Tag: economy

Feb 08, 2013 (LBO) – Sri Lanka will improve infrastructure in the northeastern port city of Trincomalee with an 85 million US dollar loan from the Asian Development Bank, information minister Keheliya Rambukwelle said.The Integrated Urban Development Project for Trincomalee will improve city infrastructure and encourage private sector investment, he said. The cabinet of ministers […]

Feb 06, 2013 (LBO) – Sri Lanka’s rulers have reduced a near doubling of an export tax on tea imposed without consultation of the affected parties on a retroactive basis, following protests from the industry.Sri Lanka’s tea industry found late last week that a higher tax on tea exports had been imposed with effect from […]

Feb 02, 2013 (LBO) – Sri Lanka and Luxemburg has signed an agreement to avoid double taxation, the island’s embassy in Brussels said.The agreement will help investments in tourism, business process outsourcing and financial services, which have potential, the embassy said. The deal was signed by the head of Sri Lanka’s mission to the European […]

Feb 01, 2013 (LBO) – Sri Lanka will rent space to telecom companies in conduits pre-laid under roads being rebuilt in the capital Colombo under a modernization program, helping prevent damage to the surface, an official said. Seneviratne said authorities have managed to minimize damage to roads recently re-built in Colombo due to utility connections […]

January 31, 2013 (LBO) – Consumer prices in Sri Lanka rose to 9.8 percent in January 2013 from a year earlier accelerating from 9.2 percent a month earlier, official data showed. In January, the Sri Lanka’s Central Bank said it aims to inflate the economy by about 7.0 percent in 2012 based on a monetary […]

Jan 30, 2013 (LBO) – Sri Lankan trade and tax experts have pressed for further simplification of tax systems, saying that it will help generate more businesses, bringing greater tax revenues for the state and reduce disputes.The existing ruling committee on tax disputes has commissioners of the government’s Inland Revenue Department and takes too long […]

Jan 30, 2013 (LBO) – Sri Lanka’s tea exporters are protesting an export tax that they have found has come into effect from January 23, where a cess on bulk tea exports is estimated to have almost doubled. “A large number of tea export containers were held up following a sudden revision of the tea […]

Jan 29, 2013 (LBO) – Sri Lanka is mulling a plan to haul solid waste from Sri Lanka’s capital Colombo to open pit limestone mines in the northwest of the island by rail as part of a plan to modernize the fast expanding metropolis, a top official said. Disposing of solid waste in Colombo has […]

Jan 29, 2013 (LBO) – Sri Lanka has begun a fast track execution of a 220 million US dollar World Bank funded plan to cut floods, boost drainage as well as create waterfront entertainment areas in a bid to modernize the capital Colombo, officials said.When questioned by reporters officials said a wetland including rich in […]

Jan 28, 2013 (LBO) – Sri Lanka will host the 6th South Asia Economic Summit (SAES), a policy forum that brings together academia, government, civil society and the private sector in the region, each year. “The emerging growth opportunities and challenges for South Asia in the context of changing global economic dynamics will come into […]

Jan 27, 2013 (LBO) – Sri Lankan firms can ride out tough times by maintaining a lean culture, grabbing opportunities that are present in such periods and becoming more responsive to customer needs, top executives said. “Whether you are in tough times or not, it is important to have a lean culture,” Hilmy Cader, head […]

Jan 25, 2013 (LBO) – Sri Lanka will sign up export-import credits of 34 million Euros from Hungary to rehabilitate two water treatment plants supplying the capital Colombo, information minister Keheliya Rambukwelle said.The Hungarian Export Import Bank will provide 16.714 million US dollars to rehabilitate a treatment plant in Labugama and 17.383 million to a […]