Tag: Finance

Apr 27, 2013 (LBO) – Sri Lanka has lost 38.5 billion rupees in potential revenues from imported vehicles due to tax-slashed permits given to state functionaries, a government estimate showed. The so-called ‘car permits’ are now being sold in the secondary market and state functionaries are making tax-arbitrage profits. The practice which was carried on […]

Apr 25, 2013 (LBO) – Sri Lanka can help citizens better themselves by removing obstacles to creating new and better jobs, including for women, the World Bank said. The development agency based on the theme of its World Development Report 2013, says creating opportunities for jobs are critical for reducing poverty. “One of the biggest […]

Apr 24, 2013 (LBO) – An Indian foreign ministry committee has evaluated the progress of several projects funded by the country’s tax payer in Sri Lanka mainly in war torn areas in the north.India’s High Commission (embassy) in Colombo said a monitoring committee led by P S Raghavan, special secretary development administration and Bimal Julka, […]

Apr 23, 2013 (LBO) – Sri Lanka’s gold prices have risen slightly from a week earlier along with a recovery in the international prices, industry players said.On Tuesday a gold sovereign (about 8.1 grams) the most popular benchmark price was quoted around 46,000 rupees for 22 carats, after falling from highs of 54,000 in March, […]

Apr 19, 2013 (LBO) – A drive to improve the quality of Sri Lanka’s state-run secondary education system is receiving 200 million US dollars in Asian Development Bank support from its results based lending program.The ADB is expected to give 120 million US dollars from its ordinary capital resources window for 26 years including a […]

Apr, 18 2013 (LBO) – Sri Lanka’s central bank said it had hired a US public relations firm to counter attempts to “tarnish the political image and true economic successes” of the island by “groups with dubious agendas.” “..[I]f such campaign continues without a counter campaign to correct the misconceptions it may have the potential […]

Apr 17, 2013 (LBO) – The global economy will grow 3.3 percent in 2013 with the United States growing 1.9 percent, emerging and developing nations growing 5.3 percent and the Euro area contracting 0.3 percent, the International Monetary Fund has said. “What was until now a two-speed recovery, strong in emerging market and developing economies […]

Apr 17, 2013 (LBO) – Sri Lanka should depend less on foreign capital to bridge a savings investment gap, to make the economy more resilient to external shocks, the Central Bank has said.Sri Lanka had an investment ratio of 30.6 percent of gross domestic product in 2012 but domestic savings were only 17 percent. National […]

Apr 17, 2013 (LBO) – Sri Lanka’s central bank, an active trader in gold which cut its holdings last year may buy into gold, now that it is falling, Central Bank Governor Nivard Cabraal has said. “Overall, gold prices coming down is giving an opportunity to various central banks across the world to improve on […]

Apr 16, 2013 (LBO) – Sri Lanka held policy rates steady amid heavy demand for bank credit from the state but expected economic activity to pick up after state borrowing reduce helped by an electricity tariff hike.“Inflation is expected to remain at these benign levels supported by prudent demand management policies, although the proposed revisions […]

Apr 16, 2013 (LBO) – Sri Lanka’s monetary and fiscal policy is in harmony with both authorities aiming for stability low inflation, and the presence of a Treasury official in the central bank was a not a threat to its independence, officials said.The secretary to the finance ministry is an ex-officio member of the Monetary […]

Apr 15, 2013 (LBO) – Sri Lanka will train students from Burkina Faso and strengthen economic ties, the economic development ministry said following a ministerial delegation from the African nation.Burkina Faso is a member of the UN Human Rights Council. It was among the eight countries that abstained from voting on a UN resolution that […]