Tag: economy

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 […]

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 […]

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 […]

June 29, 2010 (LBO) – The International Monetary Fund has released 407.8 million US dollars to Sri Lanka held back after last year’s budget went off the rails, and extended the deal by a year on the promise of more responsible fiscal management this year. The IMF held back the disbursement of a third tranche […]

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 […]

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 […]

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) […]

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 […]

June 27, 2010 (LBO) – A state agency will import chicken to Sri Lanka a media report said, after government price controls created ‘shortages’ and production costs were pushed up by a policy to keep maize prices high. The Island newspaper quoted D D Wanasinghe, who heads a poultry farmer association as saying that production […]

June 26, 2010 (LBO) – Interest groups backing ‘domestic production’ have urged the state restrict the types of food available for sick people in state hospitals as well as the military, a media report said. The Sunday Island said a group calling itself the Mawbima Lanka Padanama (motherland Lanka foundation) had also urged the state […]

June 24, 2010 (LBO) – The Sri Lankan government has decided to set up a committee of senior bureaucrats from key ministries to fast-track decisions on private sector investment proposals, a spokesman said. Media minister Keheliya Rambukwella said the committee of officials is being created to help eliminate bottlenecks in the normal investment approvals process. […]

June 24, 2010 (LBO) – Sri Lanka’s economy expanded 7.1 percent in the first quarter of the year compared with the same period a year ago helped by strong growth in tea, rubber, export crops and services, the Department of Census and Statistics said. The major reason for this growth was the increase in average […]