitch expects more interest rate pressure for Sri Lankan corporates
June 20, 2017 (LBO) – Fitch Ratings says it expects rising domestic interest rates to hurt Sri Lankan corporates over the next 12 months. Releasing a statement, the rating agency said borrowing costs of corporates have increased more than 200bp in the 12 months to March 2017. The Central Bank increased policy rates by 125bp […]
Auditor General’s opinion creates chaos in Parliament
June 20, 2017 (LBO) – Sri Lanka’s Parliament on Tuesday referred the controversial annual report of the Finance Ministry to the Committee on Public Finance amid chaos in Parliament. The Auditor General, expressing his view on the finance ministry accounts of 2016, said that he is not been able to obtain sufficient and appropriate audit […]
‘s Waste Management Authority
June 20, 2017 (LBO) – Fairway Waste Management (Pvt) Ltd and the Waste Management Authority of the Western Provincial Council have signed a concession agreement to form a public-private partnership for Municipal Solid Waste processing at Karadiyana in the Western Province. The 22-year concession agreement is a key legal document that would create a sustainable […]
Infrastructure must be developed alongside admin, legal frameworks: Finance Minister
June 20, 2017 (LBO) – Sri Lanka wants to boost investments to make the country an export driven economic and financial hub of the Indian Ocean, the new finance minister said. “Developing physical infrastructure must be done along with administrative and legal frameworks to ensure required policy or regulatory support to streamline and boost public […]
‘s Central Bank eyes full inflation targeting: Governor
June 20, 2017 (LBO) – Sri Lanka is planning to adopt a full inflation targeting framework probably by next year, Central Bank Governor Indrajit Coomaraswamy said. Delivering the keynote address at the launch of the Oxford Business Group’s 2017 report on Sri Lanka Monday, Coomaraswamy said this step will enhance greater transparency and predictability for […]