Tag: economy

Jan 24, 2013 (LBO) – Sri Lanka’s Board of Investment said Lakshman Jayaweera, a Sydney based chemical engineer and entrepreneur, had been appointed as its chairman and director general. The appointment of a person with an overseas private sector background will help Sri Lanka attract investment at a time when global foreign direct investments have […]

Jan 24, 2013 (LBO) – Sri Lanka has set a minimum age of 25 years for women seeking to work as maid in Saudi Arabia and 23 years for another seven Middle Eastern countries, information minister Keheliya Rambukwelle said.Rambukwelle said the government would like to phase out sending women as domestic workers gradually. The requirement […]

Jan 22, 2013 (LBO) – India will begin talks with Sri Lanka’s finance and economic ministry to develop “a framework for a special economic partnership” a joint statement released after a meeting between delegations headed by foreign ministers of the two countries said.“[T]he two sides decided to take several steps to further deepen trade, tourism […]

Jan 17, 2013 (LBO) – Sri Lanka’s policy rate at which liquidity is injected to the market will remain at 9.5 percent following a 25 basis point rate cut last month, the Central Bank said, but warned against rising credit to state enterprises. The Central Bank said the exchange rate has appreciated 5.3 percent against […]

Jan 16, 2013 (LBO) – Sri Lanka’s economic growth will pick up to 6.8 percent in 2013 helped renewed external demand, better agriculture output, the World Bank said in a report on global economic prospects. Energy subsidies were also high in India. India’s rupee weakened over the past year amid central bank intervention. Large volumes […]

Jan 10, 2013 (LBO) – A move by Sri Lanka’s ruling coalition to impeach chief justice Shirani Bandaranaike through a controversial process which was decided as illegal by courts will harm the country, key business chambers said. She has denied the charges and expressed willingness to face a tribunal where rules of natural justice prevailed […]

Jan 05, 2013 (LBO) – Sri Lanka is entering 2013 with an improving external environment, a stable exchange rate and favourable weather for agriculture, compared to last year, Treasury Secretary P B Jayasundera said.“Though there have been severe floods, the damage has been minimal as far as production activities are concerned,” Jayasundera told reporters. “All […]

Jan 05, 2013 (LBO) – Sri Lanka will get up to 290 million US dollars from Korea for renewable energy and infrastructure under a framework agreement signed last week, the Korean embassy in Colombo said.The Government of Korea had recently given 70 million US dollars to the Sri Lankan Government as grants from KOICA assistance […]

Jan 04, 2012 (LBO) – Sri Lanka is set to charge millions of rupees of taxes on a retrospective basis from owners of pick-up trucks and jeeps who have converted them under existing rules, according to a new cabinet decision.In free countries with strong constitutional guarantees of liberty to citizens, so called ex post facto […]

Jan 04, 2012 (LBO) – Sri Lanka’s personal income tax rates are now very low and eligible persons should start paying taxes voluntarily, Treasury Secretary P B Jayasundera said. He said with Sri Lanka is becoming a service economy made up of self-employed and professionals working in legal, healthcare, education or information technology and income […]

Jan 04, 2013, (LBO) – Sri Lanka is planning to discuss a loan of up to a billion US dollars if the International Monetary Fund is willing to provide budget support, Treasury Secretary P B Jayasundera said.“We are asking IMF to extend budget support,” Jayasundera told reporters in Colombo. “That money cannot go the central […]

Jan 03, 2013 (LBO) – Sri Lanka’s Central Bank aims to inflate the economy by about 7.0 percent in 2012 based on a monetary targeting framework where money supply and credit growth is taken into account.Delivering a monetary policy roadmap for 2013 Governor Nivard Cabraal said the Central Bank was will continue to aim for […]