Tag: economy

The second round vote recommenced in Parliament today, after temporarily being help up by Alliance MPs in protest to UNP members revealing their vote to party frontliners.rnSources in Parliament earlier reported that the second vote has come to a standstill as Alliance MPs staged a sit in, in the centres of the Parliament Chamber in […]

The UNF candidate for Speaker D J M Lokubandara scraped through to the top seat in parliament after a late evening third round vote. The deadlock was broken by two JHU members who exercised their vote in the eleventh hour to neutralize a controversial move by two of their members to vote for the government […]

The new Govt. will try to squeeze out an extra Rs.10 bn from existing revenue collection channels to meet its increased welfare commitments.Treasury officials say this could be achieved if revenue collection was made more efficient, while staying within the current tax structure.rn rnPolitical watchers say the new Finance Minister Sarath Amunugama and his secretary […]

Sri Lankas president was desperately locked in moves to secure allies as her minority government risked losing the crucial Speakers post when it faces its first test in parliament, officials said.President Chandrika Kumaratunga was also battling to retain her junior coalition partner, the Marxist JVP, and ensure it accepts four portfolios allocated to it before […]

Sri Lankas president was in hectic talks to resolve a dispute with her main ally a day ahead of her minority governments first test in parliament, officials said.President Chandrika Kumaratunga had expected her junior coalition partner, the Marxist JVP, or Peoples Liberation Front, to accept four portfolios in the cabinet by Monday, but they were […]

The chief of Sri Lankas Tamil Tigers has asked his 22 proxy legislators in the countrys new parliament to pressure the minority government to open talks based on the rebels blueprint for self-rule.Tiger leader Velupillai Prabhakaran met the MPs of the Tamil National Alliance (TNA), a proxy of his guerrillas, in the northern rebel-held region […]

Taking stock of current ground realities will indicate if the present low interest rate scenario is sustainable says new Treasury Secretary. P. B Jayasundera, who took office on Monday, says the governments policy on interest rates will be reviewed shortly after assessing current requirements to spur economic growth.rn rnOnly last week, Central Bank left its […]

Former Treasury Secretary P.B. Jayasundera returned to the post today, ending speculation that Presidential Advisor Mano Tittawella was up for the post.Though familiar territory to Jayasundera, his initial tasks could include increasing the governments borrowing programme to foot the cost of the Alliances election promises.rn rnIn addition, an increased borrowing programme could also put pressure […]

After a change of government it is customary to see changes also in the top rung of State departments, corporations and missions abroad.rn rnThe process is already underway but this time under public scrutiny like never before thanks to civil society groups demanding greater accountability and transparency of any new appointments.rn rnAn anti-corruption body, Transparency […]

People waiting all day in long queues braving the blazing sun to get their passports at the Immigration and Emigration Department is a common sight in Colombo.rnrn The department, which issues passports, deals with over three thousand people who come to its cramped and dilapidated offices at Bambalapitiya daily to get new passports or renew […]

Protecting jobs at home has become a hot issue in the US presidential race as companies there, relocate some business processes looking for lower taxes and cheap labor. Americans are seeing a repeat of history when thousands of manufacturing sector jobs was lost to cheaper imports and the shift of production facilities abroad.rn rnBusiness Process […]

Central Bank says non-bank private sector has capacity to absorb nearly Rs.100 billion in extra borrowings but warned any such move will push interest rates up. The UNF government announced in its last budget its net borrowing for the year would be Rs.65 billion but the Central Bank says they can borrow up to Rs.30 […]