Category: Featured
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 […]
Sri Lanka press council law hinders RTI implementation: report
July 05, 2017 (LBO) – Sri Lanka’s Press Council Law, which is not consistent with the Right to Information (RTI) Act, can hinder the media from publishing information obtained through RTI, a research report said. The report, a collaboration between Verité Research and Democracy Reporting International, highlights for instance that obtaining information pertaining to cabinet […]
‘s ad-hoc tax changes
July 04, 2017 (LBO) – A Japanese business delegation has requested that Sri Lanka’s finance minister gives them at least six months notice prior to the enforcement of tax amendments, as it might have an adverse impact on exports. The request came during a meeting held at the Finance Ministry on Monday attended by the […]
No reason for qualified hoteliers to look for jobs overseas: Amaratunga
July 04, 2017 (LBO) – Sri Lanka’s Minister of Tourism Development John Amaratunga says that there is no longer any reason for our qualified hoteliers to look for jobs overseas as their income will be greater if they stay here. “Today we have a serious issue with regard to manpower in the tourism and hospitality sectors. The […]
Sri Lanka launches FDI road map, reforms key: Prime Minister
July 04, 2017 (LBO) – Sri Lanka’s Prime Minister said that the island needs to fast track reforms as part of ambitious efforts to be ranked at least 70th in the ease of doing business rankings by 2020. The Premier Ranil Wickremesinghe, speaking at the launch of the road map on Investment Climate Reforms in […]
Sri Lanka blacklists 67 foreign recruitment agencies in 2017
July 03, 2017 (LBO) – The Sri Lanka Bureau of Foreign Employment has blacklisted licenses of 67 foreign recruitment agencies in the first half of this year. Lack of cooperation for dispute settlement, illegal recruitment, and preparing fake documents were among reasons to blacklist recruitment agencies. The bureau said in a statement that in 2016 […]
Sri Lanka’s new revenue law to help credit profile: Moody’s
July 03, 2017 (LBO) – Sri Lanka’s new Inland Revenue Act will contribute to increasing the country’s very low level of government revenues, a key constraint on the sovereign credit profile, Moody’s said. Last month, the government made public a new income tax bill that will replace the existing law with a more efficient, modern […]
Japan provides Rs358 mln grant for public sector scholarships
July 03, 2017 (LBO) – The Japanese Grant Aid for Human Resources Development Scholarship (JDS) Programme has offered grant assistance of 358 million rupees to Sri Lanka for the year 2018 to provide 15 Scholarships. The system was introduced in Sri Lanka in 2010 by the Government of Japan in order to provide opportunities for […]
Sri Lanka enters USD34mln financing for smallholder agribusiness
July 03, 2017 (LBO) – International Fund for Agricultural Development (IFAD) and the Government of Sri Lanka have signed a financial agreement for the implementation of the Smallholder Agribusiness Partnership (SAP) Program. The programme will provide a platform for 57,500 poor rural households to increase their income and food security by expanding livelihood and business […]
GSP Plus could add USD350 mln in export revenue, improve FDI: Min
July 03, 2017 (LBO) – GSP plus eligibility could add 350 million dollars in export revenue to Sri Lanka, while increasing potential for FDI, the minister for industry and commerce said. “The enhanced market access that Sri Lanka gets from EU GSP+ is very significant,” said Minister Rishad Bathiudeen. “In fact, according to the Department […]
Reforms in Sri Lanka urgent but need to limit cost to the poor: WB
June 30, 2017 (LBO) – Sri Lankan government led reforms to improve competitiveness, maintain macro-fiscal stability and strengthen institutions, with broad support in the country, are key to robust economic growth, job creation and poverty reduction, a new World Bank report said. The Sri Lanka Development Update launched Thursday said that the economy and its […]
Sri Lanka technical interns to be trained in Japan
June 29, 2017 (LBO) – Sri Lanka is to sign a memorandum of understanding with International Manpower Development Organization of Japan (IM Japan) to send technical interns to Japan for further training. The cabinet nod has been received to sign this agreement presented by Foreign Employment Minister Thalatha Athukorala, said Co-cabinet Spokesman Minister Gayantha Karunathilake, […]