Tag: Finance

Sri Lanka is tipped to head for a mini budget as signs of the UNF budget making its way to Parliament this year, diminish.rnrnrnGovernment finances run on a calendar year and a Vote on Account (mini budget) is needed to ensure the administration runs for an interim period.rn rnPresident Chandrika Kumaratungas move on Tuesday to […]

The Finance Minister in an emergency meeting with the press on Wednesday said fertiliser subsidies was to be increased significantly from the Rs. 2 billion allocation this year.rn rnChoksy said the farming community deserved an increased subsidy, given the two subsequent bumper harvests. rn rnThe relief measure however, goes against earlier statements from related Ministries, […]

The Sri Lanka Muslim Congress (SLMC) leader Rauff Hakeem says his party will back the UNF government only on conditions put forward by his party. Conditions include Muslims being recognised as a separate and independent participant and that the partys proposals for an interim administration are considered at peace talks with the Liberation Tigers of […]

The Colombo stock market took a plunge as President Chandrika Kumaratunga sacked three key ministers and took over the portfolios of Defence, Interior and Media.Government Spokesman Gayrika Perusinghe told LBO that President Kumaratunga had removed Ministers Thilak Marapana (Defence), John Amaratunga (Interior) and Imthiaz Bakeer Markar (Media) and their respective line bureaucrats with immediate effect.rn […]

The market is climbing up, with analysts seeing investment oppurtunities, urging buyers to return to the market. rn”Fundamentally stocks are trading at attractive levels. There are enough buying oppurtunities and now is the time to enter the market”, says Manager Research at HNB Stockbrokers, Hasitha Premaratne.rn rnBuyers are returning on the back of mostly panic […]

Suspension of parliament, other actions possibly detrimental to peace, says State Department Spokesman on Wednesday.U.S. State Department Deputy Spokesman Adam Ereli expressed concern that President Kumaratungas decision to sack three government ministers, suspend parliament, and deploy troops around the capital “could have a negative effect on the peace process and talks with the Liberation Tigers […]

The Norwegian-brokered ceasefire pact between the Sri Lankan government and Tamil Tiger guerrillas will stand despite President Chandrika Kumaratunga taking over the defence ministry, a presidential adviser said Wednesday. “The president has specifically asked me to state that the ceasefire agreement stands and will stand and there is no question about it,” Lakshman Kadirgamar, international […]

The state is gunning for a Rs. 9 billion cut in interest costs for 2004, after making a Rs. 4 billion saving in 2003. Deputy Finance Minister Bandula Gunawardene says interest costs for 2003 is estimated at Rs.130 billion, down from over Rs. 134 billion last year.rn rnThe Minister says prudent fiscal management or accelerating […]

The governments budget for next year will give substantial salary hikes for government sector workers while creating new jobs and improving infrastructure.A top minister said that underdeveloped industries would be looked at closely as a means of new employment generation.rn rnThe budget will be presented to parliament on the 12th of this month rn rnSome […]

The Ceylon Chamber of Commerce say the government must introduce lquote group taxation dblquote as an incentive for further investment in Sri Lanka. rnThe Chamber says if a committee goes to work on the framework, scope and regulatory provisions relating to the implementation of Group Taxation, a workable model should be ready for implementation by […]

Maintaining a positive growth trend over the past few months, Sri Lankas export earnings posted a double-digit growth for the first eight months of this year, a momentum that will help achieve better than forecasted year-end growth.The positive sentiment contributed to a rise in exports and a higher import bill in August.However, the trade deficit […]

The Urban Development Authority (UDA) has drawn plans to dispose a number of its property holdings that dont reap a minimum Rs. 1000 monthly rent, under a policy level decision taken to streamline its operations.UDA Chairman, S Amarasekera says the decision will free resources for other development work and generate funds for capital investments.rn rnThe […]