Tag: economy

Nov 07, 2012 (LBO) – Sri Lanka’s Supreme Court has ruled that sections of an appropriation bill for 2013 which lays the basic outline for a budget for next year is unconstitutional. The ruling was read out as the administration launched an impeachment process against Sri Lanka’s chief justice. The Supreme Court also ruled against […]

Nov 07, 2012 (LBO) – Sri Lanka is to recognize foreign companies which invested in the island during the height of two rebellions by leftwing youth and Tamil Tiger separatists that almost wrecked the economy. The ‘Global Commerce Excellence Awards 2012’ will recognize 150 international companies for their contribution to the national economy during the […]

Nov 06, 2012 (LBO) – Friday Forum, a Sri Lankan citizens group has asked for informed debate on the budget by parliamentarians instead of a slanging match, and has asked the administration to prioritize expenses and pay attention to a growing debt burden. The full statement is reproduced below: A PLEA FOR A BIPARTISAN BUDGET […]

Oct 31, 2012 (LBO) – Sri Lanka’s economic growth is likely to recover to 7. 0 percent in 2013 after slowing to 6.5 percent in 2012, helped by Chinese loans and domestic consumption, while new risks are emerging, RAM Ratings, a rating agency has said. A key regressive policy is the expropriation of citizens and […]

Oct 31, 2012 (LBO) – Consumer price inflation in Sri Lanka’s capital Colombo slowed to 8.9 percent in the 12 months to October from 9.1 percent a month earlier, data from the state debt office showed, as credit tightened after a balance of payments crisis. The statistics office said the Colombo Consumer Price Index, from […]

Oct 30, 2012 (LBO) – Sri Lanka’s loans from commercial banks fell to 14.5 billion rupees in August 2012 from 35.7 billion rupees a month year as state borrowings from the banking system surged to 35.0 billion rupees, official data shows. In July there was a net repayment of state enterprise and central government bank […]

Oct 28, 2012 (LBO) – Sri Lanka’s revenue authority is holding a ‘national tax week’ where the public can interact with their staff in the first week of November in a bid to get more people to pay tax without fear an official said. “We want to stop the fear and uncertainty (biya har saker) […]

Oct 27, 2012 (LBO) – The Asian Development Bank said it is giving 300 million US dollar loan to support a 400 million US dollar program by Sri Lanka to boost water supply and sanitation in the island’s capital. Critics say rules of China and Vietnam in particular have bowed to the aspirations of their […]

Oct 25, 2012 (LBO) – Taxes collected by Sri Lanka’s internal revenue office rose 8 percent to 369 billion rupees up to September 2012, from a year earlier commissioner general Mallika Samarasekera said. With a so-called simplified VAT (SVAT) system coming into effect, refunds made to exporters had fallen she said. Sri Lanka’s value added […]

Oct 23, 2012 (LBO) – Sri Lanka has bettered its ranking to 81 from 89 in an ease of doing business ranking compiled by the World Bank and International Finance Corporation by computerizing key processes. In South Asia Maldives was ranked 95, Pakistan 107, Nepal 108, Bangladesh 129, India 132, Bhutan 138 and Afghanistan 168. […]

Oct 23, 2012 (LBO) – Sri Lanka has kept its key policy rate at which money is injected in to the banking system unchanged at 9.75 percent and private sector credit was slowing as expected, Central Bank Governor Nivard Cabraal said. The currency can also strengthen and reserves can be built up if the state […]

Oct 22, 2012 (LBO) – Sri Lanka’s parliament has no real control over public finances with the arm of the government not even having a budget committee, though the country’s constitution says otherwise, a legislator said. But in countries where liberal thought is not valued, and where nationalism and interventionism prevails, parliamentary sovereignty can lead […]