All Stories in Economic

Hambantota port to Chinese firm

Hambantota port to Chinese firm

Sri Lanka will sell to a Chinese company 80 percent of a $1.5-billion port in its south, where China has also been offered an investment zone, in a bid to …

Shares edge up in dull trade ahead of budget

Shares edge up in dull trade ahead of budget

Sri Lankan shares ended slightly firmer on Thursday, hovering near a 12-week closing low hit earlier in the week, in thin trade as investors awaited cues from the government budget and five-year plan as well as corporate earnings. Prime Minister Ranil Wickremesinghe issued an economic …

Rs 4bn for Golden Key depositors

Rs 4bn for Golden Key depositors

Sri Lanka’s cabinet has approved a proposal to release an advance of 4.05 billion rupees to the Central Bank in order to pay the eligible depositors of Golden Key Credit Card Company. According to the repayment plan for the security deposit holders of Golden Key …

Indian Foreign Secretary discusses economic collaboration

Indian Foreign Secretary discusses economic collaboration

Foreign Secretary S. Jaishankar called on President Maithripala Sirisena on Sunday morning and discussed potential Indo-Lanka partnerships in areas such as transport, energy and infrastructure. Mr. Jaishankar, here on an economic diplomacy initiative, is accompanied by an official delegation of top officials from public sector …

Asia-Pacific shares edge up on Clinton win

Asia-Pacific shares edge up on Clinton win

Investors and traders in Asia indicated on Monday they are mostly increasing their bets on Democratic nominee Hillary Clinton winning the U.S. presidential race after the second of three debates …

IMF funding pledge offers significant support for economic reform agenda

IMF funding pledge offers significant support for economic reform agenda

Sri Lanka is poised to escalate economic propulsion and uplift investor opportunities in the coming months, supported by a substantial phased loan from the International Monetary Fund (IMF). The IMF’s Executive Board approved the three year lending arrangement under the Extended Fund Facility (EFF) in …

Imperative for Sri Lanka to expedite high priority structural reforms

Imperative for Sri Lanka to expedite high priority structural reforms

Sri Lanka’s economic growth is projected to grow at 5.0 percent in 2017, up from 4.8 percent 2016 and driven by increased private consumption and postponed investment in 2015. It is imperative for Sri Lanka to expedite high priority structural reforms to increase competitiveness, improve …

Government doesn’t know how much it owes

Government doesn’t know how much it owes

Trying to develop its infrastructure to increase its economic potential has plunged Sri Lanka deep into a pit of debt, pushing the country to the brink of bankruptcy and prompting an IMF bailout. The official estimate of what Sri Lanka currently owes its financiers is …

Government opens itself to be cheated

Government opens itself to be cheated

Government opens itself to be cheated from collecting legitimate revenue by unscrupulous traders because of the introduction of the deemed VAT input clause in the proposed VAT hike Bill. Cheating the government is cheating the ordinary people of the country. Nonetheless, deemed VAT from other …

Central Bank holds key policy interest rates

Central Bank holds key policy interest rates

Sri Lanka’s central bank held its key policy interest rates steady on Wednesday, a widely expected decision that analysts say suggested policy makers were keen to support a slowing economy even as they kept a tight leash on rampant credit growth. The Central Bank of …