Author Archive for Economy

World Bank forecasts Sri Lanka’s growth at 3.3% in 2020

Monday, January 13th, 2020

Courtesy Ada Derana The World Bank has forecast Sri Lanka’s economic growth for 2020 at 3.3 percent, the bank said in a statement on Monday. In its latest report of World Bank’s January 2020 Global Economic Prospects,” the World Bank said for 2021 and 2022, it maintains the same forecast of 3.7 percent of economic […]

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Govt. will not blindly sign MCC: State Finance Minister

Thursday, January 2nd, 2020

Courtesy The Daily Mirror The government will not sign the MCC agreement as it is but will see the possibility of signing it if the four member expert committee recommends amendments to ensure the agreement does not pose any threat to the national security and the economy, State Minister of Finance Shehan Semasinghe said. Minister […]

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Stage is set for a wave of growth in Sri Lanka – Cabraal

Thursday, January 2nd, 2020

Courtesy Ada Derana The Sri Lankan government’s aim to kickstart its economy in 2020 will be eased with the fruition of major infrastructure projects, Ajith Nivard Cabraal, senior advisor on economic affairs to Prime Minister Mahinda Rajapaksa, said on Thursday. In an interview with Xinhua, the former Sri Lankan central bank governor, said that 2020 […]

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Crack down on godowns

Monday, December 23rd, 2019

Editorial Courtesy The Island The prices of rice and vegetables have gone into the stratosphere, nay mesosphere, and sent both Citizen Perera and the newly formed caretaker government reeling. Inclement weather, which has wreaked havoc on farming areas and caused disruptions to the transport network have also led to sharp increases in the prices of […]

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IMF ready to engage with new government

Sunday, December 22nd, 2019

Courtesy News.lk The International Monetary Fund (IMF) stands ready to engage with President Gotabaya Rajapaksa’s administration and to continue its constructive cooperation with Sri Lanka, an IMF official said. The Fund is in contact with the Ministry of Finance to obtain further information to assess the recently announced tax measures, IMF Mission Chief for Sri […]

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Sri Lanka gets World Bank loan to boost public sector

Wednesday, December 18th, 2019

Coutesy NewsIn.Asia Colombo, Dec. 18 (newsin.asia) – The World Bank has approved a $25 million loan to the Government of Sri Lanka to improve the transparency and efficiency of core government and public financial management functions, a statement said. The Public Sector Efficiency Strengthening Project (PSEP) will help strengthen the institutional capacity of the Ministry of Finance […]

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MCC Sri Lanka Land Compact: Avoid it being a ‘Grant Trap’

Monday, December 2nd, 2019

By Prof. Nimal Gunatilleke Courtesy The Island December 1, 2019, 9:10 pm After the release of the ‘Executive Version’ of the Millennium Challenge Compact, between the United States of America (acting through the Millennium Challenge Corporation) and the Socialist Republic of Sri Lanka (acting through the Ministry of Finance), and its accompanying ‘Constraints Analysis’ document […]

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New government schedules a discussion with the IMF

Friday, November 29th, 2019

Courtesy Hiru News Advisor to the Prime Minister on Economic Affairs Ajith Nivard Cabraal speaking to our news team said the government will make fresh engagements with the International Monetary Fund to implement a growth-oriented economic programme. Commenting on the possible impact of tax reductions on state coffers, he said the government would target a […]

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Event Update – Changes in Taxes and Levies

Thursday, November 28th, 2019

Sri Lanka Economy CT CLSA Government co-media spokesperson Dr. Bandula Gunawardena stated that certain changes have been made to taxes during the first Cabinet meeting today. Changes as below  Reduce VAT from current 15% to 8% w.e.f 01 Dec 2019 – VAT on Financial services will remain at 15%  2% NBT removed w.e.f […]

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MAXIMUM RATE OF INCOME TAX REDUCED BY 6%; THE DECISION TO BE TAKEN WITHIN A WEEK ABOUT THE RELIEF TO THE DEBT-RIDDEN

Thursday, November 28th, 2019

Courtesy Hiru News All forms of tax on information and communication technology have been waived. This was announced by joint cabinet spokesman Minister Bandula Gunawardene this afternoon. He further stated that three segments of tax, 6%, 12 % and 18 %, have been reduced for income tax as well.

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Cabinet announces several tax reliefs

Wednesday, November 27th, 2019

Courtesy Ada Derana The Cabinet has given its approval to remove the Nation Building Tax (NBT), Pay As You Earn (PAYE) Tax and Withholding Tax on interests, the Co-Cabinet Spokesperson Bandula Gunawardena said today. He mentioned this during the first press briefing to announce the decisions of the new government’s Cabinet of Ministers, held at […]

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Sri Lankan shares, rupee gain ahead of tax cuts

Wednesday, November 27th, 2019

Courtesy Reuters COLOMBO, Nov 27 (Reuters) – Sri Lankan shares ended higher on Wednesday, helped by gains in beverage and banking shares, while the rupee ended firmer on hopes of tax cuts by the new government. ** After the market closed, Cabinet Spokesman Bandula Gunawardana said the government has decided to reduce value-added tax to […]

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Menstruation Matters here’s why

Wednesday, November 20th, 2019

By Kalani Kumarasinghe Courtesy NewsIn.Asia Colombo, November 20 (Daily Mirror): Over the past weeks, women’s rights were heavily debated as front-runners of the Sri Lankan presidential campaigns pursued the female vote like never before. Sri Lanka had its Presidential election on November 16. The promises the candidates made included free childcare. The ruling party candidate Sajith […]

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Report places most of the blame on CB

Friday, November 8th, 2019

Sandun A Jayasekera Courtesy The Daily Mirror A senior Finance Ministry source said yesterday the Central Bank did not release the report on the forensic audit on the Central Bank bond scam because the report puts the blame for the bond scam on the doorstep of the Central Bank. He said the CB need not […]

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BASL urges govt not to sign MCC … opposes signing on the basis of ‘compelling short-term economic reasons’

Thursday, October 31st, 2019

Courtesy The Island The Bar Association of Sri Lanka (BASL) yesterday urged the UNP government not to go ahead with controversial Millennium Challenge Corporation (MCC) agreement without fully examining the proposed pact. The following is the full text of the letter issued by BASL President Kalinga Indatissa, PC: “The Bar Association of Sri Lanka views […]

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China is helping Sri Lanka out of “debt trap”: envoy

Wednesday, October 30th, 2019

Courtesy NewsIn.Asia Colombo, Oct 30 – China is helping Sri Lanka come out of a debt trap” and has led the island towards development by constructing ports, roads and water conservancy projects that improve people’s livelihood, Chinese Ambassador Cheng Xueyuan, quoted by China’s state owned Xinhua news agency said. Speaking at a dialogue on China-Sri […]

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සියළු ව්‍යාපාර කඩා වැටීමට ලක්වෙලා – හිටපු මහබැංකු අධිපති කබ්රාල්”

Sunday, October 27th, 2019

උපුටා ගැන්ම  හිරු පුවත් ඉහළ ව්‍යාපාරිකයාගේ සිට හඳුන්කූරු නිෂ්පාදකයා දක්වා සියළු ව්‍යාපාර අද වන විට කඩා වැටී ඇති බව හිටපු මහබැංකු අධිපති අජිත් නිවාඞ් කබ්රාල් පවසනවා. ශ්‍රී ලංකා පොදුජන පෙරමුණේ ජනාධිපති ධුර අපේක්ෂක ගෝඨාභය රාජපක්ෂගේ නායකත්වයෙන් යුතු නව ආණ්ඩුවක් යටතේ ජනතාවගෙන් අය කෙරෙන බදු සියයට 20කින් අඩු කරන බවයි පොළොන්නරුව ප්‍රදේශයේ අද පැවති වියත්මඟ සම්මන්ත්‍රණයට […]

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Certain macro factors need to be managed carefully -Cabraal

Monday, October 21st, 2019

Moderated by Rishini Weeraratne Courtesy The Daily Mirror Former Central Bank Governor Ajith Nivard Cabraal responded to a few questions posed to him by viewers during a live interview conducted on Facebook. Here, he spoke about the growth of the economy during his tenure, where it has gone wrong, allegations on bond issues and the […]

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පිටකොටු‌වේ ඇපල් කිලෝව හාරසීයයි එනසාල් දහදාහයි

Sunday, October 20th, 2019

වජිර ලියනගේ උපුටා ගැන්ම  අරුණ පුවත් ලංකාවේ වැඩිම මිලට අලෙවි වන මල කුමක්දැයි ඔබත් ඇසුවහොත් ඔබ ඕකිඩ්, ගාඩිනියා, ලැවැන්ඩර් ආදී විවිධ මල් වර්ග සිහියට නගා ගනු ඇත්තේ නිතැතිනි. එහෙත් ලංකාවේ මිල අධිකම මල ඔය කියන එක කෙහෙල්මලක් නොවේ. ලංකාවේ මිල අධිකම මල සාදික්කා මලය. එය පිටකොටුවේ කුළු බඩු තොග අලෙවිකරුවන් අතර තොග මිල කිලෝවක් රුපියල් […]

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India falls behind Pakistan, Bangladesh, Sri Lanka, Nepal in global hunger index; ranks 102nd among 107 countries

Wednesday, October 16th, 2019

Courtesy Business Today South Asian countries like Pakistan (94), Bangladesh (88), Sri Lanka (66) and Nepal (73) have fared better than India in terms of high-levels of hunger India has ranked 102nd among 107 countries in the Global Hunger Index (GHI). In 2018, India had ranked 55 among 77 nations listed in the GHI. South […]

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Govt to issue 10 year US 500 billion Samurai Bond package

Sunday, October 13th, 2019

Courtesy The Daily Mirror The government is in a move to issue a ten year US 500 billion (600 billion yen) Samurai Bond package to repay foreign loans under the provisions of the Responsible Management Liability Act passed in 2003. Mizuho Securities Company Ltd., SMBC Nikko Securities Inc., and Mitsubishi UFJ Morgan Stanley Securities Co. […]

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Is the PM lying or is he misinformed?

Friday, October 11th, 2019

By Sumanasiri Liyanage Courtesy Ceylon Today In the last two months or so, when the country was edging towards the Presidential Election, Prime Minister, Ranil Wickremesinghe, maybe hoping for United National Party nominations, had begun to talk on the economic performance of his Government. Having followed his speeches in different fora, one may identify the […]

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Yahapalanaya not built anything of lasting value from USD26bn loans: MR

Tuesday, October 1st, 2019

Courtesy LBO Oct 01, 2019 (LBO) – Sri Lanka’s Opposition Leader Mahinda Rajapaksa says that the yahapalana government has not built anything of lasting value or anything that would generate an income from the staggering 26 billion US dollars that they took in the form of foreign currency commercial loans since January 2015. Releasing a […]

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IMF cuts Sri Lanka’s 2019 growth target to 2.7%

Wednesday, September 25th, 2019

Economy COLOMBO, Sept 25 (Reuters) – The International Monetary Fund (IMF) said on Wednesday it has cut its forecast for Sri Lanka’s 2019 economic growth to 2.7% from 3.5% as a political crisis in the last year and Easter attacks weigh on the tourism industry and broader business activity. The IMF forecast is lower than […]

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Industry concerned over increase in cheaper Sri Lanka pepper imports

Monday, September 23rd, 2019

By PK Krishnakumar Courtesy The Economic Times This happened at a time when pepper prices in Sri Lanka crashed to $2,800 from $3,800 per tonne, while the MIP in India was $7,000 per tonne (Rs 500 per kg).  ndia’s spice industry has raised concerns over increase in black pepper imports from Sri Lanka since August […]

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රාජ්‍ය සේවක වැටුප් ගෙවීමට මුදල් නොමැති බව මන්ත්‍රී විජේදාස කියයි

Thursday, September 12th, 2019

උපුටා ගැන්ම  හිරු පුවත් රාජ්‍ය සේවකයන්ගේ වැටුප් ගෙවීමට මුදල් නොමැතිවීම හේතුවෙන් ආණ්ඩුව මහා භාණ්ඩාගාරය හරහා විදුලි සංදේශ නියාමන කොමිසමෙන් රුපියල් බිලියන 10 ක ණයක් ඉල්ලා ඇති බව පාර්ලිමේන්තු මන්ත්‍රී විජේදාස රාජපක්ෂ පවසනවා. මන්ත්‍රීවරයා මෙම අදහස් පළ කළේ කොළඹ අද පැවති මාධ්‍ය හමුවකදීයි.

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මහ බැංකුවේ අධිපතිවරයාට ඇති කාර්යභාරය අගමැතිවරයා සිදු කරනවා – හිටපු මහ බැංකු අධිපති

Wednesday, August 28th, 2019

උපුටා ගැන්ම  හිරු පුවත් මහ බැංකුවේ අධිපතිවරයාට ඇති කාර්යභාරය අගමැතිවරයා විසින් සිදුකිරීම හේතුවෙන් මහ බැංකු අධිපතිවරයා මේ වනවිට අසරණ තත්ත්වයට පත්ව ඇති බව හිටපු මහ බැංකු අධිපති අජිත් නිවාඩ් කබ්රාල් මහතා පවසනවා අද පැවති ප්‍රවෘත්ති සාකච්ඡාවකදී ඔහු මේ බව සඳහන් කළා.

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මහ බැංකුවේ කබ්රාල් යුගය

Thursday, August 22nd, 2019

ශ්‍යාම් නුවන් ගනේවත්ත  උපුටා ගැන්ම දිවයින මහ බැංකුව වූ කලී රටේ මුල්‍ය ප‍්‍රතිපත්තිය ක‍්‍රියාත්මක කරන මුළු මහත් ආර්ථිකයටම දැවැන්ත බලපෑමක් කළ හැකි ආයතනයකි. එය ශ‍්‍රී ලංකාවේ මූල්‍ය පද්ධතියේ කේන්ද්‍රීය ස්ථානය උසුලනු ලබන ආයතනයයි. 1950 වර්ෂයේ දී 1949 අංක 58 දරන මුදල් නීති පනත මගින් අර්ධ ස්වාධීන ආයතනයක් ලෙස මහ බැංකුව පිහිටුවා ඇති අතර සාමාජිකයන් පස් […]

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IMF’s latest victims

Tuesday, August 20th, 2019

By Jayati Ghosh Courtesy Ceylon Today The process of selecting the International Monetary Fund’s next Managing Director must change. In particular, the tradition of choosing a European for the post – based on an unfair and anachronistic ‘gentlemen’s agreement’ reached with the United States when the institution was established 75 years ago – needs to […]

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Sri Lanka shares gain after wartime defense chief launches presidential bid

Tuesday, August 13th, 2019

Courtesy London South East COLOMBO, Aug 13 (Reuters) – Sri Lankan shares closed marginally higher on Tuesday, easing from early gains of 1.2%, after the main opposition party named a hardline former defence chief as presidential candidate, seeking to capitalise on public clamour for a decisive leader. ** The rupee ended slightly weaker on importer […]

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