Category: Economy and Markets
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July 14, 2017 (LBO) – Evidence of effective implementation of reforms that leads to significant and lasting improvements in tax collection, and more stable external financing conditions, would support a return of Sri Lanka’s rating outlook to stable, Moody’s said. Moody’s Investors Service said signs that planned fiscal consolidation measures are less effective than Moody’s […]
National Export Strategy to be implemented with budget 2018: Advisor
July 13, 2017 (LBO) – Sri Lanka’s proposed National Export Strategy will be implemented with the budget of 2018, a senior official at the International Trade Center said. The International Trade Ministry and Export Development Board, together with the help of the International Trade Center, is currently conducting the second round of consultations to chart […]
World Bank doubles assistance to Sri Lanka over next three years
July 13, 2017 (LBO) – Sri Lanka will receive US1,340 million dollars in financial and technical assistance through a transitional support facility of the International Development Association (IDA), a member of the World Bank group, over the next three year period starting from July, the finance ministry said. Previously Sri Lanka received US 660 million dollars IDA […]
CSE records second highest yearly foreign inflow
July 12, 2017 (LBO) – Sri Lanka’s Colombo Stock Exchange has recorded the second highest-ever yearly net foreign inflow of 22.8 billion rupees, the exchange said. The highest net foreign inflow of 38.6 billion rupees was recorded in 2012. On Monday, foreign investors bought 127.4 million rupees worth of shares while selling 26.3 million rupees […]
Sri Lanka cuts export earnings target to USD18bn by 2020
July 12, 2017 (LBO) – Sri Lanka is currently looking at a target for export earnings of 18 billion US dollars by 2020, State Minister of International Trade Sujeewa Senasinghe said. In 2015, Sri Lanka originally expected a 50 billion dollar export target by 2020 and later reduced it to 20 billion dollars amid sluggish […]
‘s new Inland Revenue Act will be investor friendly: Finance Minister
July 12, 2017 (LBO) – Sri Lanka’s Finance Minister says the main objective of the new Inland Revenue Bill is to simplify the tax system in order to create an investor friendly environment to attract more foreign investments. “The new Inland Revenue Bill will broad-base the tax system and incorporate globally accepted new tax principles […]
Odel plans USD106mn mixed development project in Sri Lanka
July 12, 2017 (LBO) – Odel Properties One (Private) Limited, a fully owned subsidiary of Odel, has entered into an agreement with Sri Lanka’s Board of Investment to set up a mixed development project. Odel said in a stock exchange filing that as per the agreement signed on 30th June 2017, the envisaged investment will […]
HNB rights issue will boost capital, credit positive: Moody’s
July 11, 2017 (LBO) – Hatton National Bank’s rights issue will boost their capital buffer well above the Basel III requirements that took effect in Sri Lanka on 1 July, which is credit positive, Moody’s said in a analysis. Last week, the bank received shareholder approval for a 15 billion rupees right issue and the […]
Sri Lanka’s foreign debt USD25.6bn by April: Mid Year Fiscal Report
July 10, 2017 (LBO) – Sri Lanka’s total outstanding external debt was 25.61 billion US dollars (Rs3,886bn) by the end of April 2017, up from 23.1 billion dollars at the end of April last year, the Mid-year Fiscal Report revealed. Government’s total debt service payments for the first four months of this year amounted to […]
SriLankan Airlines, CEB, CPC record Rs30bn loss in first 4 months
July 10, 2017 (LBO) – State-owned carrier Sri Lankan Airline, main power supplier Ceylon Electricity Board and Ceylon Petroleum Corporation together have recorded a loss of 30 billion rupees in the first four months of this year, a treasury report showed. Sri Lankan Airlines The total loss of Sri Lankan Airlines increased by 55 percent […]
India will move on ETCA at a pace set by Lanka: envoy
By P.K. Balachandran Assuaging fears that India is set to “impose” an Economic and Technical Cooperation Agreement (ETCA) on Sri Lanka, the Indian High Commissioner in Sri Lanka, Taranjit Singh Sandhu, has said that India is ready to move on the ETCA at a pace Sri Lanka is comfortable with. “The proposed Economic and Technical […]
Sri Lanka foreign reserves up 3-pct in June
July 07, 2017 (LBO) – Sri Lanka’s official foreign reserves climbed three percent (USD193.9mn) to 6.9 billion dollars in June, official Central Bank data showed. Foreign currency reserves were 5.99 billion dollars and reserves in gold were 0.89 billion dollars. Central Bank’s Treasury bill holdings were down from 214. 35 billion rupees in May to […]