Tag: economy

The Central Bank says sooner the oil price adjustment is made the better for the Sri Lankan economy, which has become increasingly open in recent years. Though there were signs that the immediate highs were easing, all indications pointed towards generally high crude prices for the foreseeable future.rn rn”Whatever the market, whenever the market prices […]

The city of Nuwara Eliya is trying to clean up its trading activity to bring back its scenic beauty but the change of government put plans on hold.Nuwara Eliya endash also known as little England because of its climate difference from the rest of the country – is one of Sri Lankas main tourist hot […]

Twelve State entities handpicked for a commercial makeover, will be set targets to clean up their act and look for private investment, a top government official said Tuesday.Mano Tittawella, Senior Presidential Advisor said ailing state enterprises, which includes utilities, ports, airports and banks, will have to get a credit rating and be responsible for their […]

The Sri Lankan government said Monday that it will refrain from a mass hiring of management trainees for positions in 12 key state enterprises.The government plans to take in around 25,000 unemployed citizens for public sector jobs this year.rn rnMano Tittawella, an adviser to President Chandrika Kumaratunga, said key institutions such as the Sri Lanka […]

US interest in Sri Lanka went inland to the conflict riddled Eastern districts of Ampara and Batticaloa this week to emphasise the benefits of peace.This week, the Deputy Chief of Mission at the U.S. Embassy in Colombo James F. Entwistle, visited six USAID funded projects in Ampara and Batticaloa.rn rnOn Monday, Entwistle met with residents […]

President Chandrika Kumaratunga promised to overhaul the countrys messy tax system, introduce laws to help sick companies and inject policies to achieve a six to eight percent growth in the medium term.rnOver the last two-years, she said that the national debt steadily rose to 106 percent of GDP from 103 percent, though the previous government […]

Concerns are rising among apartment developers that the proposed transfer tax on land may hit the industry.The Ministry of Lands announced a Cabinet decision to re-introduce the 100 percent tax on land purchased by foreigners on Thursday.rn rnIn the late nineties the tax was relaxed to allow the upper floors of an apartment block to […]

The government has appointed top private sector businessmen to drive its economic agenda, the Presidential Secretariat said.Treasury Secretary Dr. P B Jayasundara, will be the Secretary General of the newly formed National Council for Economic Development or NCED, which will translate the United Peoples Freedom Alliances election manifesto into a six-year economic plan.rn rnOther top […]

Two Buddhist monk legislators were admitted to hospital Tuesday following an unprecedented brawl in Sri Lankas parliament initiated by ruling party lawmakers, a parliamentary official said.rnNew legislator Akmeemana Dayaratne and fellow monk MP Kolonnawe Sri Sumangala, both from the opposition Jathika Hela Urumaya Party, were admitted to the nearby Jayewardenepura hospital after being punched by […]

Cabinet spokesperson Jeyraj Fernadopulle said Tuesday, that there might be lquote no other alternative but another election, if Parliament continues to be volatile.ldblquote We are prepared to go back before the people once again if necessary. We are ready to go for an election if this is the situation dblquote , Fernandopulle told journalists.rn rnldblquote […]

South Asia is home to a quarter of the worlds population and a quarter of the worlds reserves of major minerals but the rest of the world knows little about the regions collective face of SAARC.rn rnldblquote When you say EU people immediately recognise the grouping. Not so with SAARC. SAARC needs to have an […]

Sri Lankas Buddhist monk Parliamentarians staged a demonstration in Colombo on Wednesday for a better-behaved legislature for the island.rnThe JHU (Jathika Hela Urumaya) staged a sathyagraha (meditation demonstration) at Colombos Viharamaha Devi Park for peace and sanity among parliamentarians.rn rnldblquote This is our way of condemning the behaviour in Parliament yesterday and we are meditating […]