Category: Economy
CEO Forum: Inter-ministerial task force to boost economy, says Harsha
Oct 22, 2015 (LBO) – Sri Lanka’s new government has formed an inter-ministerial task force to develop the economy by coordinating work of important ministries, the Deputy Foreign Minister Harsha de Silva said. Apart from the Foreign Affairs Ministry, the task force mainly works with the Development Strategies and International Trade Ministry and Industry and […]
Sri Lanka parliament approves borrowing increase, taxes
Oct 21, 2015 (LBO) – Sri Lanka’s parliament has approved raising the ceiling on treasury bill borrowing by 400 billion rupees to finance a higher budget deficit.The parliament also passed a series income, value added, nation building, gaming and broadcast taxes proposed in the last budget to raise government revenue by around 60 billion rupees.The […]
Sri Lanka to face tough challenges in adjusting economic reforms: Eran
Oct 21, 2015 (LBO) – Sri Lanka’s new administration is facing a lot of internal and external challenges with the economy received from the former regime and it will take a longer period to adjust policy and economic reforms, Eran Wickramaratne, deputy minister of state enterprise development, said. “As you know the new government faces […]
Sri Lanka needs a proper development policy: German ambassador
Oct 21, 2015 (LBO) – Sri Lanka’s full potential can be achieved if the new government can come up with a proper economic policy framework for the island, the German ambassador said. “Politically the country has opened a new chapter, but the full potential has not been reached yet,” Juergen Morhard, German ambassador to […]
Ravi K warns companies not paying bonuses due to Super Gains Tax
Oct 20, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake told Parliament Tuesday that the government is in search for big companies that are not paying bonus payments to employees. “I was disappointed with some of the companies that pretended to be paying Super Gains Tax and stop certain payments,” he said.“There is no […]
Sri Lanka BOI chief says land policy for foreigners will be corrected
Oct 20, 2015 (LBO) – Sri Lanka’s Board of Investment says that the new administration will correct the land policy for foreigners which will help to bring more foreign direct investments into the country. “This has to be corrected and it will be corrected,” Upul Jayasuriya, Chairman of Board of Investment said. “You have to treat […]
Central Bank holds key interest rates unchanged
Oct 20, 2015 (LBO) – Sri Lanka’s Central Bank held key interest rates unchanged on Tuesday after a monthly monetary policy announcement citing low inflation, a decision broadly expected by market participants. A poll by Lanka Business Online of 13 market participants showed 12 expected no change in policy interest rates, while one expected a […]
‘s Upul Jayasuriya
Oct 19, 2015 (LBO) – Sri Lanka has five billion US dollar worth of investments in the pipeline and the main goal of the island’s investment promotion office is to facilitate those investments, the Board of Investment (BOI) Chief told a forum held in Colombo. “Our main goal is to facilitate these investments,” Upul Jayasuriya, […]
Sri Lanka changes the scope of work of OCH again
Oct 15, 2015 (LBO) – Sri Lanka’s government has changed the scope of work for phase III of the Outer Circular Highway (OCH), from Kerawalapitiya to Kadawatha, which is about 9.32 kilometers, the Cabinet Spokesman told reporters at a media briefing held in Colombo. The Cabinet of Ministers approved the award of the above contract […]
Sri Lanka has full support of WB, IMF says Finance Minister
Oct 12, 2015 (LBO) – Sri Lanka has the full support of the World Bank and the International Monetary Fund, Finance Minister Ravi Karunanayake said after attending Annual Meetings of the two institutions in Lima, Peru. “I must reiterate that we are not subject to any conditions imposed by the World Bank and the IMF. […]
Japan provides food aid worth Rs. 275Mn to Sri Lanka’s North
Oct 10, 2015 (LBO) – Sri Lanka will receive food grant assistance worth 275 million rupees from Japan through the World Food Program (WFP), a statement said.The aid will support ongoing emergency program in Sri Lanka including the School Meals Program.Under this programme , Japan will provide canned fish manufactured in the areas devastated by the Japan […]
Mid-year staff transfers, a routine matter: Central Bank
Oct 09, 2015 (LBO) – Sri Lanka’s Central Bank on Friday said their mid-year staff transfers are a routine matter and provides an employee to experience varied areas of central banking activities. Releasing a statement the bank stated that the practice has taken place annually for several years.“A work transfer is a way to help […]