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Sri Lanka lures Indian houseboat tourism firm
June 30, 2010 (LBO) – An Indian company has been given approval by Sri Lanka’s investment promotion agency to launch houseboat tourism services in a lake in the central hills, a statement said. The Board of Investment said SAJ House Boat Builders & Operators signed a deal to provide houseboat services in Nuwara Eliya with […]
Sri Lanka private sector wants in on reforms
June 30, 2010 (LBO) – The Ceylon Chamber of Commerce said the Sri Lankan government should involve the private sector when implementing its latest budget proposals which include reforms in taxation, education and administration. The chamber said it was confident that once the proposals are implemented and consistency prevails, it will boost investor confidence and […]
Sri Lanka inflation slows to 4.8-pct in June
June 30, 2010 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 4.8 percent in June 2010 from a year earlier, down from 5. 3 percent in May, the fourth straight monthly fall, the government statistics office said. In the month of June the Colombo consumer price index rose 0. 8 percent in absolute […]
‘s deficit plan could face risks: finance ministry
June 30, 2010 (LBO) – An expansion of the public service, losses in state enterprises, high oil price and lower than expected global growth could put a government deficit reduction plan at risk, a finance ministry report said. Sri Lanka is planning an 8.0 percent of gross domestic product budget deficit for 2010 down from […]
IMF lifts Sri Lanka foreign borrowing ceiling
June 30, 2010 (LBO) – The International Monetary Fund has lifted a ceiling on foreign commercial borrowing placed on Sri Lanka in 2009, in a new deal agreed with the government this month. Earlier this month, a part of a maturing 2-year dollar bond tranche was extended to 3-years. Meanwhile the budget presented to parliament […]
Sri Lankan stocks close up 0.91-pct
June 29, 2010 (LBO) – Sri Lankan shares closed up Tuesday as retailers got back into the market after last weeks profit taking, a troubled tableware firm which got a new investor extended gains, brokers said. The All Share Price Index closed at 4,616.09, up 0.91 percent (41.80 points) while the more liquid Milanka index […]
Cargo Room
June 29, 2010 (LBO) – The Sri Lanka Ports Authority is providing more space at its main container terminal for freight to ease congestion, SLPA managing director Nihal Keppetipola said. New port projects under way at Colombo as well as in southern Hambantota and eastern Trincomalee will also provide large extents of land for logistics, […]
Sri Lanka travel trade warns tourism boom has risks
June 29, 2010 (LBO) – A sudden influx of tourists in to Sri Lanka after the end of its ethnic war could bring risks such as threats to the island’s environment and cultural values, a senior travel trade official has warned. The trade should also ensure that income from tourism benefits more people, Nilmin Nanayakkara, […]
Sri Lanka budget will maintain economic stability: IMF
June 29, 2010 (LBO) – Sri Lanka’s latest budget should ensure the island maintains macro-economic stability that would help accelerate economic growth, the International Monetary Fund representative in the island said. The key element is in ensuring macro-economic conditions remain stable, said Koshy Mathai. “Inflation, interest rates and the exchange rate must remain stable to […]
Sri Lanka restrains state wages, presents policy budget
June 29, 2010 (LBO) – Sri Lanka presented a broad policy budget outlining a commitment to cut deficits over the medium term, bring down interest rates and inflation and also held a state salary hike until next year. Though the gap is high, it is lower than the 9. 9 percent (10.4 percent with grants) […]
Sri Lanka to reform taxes, phase out unequal incentives
June 29, 2010 (LBO) – Sri Lanka has a complex tax structure which is discouraging savings and the government is expecting a comprehensive tax reform plan in August, deputy finance minister Sarath Amunugama said. An interim report from a presidential tax commission has recommended a simplified tax structure which is more equitable and is being […]
Sri Lanka plans 8.0-pct deficit budget for 2010
June 29, 2010 (LBO) – Sri Lanka is planning a budget with a deficit of 8.0 of gross domestic product or 438.3 billion rupees in 2010 compared with 9.9 percent or 476.3 billion rupees in 2009 while there would be a revenue deficit of 2.0 percent or 110.5 billion rupees. The government was planning to […]