Category: Featured
‘s government: Harsha De Silva
Nov 15, 2016 (LBO) – Reconciliation is a priority for Sri Lanka’s unity government and transitional justice is an important aspect of this, Deputy Foreign Minister Harsha de Silva said. “Reconciliation is not a box that can be ticked or a journey that can end as per a timeline. There are no magic portions to […]
Sri Lanka to introduce new law protecting foreign reserves
Nov 11, 2016 (LBO) – Sri Lanka has proposed to introduce a new Foreign Exchange Act to protect foreign reserves from irregular transactions. Finance Minister Ravi Karunanayake told Parliament yesterday that the current Exchange Control Act will be repealed for this purpose. An Investment Inflow Management Act will be introduced to facilitate the inward remittance […]
Education a priority, free tablets for students: Budget
Nov 11, 2016 (LBO) – Sri Lanka will prioritize education and give free tablet computers to students and teachers in 2017, the government said in budget proposals for next year. Almost 175,000 A Level students and 28,000 teachers will receive tablet computers in 2017, for which five billion rupees has been allocated. Sri Lanka has […]
Sri Lanka property restrictions on foreigners relaxed: Budget
Nov 11, 2016 (LBO) – The Finance Minister in Budget 2017 announced measures to relax restrictions placed on property and land with regard to foreigners, and to allow companies to lease land. “The Government would remove freehold right restrictions from the ground floor and also allow foreigners who will be purchasing condominiums to raise 40 […]
Sri Lanka budget 2017: tax and revenue proposals
Nov 11, 2016 (LBO) – Finance Minister Ravi Karunanayake in his Budget 2017 speech in parliament Thursday proposed several measures to improve government revenue. “To increase the direct tax component to 40 percent from around 20 percent at present and gradually reduce the indirect taxes to 60 percent from around 80 percent in the medium term,” […]
Sri Lanka to add new domestic air service in 2017: Budget
Nov 11, 2016 (LBO) – Sri Lanka will introduce a new domestic airline by March 2017 to increase local connectivity, the Finance minister said. “This airline will be on a public private partnership agreement, which will include the Sri Lanka Air Force, the hotel industry, travel agents and other private sector stakeholders,” Ravi Karunanayake, finance […]
Sri Lanka targets 4.6-pct budget deficit for 2017: Ravi
Nov 10, 2016 (LBO) – Sri Lanka’s government unveiled its budget for 2017 that aimed to cut the budget deficit while increasing spending on education, health and infrastructure. The government expects a 4.6 percent budget deficit in 2017, down from 5.4 percent for this year, the finance minister said presenting the 2017 budget. Total revenue […]
Sri Lanka to list Mobitel, Hyatt other state enterprises: Budget 2017
Nov 10, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake said several state-owned enterprises such as Mobitel, Hyatt, Waters Edge, Grand Oriental Hotel will be listed on the Colombo Stock Exchange. The firms are to be listed during 2017, he said presenting budget proposals for 2017. “We will also list non-strategic enterprises such as […]
Sri Lanka to set up sugar fund with ethanol tax and cess: Ravi
Nov 10, 2016 (LBO) – Sri Lanka will set up a special price stabilization fund for sugar cane, and give state land and a 100 percent capital allowance to set up factories as incentives to develop the industry, Finance Minister said. “I propose to establish a Sugar Stabilization Fund by imposing a 2 percent Cess […]
Sri Lanka economy expected to grow 6.3-pct in 2017: CB
Nov 10, 2016 (LBO) –Sri Lanka’s economic growth is likely to be around 5 to 5.5 percent this year and expected to increase to 6.3 percent in 2017 and to grow further thereafter at an annual rate of 7 percent or above, the Central Bank said. Releasing its half yearly publication, ‘Recent Economic Developments: Highlights […]
Sri Lanka govt to fund Rs635Mn development of BIA
Nov 10, 2016 (LBO) – Sri Lanka’s cabinet of ministers have given the go ahead to construct a new immigration hall, electronic mall and an expansion of the departure concourse at the Bandaranaike International Airport (BIA) with a total cost of 635 million rupees. Construction contract for the immigration hall and new mall construction had been awarded […]
Sri Lanka govt approves phase 2 of Central Expressway, only single bidders
Nov 09, 2016 (LBO) – Sri Lanka’s cabinet has given the nod to build the second section of Central Expressway which runs from Mirigama to Kurunegala for 39.29 kilometers. The contract in this regard has been divided into four (04) packages and only one set of bidders submitted proposals for each of four civil work contract packages. […]