Tag: economy

Mar 16, 2013 (LBO) – A proposal to lift a series of taxes from casinos and impose only a five percent tax has drawn fire from Sri Lanka’s main opposition, as basic goods including foods are taxed at much higher rates.Such firms get income tax holidays, relief from economic services charge, port and airport levy […]

Mar 15, 2013 (LBO) – Proposed changes to law aimed at restraining excessive spending by Sri Lanka’s rulers will promote fiscal irresponsibility and also understate the actual budget deficit, a legislator has warned. Disclosures made under the fiscal responsibility law showed that 83 billion rupees in new guarantees or about 1.1 percent of GDP had […]

Mar 15, 2013 (LBO) – Sri Lanka’s gross domestic product grew 6.4 percent in 2012, slowing from 8.2 percent in 2011, with industry growing 10.3 percent, agriculture 5.8 percent and services 4.6 percent, the state statistics office said.In the December quarter the economy was estimated to have grown 6.3 percent from a year earlier, against […]

Mar 13, 2013 (LBO) – Sri Lanka is facing higher external pressure due to lack on a program with the International Monetary Fund and also slower growth, Moody’s Investors Service, a rating agency said.“Although the government will likely continue to make gradual progress in reducing its deficit, the debt burden will remain high,” Moody’s said. […]

Mar 12, 2013 (LBO) – Sri Lanka’s influential Ceylon Chamber of Commerce announced that the cost of halal certification was so “insignificant” that it was not even considered when calculating the cost of production of food sold locally. CCC chief Susantha Ratnayake, who is also the chairman of John Keells Holdings, said the widely used […]

Mar 06, 2013 (LBO) – More than 98,000 war refugees who have returned to former war zones in northern Sri Lanka will be helped though a 4 million US dollar program funded by Japan.The Japanese embassy in Colombo said the project implemented through the UN Human Settlements Program (UN-Habitat) will benefit 98,120 villagers in Mullaitivu […]

March 03, 2013 (LBO) – Sri Lanka will continue to liberalise foreign exchange controls to encourage the investments needed to maintain high economic growth, Central bank governor Nivard Cabraal said. “The thinking now is to try to have faster growth for which we need more savings and investment which, if not available in our own […]

Feb 28, 2013 (LBO) – Sri Lanka will soon double the pay of around 50,000 unemployable graduates absorbed into state service to 23,000 rupees a month, a media report said.Sri Lanka’s ‘Yes FM’ a radio station, station broadcast economic development minister Basil Rajapaksa as saying in a speech that monthly allowances for the graduate trainees […]

Feb 28, 2013 (LBO) – Sri Lanka’s consumer prices rose 9.8 percent in February 2013 from a year earlier, with the index rising 0.4 percent during the month, the state statistics office said. Inflation was also 9.8 percent in January. The state statistics office said food and non-alcoholic beverages rose 0.6 percent and non-food items […]

Feb 27, 2013 (LBO) – Sri Lanka’s Treasuries yields were flat at Wednesday’s auction with the 3-months with 18.7 billion rupees in bids being accepted from the market after 15.0 billion rupees of maturing bills being offered, the state debt office said.The 3-month yield eased 01 basis point to 9.09 percent, the 6-month yield was […]

Feb 26, 2013 (LBO) – Sri Lanka should be careful about mounting external liabilities and reserve adequacy, with national debt already on the “high side” at over 80 percent of gross domestic product, the International Monetary Fund has said.Sri Lanka’s official debt to GDP ratio is expected to climb slightly to 81 percent in 2012 […]

Feb 22, 2013 (LBO) – Sri Lanka’s future lies in the vast resources to be found in the ocean surrounding the island but this wealth is at risk from pollution and illegal practices, experts said. The country is on the verge of discovering oil and gas in offshore waters and its location makes it well-placed […]