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‘s Finance Minister
Nov 21, 2016 (LBO) – The Minister of Finance has called on local and foreign entrepreneurs to seize the opportunity given by the government to invest in Sri Lanka, with incentives presented under the 2017 Budget. The Minister assured that all proposals would be implemented on time and some of the proposals have already come […]
IMF approves USD162.6mn disbursement to Sri Lanka
Nov 19, 2016 (LBO) – IMF Executive Board has completed its first review of Sri Lanka’s Extended Fund Facility (EFF) arrangement, which enables the disbursement of about 162.6 million US dollars. The IMF said in a statement, the reinstatement of the amendments to VAT will help boost revenues, while the 2017 budget proposal should strengthen […]
Sri Lanka to finalize Hambantota port deal by next month
Nov 18, 2016 (LBO) – Sri Lanka expects to finalize the deal with regard to the loss-making Hambantota port within three weeks, Ports Minister said. Minister Arjuna Ranatunga told Parliament Friday that under the new arrangement, the port will be operated as a PPP venture project between Sri Lanka and Chinese investors. “A Chinese company […]
‘s Budget 2017 second reading passed in Parliament
Budget 2017 second reading passed a short while ago with 162 for the motion, 55 against and 7 absent.
Opinion: Is Jaffna a quaint tourist destination, or an economic powerhouse waiting for some diesel in the tank?
By Jekhan Aruliah Deloittes, one of the top global accounting firms, has for many years produced a “London Office Crane Survey”. The Deloittes website states: “The level of construction is widely used as a measure of economic activity – counting the number of cranes / construction sites across Central London is a relatively easy and […]
Sri Lanka hotels report sharp rate growth of 15 pct: STR
Nov 18, 2016 (LBO) – A study by analytics firm STR shows that Sri Lanka’s hotel market recorded strong performance growth through September 2016, driven by a sharp increase in the average daily rate (ADR). In year-over-year comparisons with the first nine months of 2015, Sri Lanka hotels reported a 15 percent increase in ADR […]
Supreme Court upholds right to sing National Anthem in Tamil
Nov 18, 2016 (LBO) – A fundamental rights case challenging the legality of playing the National Anthem in the Tamil language at the Independence Day celebration on February 4, 2016 has been dismissed by the Supreme Court. Lawyer Mahanama De Silva, for petitioners V. S. Sudath Perera, M. P. Asiri Soysa and G. A. Don […]
Sri Lanka power regulator worried over delayed power plant construction
Nov 18, 2016 (LBO) – Sri Lanka’s Public Utilities Commission has issued a directive to CEB expressing its grave concern over the delay in constructing the power plants according to the approved Least Cost Long Term Generation Expansion Plan (LCLTGEP). “The Public Utilities Commission of Sri Lanka approved the LCLTGEP on 15th of September 2016 and it […]
Sri Lankan rupee edges down on capital outflow fears
Nov 18, 2016 (Reuters) – The Sri Lankan rupee fell on Friday on persistent worries of capital outflows as incoming President Donald Trump’s policies are seen aiding higher U.S. interest rates and a strong dollar. Rupee forwards were active, with the spot-next trading at 148.70/95 per dollar, compared with Thursday’s close of 148.65/75. “The rupee […]
Sri Lanka & American universities cooperate on innovation, entrepreneurship
Top American engineering and science universities shared strategies for developing technology incubators and technology transfer offices with Sri Lankan university, government, and business leaders as part of the U.S. commitment to helping Sri Lanka develop a diversified, modern economy that can attract foreign and domestic investment. “Sri Lanka is well-positioned to become a technology hub […]