Category: Economy and Markets
Government to borrow up to USD300mn from banks in 1Q 2018
Mar 21, 2018 (LBO) – Cabinet approval has been granted on Tuesday to obtain up to a maximum of 300 million US Dollars from banks. Accordingly, Government will borrow up to 300 million US Dollars from Bank of Ceylon, People’s Bank and other registered foreign banks in Sri Lanka.“Since it is advantageous to Release Sri […]
Orion City and Dialog partner to build High Density Data Centre
Mar 21, 2018 (LBO) – Sri Lanka’s Dialog Axiata Group announced a joint venture partnership with Orion City to build and manage the island’s first ever High-Density Data Centre at the Orion City IT Park in Colombo. The proposed centre will be established through Digital Realty (Pvt) Ltd, a company jointly held by Dialog Broadband Network […]
Sri Lanka economy grew 3.1-pct in 2017: Statistics Dept.
Mar 20, 2018 (LBO) – Sri Lanka’s statistics office says economic growth rate for the year 2017 has been estimated as 3.1 percent. Agriculture, Industry, Services and Taxes less subsidies on products have contributed their share to the GDP at current price by 7.7 percent, 27.2 percent, 55.8 percent and 9.3 percent respectively for the […]
Data is the lifeblood of decision-making
Mar 20, 2018 (LBO) – Data is the lifeblood of decision-making, without which policy makers are unable to make informed, effective and evidence-based decisions that lead to achieving the Sustainable Development Goals (SGDs). “For a country such as Sri Lanka, with established digital infrastructure, and 20.4 million people, gathering data should be more cohesive, and […]
Business mission from New Zealand to arrive in April
Mar 20, 2018 (LBO) – A group of 20 delegates representing 13 innovative New Zealand companies will arrive in Colombo on 2nd April for a 3-day visit to continue forging business and trade links with Sri Lanka. The delegation, led by New Zealand Trade Commissioner for Sri Lanka, Ralph Hays, builds on the momentum of […]
Dialog invests Rs262.5mn for new Data Centre JV in Sri Lanka
Mar 20, 2018 (LBO) – Dialog Broadband Networks, a fully owned subsidiary of Dialog Axiata has entered into a joint venture with St. Anthony’s Property Developers to establish, operate and manage a Data Centre in Sri Lanka. As per the shareholders agreement signed between both parties on 16 March 2018, Dialog Broadband Networks (Private) Limited […]
Sri Lanka must enhance fiscal income to offset narrowing external drains: Fin Min
Mar 19, 2018 (LBO) – Sri Lanka’s Finance minister says the island must optimize utilizing local resources with a well-managed and efficient tax system as a pro-growth catalyst. My contention is that the new Inland Revenue Act will bring a paradigm shift to taxation in this country that is in line with our policy of […]
Sri Lanka official reserves rebound to USD7.9bn in February
Mar 16, 2018 (LBO) – Sri Lanka’s gross official reserves have improved to 7,914.33 million US dollars by the end of February from 7,672.75 million dollars in January, official Central Bank data showed. Reserves improved to 7,952.58 million dollars by the end of last year but reduced in January. Foreign currency reserves were 6,894.42 million […]
‘s Koggala EPZ earns USD122 Mn in 2017
Mar 14, 2018 (LBO) – The Board of Investment’s (BoI) Koggala Export Processing Zone (KgEPZ) contributed US 122 million dollars worth of exports earnings in 2017, emerging as a major economic centre in the South and an important contributor to the economy. The working population in the zone currently stands at 14,070 of which 80 percent […]
Sri Lanka to get USD100Mn from India for solar projects
Mar 14, 2018 (LBO) – The Indian government announced a Line of Credit for US 100 million dollars to finance solar power projects in Sri Lanka, during a visit of President Maithripala Sirisena to India, recently. The project includes development of 200,000 rooftop solar units for low income families (for US 50 million dollars) and setting up of […]
Reforms have progressed but vulnerabilities remain: IMF Staff Mission
Mar 11, 2018 (LBO) – Despite weather-related shocks and some delays in implementation, program performance remains broadly on track, said IMF Staff Mission after a recent visit to Sri Lanka. The IMF staff team led by Manuela Goretti visited Colombo from February 27 – March 9 to hold discussions for the fourth review of Sri Lankan […]
Laugfs Gas restructures to create opportunities for investors and foster growth
Mar 07, 2018 (LBO) – Sri Lanka’s a Laugfs Gas PLC announced a strategic restructuring to consolidate dominance in energy operations and create opportunities for investors to invest in individual businesses and foster concentrated growth opportunities, a senior official said Tuesday. “Once the segregation is completed by 31st March as expected, all different entities will […]