Tag: Sri Lanka
Sri Lanka government to spend Rs200bn for defence in 2009
Nov 06, 2008 (LBO) – Sri Lanka’s government would spend 360 billion for capital expenditure in 2009, and 200 billion for defence, the island’s president and finance minister Mahinda Rajapaksa told parliament. Of late politicians have been trying to put more emphasis on income taxes, instead of indirect taxes where their spending is also captured. […]
Sri Lanka 2008 economic growth 6.0 to 6.5: Central Bank
Nov 06, 2008 (LBO) – Sri Lanka’s economic growth is likely to fall to between 6.0 and 6.5 percent in 2008, the island’s central bank has said, downgrading a previous forecast of 6.5 to 7.0 percent amidst a global slowdown. In 2007 Sri Lanka’s economy expanded by 6.8 percent in 2007, according to the country’s […]
Sri Lanka proposes range of taxes and import cesses
Sri Lanka has proposed sweeping levies on imported foods, and consumer durables, jacked up a turnover based levy on international trade, trimmed value added taxes and widened income tax slabs of workers in productive sectors. Personal income tax slabs had been widened with a 300,000 rupee tax free slab remaining. The next 400,000 rupee slab […]
Sri Lanka budget deficit projected at 6.5-pct of economy
Nov 06, 2008 (LBO) – Sri Lanka raised trade barriers and cut neutral value added taxes in its 2009 budget which is projected to have a deficit of 336 billion rupees or 6.5 percent of gross domestic product. Revenues were estimated at an optimistic 855 billion rupees, though the island failed to meet the original […]
Fuel Costs
Nov 06, 2008 (LBO) – Sri Lankan president Mahinda Rajapaksa said Wednesday the government had slashed retail fuel prices with immediate effect in an effort to bring down transport costs and inflation. “From today, the price of a litre of diesel will be reduced by 30 rupees,” Rajapaksa told parliament when he presented the government’s […]
US presidential election results (Update II)
WASHINGTON, November 5, 2008 (AFP) – Here is a tally of preliminary results in the US presidential election, based on projections by US networks. At 0214 GMT, with results given in 27 states, Obama had 175 and McCain had 81 of the 270 Electoral College votes needed to win the White House, out of a […]
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CHICAGO, November 5, 2008 (AFP) – US President-elect Barack Obama said Tuesday that a new dawn of American leadership was at hand and stressed the shared destiny of the United States and the rest of the world. “It’s been a long time coming. But tonight, because of what we did on this day, in this […]
‘s first black president
WASHINGTON, November 5, 2008 (AFP) – Americans elected Democrat Barack Obama as their first black president Tuesday, in a transformational election which will reshape US politics and reposition the United States on the world stage.With a stunning grassroots political movement, powered by massive multi-million dollar fundraising, Obama first beat Hillary Clinton, and the Democratic Party’s […]
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Oct Nov 04, 2008 (LBO) – Sri Lanka’s main opposition United National Party has revealed a sunshine ‘budget’ promising massive salary increases to the public sector and reductions in fuel prices, indicating an emerging political consensus on economic populism. UNP is also claiming to improve prices for commodity producers through trade agreements and extend GSP+ […]
Sri Lanka defence, subsidy costs overshoot ahead of next budget
Nov 03, 2008 (LBO) – Sri Lanka’s budget for 2009 will focus on keeping a military campaign on track while also providing resources to build infrastructure, though expenses in the current budget have overshot targets, a government minister has said. Junior finance minister Ranjith Siyambalapitiya told ETV’s Lanka Business Report show that managing the 2008 […]
Sri Lanka bad budgets, hot borrowings, dollar peg has endangered economy: IMF
Nov 01, 2008 (LBO) – Sri Lanka has to change its ways to protect itself from the negative effects of bad budgets, foreign borrowings, and a ‘de facto’ dollar peg of the rupee, the International Monetary Fund has said. The IMF’s executive directors, in an annual assessment of the island, said the economy and the […]
‘s inflation eases to 20.2-pct
Oct 31, 2008 (LBO) – Consumer inflation in Sri Lanka’s capital Colombo fell to 20.2 percent in the 12-months to October from 24.3 percent a month ago, the central bank said. On Thursday the central bank broke its peg with the US dollar and the rupee fell by two rupees, but on Friday it continued […]