All Stories in Economic

Sri Lanka’s growth to be lowest among key South Asian nations

Sri Lanka’s growth to be lowest among key South Asian nations

Sri Lanka’s economy is expected to grow 4.6 percent this year, but the growth is said to be low compared to other key South Asian countries, a latest World Bank forecast, quoted by a local media report said here Wednesday. The estimated 4.6 percent growth …

Why Sri Lanka needs to boost its ailing private sector

Why Sri Lanka needs to boost its ailing private sector

Sri Lanka experienced strong growth at the end of its 26-year conflict. This was to be expected as post-war reconstruction tends to bring new hope and energy to a country. And Sri Lanka has done well—5 percent growth is nothing to scoff at. However, Sri …

IMF urges Government to implement structural reforms

IMF urges Government to implement structural reforms

A staff team from the International Monetary Fund (IMF) led by Jaewoo Lee visited Colombo during September 18-29, 2017 to hold discussions on the third review of the Sri Lankan authorities’ economic program that is being supported by a three-year Extended Fund Facility (EFF) . …

Implications of new Inland Revenue Act

Implications of new Inland Revenue Act

By Nisha Arunatilake and Priyanka Jayawardena:        Earlier this month, the Parliament passed a new Inland Revenue Act, effective from 1 April 2018. How will the new tax regime affect the tax revenue and what will be the tax burden on Sri Lankan …

Disaster Resilience, Environment Protection Are Critical to Sri Lanka’s Economy

Disaster Resilience, Environment Protection Are Critical to Sri Lanka’s Economy

In response to public interest, the World Bank in Sri Lanka chose to host a dialogue, offering an opportunity for anyone to meet the World Bank team and directly ask questions related to environment protection, disaster risk management and the economy. In fact, the engagement …

Banking system outlook negative

Banking system outlook negative

Moody’s Investors Service says that the outlook for Sri Lanka’s banking system is negative, with both asset quality and profitability under pressure. “The economy will only see a modest growth rebound as the government’s fiscal constraints continue to limit public investment and private spending, despite …

Bank of China to open branch in Port City

Bank of China to open branch in Port City

Bank of China, one of the biggest state owned commercial banks in China will open its first branch in Colombo this year in the presently constructed 1.4 billion dollar Port City, China’s Ambassador to Sri Lanka, Yi Xianliang said. The Bank would bring in an …

Supreme court shoots down tax reforms

Supreme court shoots down tax reforms

Sri Lanka’s Supreme Court has effectively shot down a sweeping overhaul of the island’s tax system, calling the proposed legislation unconstitutional, the country’s parliament speaker told lawmakers on Friday. Last month Sri Lanka tabled the Inland Revenue bill to widen the tax net and give …

Trade in Renminbi to expand trade

Trade in Renminbi to expand trade

China, on Monday requested Sri Lanka to directly use the Chinese currency renminbi, rather than the US dollar, in trading between the two countries. Chinas Ambassador to Sri Lanka, Yi Xianliang, speaking at the China Sri Lanka Infrastructure Investment Cooperation Forum in Colombo said Chinese …

Port deal to boost FOREX, attract more investments

Port deal to boost FOREX, attract more investments

China’s deal with Sri Lanka to acquire a 70 percent stake to develop the Hambantota Port in southern Sri Lanka for 1.12 billion US dollars will boost Sri Lanka’s foreign-exchange reserves and help bolster investor confidence, an international rating agency said Monday. Moody’s, in its …