Tourism triumph in the works for 2020

Views - 12 Friday, 24 January 2020 00:00

By Charumini de Silva Emboldened by its potential Sri Lanka Tourism is optimistic of pursuing an ambitious target, doubling their 2019 numbers to four million arrivals and accelerating revenue from $ 3.5 billion last year to $ 5 billion in 2020 to sp

Lawmakers say parts of CB forensic audit missing

Views - 1070 Thursday, 23 January 2020 02:38

Lawmakers yesterday called on the Speaker to ensure all details of the Central Bank’s forensic audit reports are released, after some sections and annexures were found missing in the CD distributed to parliamentarians. Lawmakers from both sides, b

Speaker approves release of forensic audit reports

Views - 616 Wednesday, 22 January 2020 02:48

Speaker Karu Jayasuriya yesterday approved the tabling of forensic audit reports on bond transactions of the Central Bank of Sri Lanka (CBSL), arguing that the release of the documents would not impact investigations or legal proceedings. Justifying

PM assures boost for stock market

Views - 1777 Tuesday, 21 January 2020 00:00

Prime Minister Mahinda Rajapaksa yesterday assured stockbrokers that the Government would prioritise the development of the stock market to improve attracting investment to the country. During a meeting with the members of the Colombo Stock Brokers

Govt. goes full throttle on Strategic Development Projects Act

Views - 4158 Monday, 20 January 2020 04:16

The Government is to fully implement the Strategic Development Projects Act (SPDA) with immediate effect, the use of which was restricted under the previous Government, in a bid to attract international investors. Cabinet approval was given last week

Anuradhapura hoteliers fear bankruptcy by May

Views - 2562 Saturday, 18 January 2020 00:02

Anuradhapura Hotels Association said 26 tourist hotels in the area are at risk of bankruptcy by May, as the industry counted rising losses after the ancient city was removed from the tourist map in the aftermath of the Easter Sunday attacks, and for

Fresh storm in teacup

Views - 3359 Friday, 17 January 2020 00:00

President Gotabaya Rajapaksa has created a fresh storm in a teacup with his directive to hike estate worker wages by 17% to Rs. 1,000 from March whilst a Collective Agreement is in place and with the plantations companies, already in crisis, saying t

Cabinet approves debt relief package to boost economy via SMEs

Views - 1076 Thursday, 16 January 2020 02:21

Cabinet this week approved the substantial debt relief package to boost the economy via SMEs, with licensed commercial banks and licensed specialised banks issued with guidelines on giving effect to the proposed scheme. Cabinet spokesman Minister Ban

SL, China commit to strengthen ties

Views - 424 Wednesday, 15 January 2020 00:32

Sri Lanka and China yesterday committed to strengthen bilateral ties reaffirming cooperation for mutual benefit. “Sri Lanka is a small country. Fortunately or not, it is geographically placed in a most strategic location.

Stimulus could add to perilous public finances: Dr. Sally

Views - 2862 Tuesday, 14 January 2020 00:00

The stimulus packages put in place by the new Government for various sectors are not sustainable, with the extra layer of spending adding to the already perilous state of the country’s public finances, well known economist Dr. Razeen Sally said.

Foreign interest is back; Rs. 22.7 b JKH deal big boost: Marianne Page

Views - 7153 Monday, 13 January 2020 08:05

Foreign investor interest is back in Sri Lanka and last week’s mega deal worth Rs. 22.7 billion on premier blue chip John Keells Holdings (JKH) is being flagged off as a big boost.

Govt. enhances debt relief package for SMEs

Views - 2888 Friday, 10 January 2020 00:00

The Government yesterday unveiled additional support measures to the already announced debt relief package to fast-track the revival of the economy via the critical small and medium-sized enterprises (SMEs) sector. Development Banks and Loan Schemes

Dinesh says economy to be further strengthened ahead of polls

Views - 630 Thursday, 9 January 2020 01:58

The Government will face the upcoming General Election after further strengthening the economy, by delivering on the promises made by President Gotabaya Rajapaksa in his election manifesto, Foreign Relations and Skills Development, Employment and Lab

Ishara shuns ‘richest man’ tag; says ‘accolade, but not goal’

Views - 8992 Wednesday, 8 January 2020 00:00

With business circles abuzz with news of the biggest corporate Sri Lankan deal worth Rs. 110 billion, it is being said that LOLC Group Deputy Chairman Ishara Nanayakkara is the richest man in Sri Lanka, a tag he told the Daily FT prefers to shun. On

Economy at crossroads; reforms key to leapfrog: CB

Views - 1437 Tuesday, 7 January 2020 01:27

Central Bank yesterday declared the economy is at a crossroads and could leapfrog despite challenges if reforms and right policies are pursued. Launching the 2020 Road Map Central Bank’s new Governor Prof. W.D. Lakshman clarified that though decade

Cabraal calls for swift punishment of bond scammers

Views - 1291 Monday, 6 January 2020 01:13

Senior Economic Advisor to the Prime Minister and former Governor of the Central Bank Ajith Nivard Cabraal on Friday renewed his condemnation of the bond scam, making widespread revelations as well as listing measures that the new Government could ta

President outlines policy path for a developed Sri Lanka

Views - 2493 Saturday, 4 January 2020 00:10

Giving a taste of what awaits Sri Lanka in the next five years, President Gotabaya Rajapaksa yesterday outlined core policies of his Government, centring on significant changes to develop Sri Lanka’s economy, including revamping the public sector,

Rs. 2 trillion debt challenge in 2020

Views - 1860 Friday, 3 January 2020 00:00

Sri Lanka has to repay an estimated Rs. 2 trillion in public debt in 2020, with about half that amount made up of foreign repayments, but the Government yesterday emphasised it was confident of turning around growth, and already has plans in the pipe

Govt. to extend gratis visa scheme till 30 April

Views - 1189 Thursday, 2 January 2020 03:45

By Charumini de Silva Tourism Minister Prasanna Ranatunga yesterday confirmed that the Government is in the process of drafting a Cabinet proposal to extend the fee-free visa regime till 30 April. The three-month gratis visa scheme will be extended o

Private Member’s Bill to bring Defence Ministry under President

Views - 2946 Wednesday, 1 January 2020 00:00

A Private Member’s Bill to enable the President to hold the Ministry of Defence and any other ministries will be introduced to Parliament by MP Wijeyadasa Rajapakshe shortly. The 22nd Amendment to the Constitution has been published in the Gazette

Tourism wants gratis visa scheme to continue

Views - 1456 Tuesday, 31 December 2019 02:41

By Charumini de Silva The tourism industry is urging the continuation of the fee-free visa regime, as it has been helpful for the post-Easter Sunday setback and key for a more complete recovery, whilst any loss of revenue to Government is insignifica

Faster pick-up in private sector credit

Views - 1909 Monday, 30 December 2019 02:06

Signaling an extraordinary change in sentiment, private sector credit growth gathered pace from August to November, accelerating by about 78% to exceed Rs. 149 billion with the last month alone seeing an expansion of Rs. 47 billion.

CB keeps policy rates unchanged

Views - 1292 Saturday, 28 December 2019 00:10

The Central Bank yesterday said it would keep policy rates unchanged to contain inflation, especially given recent price increases in commodities, but acknowledged its stance could change after President Gotabaya Rajapaksa announces the Government’

Government adds finance companies to SME support

Views - 2963 Friday, 27 December 2019 00:00

By Nisthar Cassim The Government has included finance and leasing companies in the scheme to provide immediate relief to the small and medium enterprises (SMEs), which are the economy’s backbone, by way of freezing capital repayment for one year to

CB rate cut would improve policy congruence: Cabraal

Views - 1729 Wednesday, 25 December 2019 00:01

The Central Bank should consider further easing policy rates when it makes its latest monetary policy decision this week, Advisor to the Prime Minister on Economic Affairs Ajith Nivard Cabraal......

Rs. 28 b for “Sapiri Gamak” program

Views - 1520 Tuesday, 24 December 2019 01:47

The Government has allocated Rs. 28 billion to carry out infrastructure development at the village level countrywide in the New Year, the Finance Ministry said in a statement yesterday. The Rs. 28 billion will be divided up amongst all 14,021 Grama

Banks, SMEs await clarity over moratorium on loans below Rs. 300 million

Views - 2838 Monday, 23 December 2019 02:06

Banks and the Small and Medium Enterprises (SMEs) are awaiting greater clarity over the Government’s announcement late Friday on the moratorium on loans below Rs. 300 million as part of efforts to kick start the economy and relief to the private se

Move to revive SriLankan Airlines takes off once again

Views - 5795 Saturday, 21 December 2019 01:30

The quest to revive the loss making national carrier SriLankan Airlines commenced week with Aviation Services Minister Prasanna Ranatunga directing officials to draft necessary proposals.

Finance Ministry strongly disputes Fitch revision

Views - 1361 Friday, 20 December 2019 04:47

The Finance Ministry yesterday strongly disputed the revision of Sri Lanka’s outlook to negative by Fitch Ratings as hasty, untimely, and unwarranted as the new Government measures were in the best interest to boost the economy and fiscal prudence.

3Q posts 2.7% growth

Views - 780 Thursday, 19 December 2019 02:20

Sri Lanka’s economy grew by 2.7% in the third quarter of 2019, recovering somewhat from the Easter Sunday attacks that slashed the previous quarter growth to a five-year low of 1.6%, and showing stronger expansion in the industry and services segme

Today's Columnists

Research and Development: Is it essential for Sri Lanka?

Thursday, 23 January 2020

Not long ago, on the day of our 71st Independence Day celebrations, the Army for the first time in our history paraded a locally built Multi-Barrel rocket launcher. It was never revealed that the Sri Lanka Army had an R&D wing named Center for Resear

Our heritage is Kandyan law; not Roman Dutch law as Rathana Thero thinks

Thursday, 23 January 2020

There were four bills presented by private members to the Parliament on 8 January (one bill is to be presented) which were already advertised in the gazette. They were to repeal the Kandyan Marriage and Divorce Act No. 44 of 1952; to repeal the Musli

Sri Lanka at tipping point ?

Thursday, 23 January 2020

Let’s accept it, Sri Lanka is in trouble with the economy growing at +2.6%, exports declining for the fifth month in a row to register a marginal +1% growth, tourism declining by -20% and S&P credit rating at B with Negative Outlook, which sure ind

The importance of business incubators for emergence of new businesses

Thursday, 23 January 2020

The new Government is poised to enter an arena in the development of entrepreneurship in the country which most of the developed countries have succeeded at the initial stages as well as in continuous efforts. The appointment of the new chairman and

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