Tag: lbo.lk
Sri Lanka needs price formula to avert future energy crisis
Regional fuel prices are significantly higher than Sri Lanka Sri Lanka pitches into darkness and its people form lines at fuel stations due to the ongoing energy crisis. Fuel, which is the single largest import accounting for 18% of the country’s total import expenditure, cost an alarming USD 3.7 billion in 2021. Since the actual […]
Ceylon Chamber launches outlook 2022 report; ‘Road to recovery: Overcoming challenges’
The Ceylon Chamber of Commerce (CCC) recently launched the 7th edition of its flagship annual Outlook Report for 2022 at the Economic Outlook 2022 webinar. Titled ‘Road to Recovery: Overcoming Challenges’, the report covers key fundamentals of the global and local economic outlook, policy outlook, and private sector perspectives for the year 2022. This year’s […]
Platform for greater citizen engagement and effective action on illegal environmental activities
In the face of illicit deforestation, degradation of wetlands, and illegal wildlife poaching and trade, Sri Lanka has seen increased community involvement and engagement, despite the ongoing pandemic. While current official mechanisms for citizens to lodge complaints have room for improvements in transparency to the public, there is also an absence of an integrated government-mandated platform […]
Opinion: Role of divestments in overcoming present economic challenges
By Imesha Dissanayake The Government of Sri Lanka (GoSL) has very ambitious plans for the country’s economic transformation including an economic growth expectation of more than 6% during five-year period of 2022-2027. The national budget announced in 2022, forecasts public investments to be at 5.1% of GDP. A similar figure was announced during the last […]
Pan Asia Bank records post tax profit of Rs.3Bn for the year 2021, up by 50-pct; 4Q profits cross Rs.1Bn for first time
Pan Asia Banking Corporation PLC reported a remarkable performance for the year 2021 to report a Pre-Tax Profit of Rs. 4,034 million and a Post-Tax Profit of Rs.3,075 million with growth rates of 42% and 50% respectively, while demonstrating the resilience amidst challenging macroeconomic conditions. The Bank’s performance was characterised by strength and resilience, despite […]
Time for home-grown solutions is over; Seek international support immediately: Harsha
The country is in complete disarray today. Fuel is rationed at pumps, daily power cuts across the island, shortage of dollars to import essentials including medicine, food is to be rationed next, a current Parliamentarian and former Minister said. “Collapse is imminent if we continue to go this way, it is almost similar to a […]
HNB Group profit after tax increased to Rs.20Bn, up 47-pct YoY
Hatton National Bank PLC (HNB) solidified its position as one of the most sustainable and strongest banks recording a well-rounded performance in 2021. Group Profit After Tax (PAT) increased to Rs 20 Bn, representing a growth of 47% YoY while Bank PAT improved to Rs 17.3 Bn as economic activity picked up during the year. […]
Re-exportation of final 45 containers of waste material
Under the BASEL Convention, it is a direct violation to import waste between two countries, and as a result, under the initiative of the Central Environmental Authority and the Sri Lanka Customs, action has been taken to re-export the remaining 45 containers containing waste material to the UK today, the 21st of February 2022. The […]
Opinion: Sri Lanka needs GSP+ now more than ever
By Felix Fernando Much has been said of the potential economic costs to Sri Lanka, of losing the Generalised Scheme of Preferences (GSP) Plus trade concessions to the European Union (EU). While these costs will be high, the social and human costs are likely to be even greater. Considering official statistics for 2021, available up […]
“Opposition calls on Govt for urgent dialogue with them,” MP Harsha
Opposition parliamentarians have urged President Gotabaya Rajapaksa to initiate a dialogue with them to better understand the current economic issues facing the nation and find solutions together. “We are all in this together,” Dr. Harsha De Silva, an opposition member of parliament said addressing a media briefing yesterday. “The Governor of the Central Bank reiterates […]
“Growing sense of insecurity among people despite years of development growth,” UN report
Global development progress does not automatically lead to a greater sense of security, according to a new United Nations Development Programme (UNDP) report on human security released Thursday. New data and analysis in the report, New Threats to Human Security in the Anthropocene, shows that people’s sense of safety and security is at a low […]
SL aims to establish FTAs with most Southeast Asian countries, Min Balasuriya
Significant strides in establishing Free Trade Agreements with Bangladesh and the Maldives, together with existing FTAs will pave the way to initiate FTAs with most Southeast Asian countries by next year, enhancing Sri Lanka’s position as an attractive destination for Foreign Direct Investment, State Minister of Regional Cooperation, Hon. Tharaka Balasuriya stated recently. Speaking at […]