Category: Economy and Markets

The government is looking at offering up to one year as compensation for employees who lose their jobs and also allow people to take their provident fund monies early.Labour Minister Mahinda Samarasinghe said a safety net scheme to offer compensation to victims of corporate restructuring is being worked out and will be announced before the […]

The World Bank said its funding for the North and East of the island could continue through an interim administration if the government so wished.The bank, which upped its aid package by a further US$ 200 mn, recently said that all disbursement agreements have been drafted in a way that will allow for changes in […]

The Government is giving Parliament more power to crack the whip on errant public institutions and corporations by strengthening the Parliamentary Public Accounts Committee.The committee will be given more ammunition to fire at State officials who delay accounts of Government institutions, Ministries and Corporations.rn rnThe Government has already put the committee under opposition leadership. rn […]

As some of the Tokyo aid dollars begin to roll in, a top level government committee is looking at fast tracking some of the key infrastructure projects.Top among the list is a series of road networks that is aimed at spurring economic growth and creating new jobs.rn rnCabinet Spokesperson, Prof. G L Peiris says a […]

Sri Lankas cash float just got heavier, with the World Bank upping its aid from US$ 800 mn to US$ 1 bn over the next four years. rnldblquote For the next two years we are allowed to increase our commitment from US$ 200 mn a year to US$ 300 mn, taking the four year total […]

Potential Euro-Sri Lankan business partners in the plastics and rubber sector will be linked up via a joint trade database floated today.rn Launched by the European Chamber, this will serve as a data source on rubber and plastic companies, product profiles, areas for joint ventures and technical assistance.rn rnThe database (www.eccsl.com) would be the starting […]

Government plans to set up 14 Oversight Committees to look over key state functions is on track, with proposals going to parliament in a few weeks. ldblquote The proposals for the oversight committees are now ready and will be presented in parliament in the coming weeks dblquote , Enterprise Development Minister G.L Peiris said Thursday.rn […]

The Finance Minister said last week that fiscal targets were on track in his first Fiscal Position Report. The Government said that privatisation proceeds were expected to be higher than the estimated Rs.13.5 bn. rn rnAn upbeat finance minister told the media a few days ago that the governments fiscal program was on track despite […]

Sri Lankas top trade chamber has commended the government on pushing ahead with a series of legislative reforms, but said more work needs to be done to implement policy reforms.In its annual balance scorecard on the governments 2003 budget, the Ceylon Chamber of Commerce (CCC) says the government has made some effort to reform sectors […]

ADB on Wednesday approved a technical assistance (TA) grant of US$800,000 to pilot test two community information networks that will bring vital information to the poor and disabled in two districts of Sri Lanka. The grant, from ADBs Poverty Reduction Cooperation Fund, will establish the networks to link district offices, schools, training institutes, job placement […]