Front Page,TOP STORY

Govt. told foreign investors seek policy consistency, stability

Views - 813 Friday, 13 July 2018 00:00

As Sri Lanka looks to position itself as an attractive foreign direct investment (FDI) and trade destination in its pursuit

Performance-Based Budgeting system for 2019

Views - 1530 Thursday, 12 July 2018 01:04

The Cabinet this week gave approval to prepare the 2019 National Budget under the medium term fiscal frame work (MTFF) by adopting a Performance-Based Budgeting (PBB) approach, with aims of increasing the Government revenue to 17% of GDP by 2021, Cab

CIFC laws before Cabinet in two months: PM

Views - 974 Wednesday, 11 July 2018 00:00

The Colombo International Financial City (CIFC) project is expected to take a step forward in the next two months when

Govt. gets aggressive on ports as pivot

Views - 1544 Tuesday, 10 July 2018 00:32

By Nisthar Cassim Hot on the heels of concluding the landmark revamp of Hambantota Port, the Government is unleashing a slew of initiatives to develop the rest of the Ports in the country as a pivot to strengthen the island’s hub status and boost t

CB downgrades 2018 growth rate

Views - 1232 Monday, 9 July 2018 00:27

Moderate first quarter performance has prompted the Central Bank to revise down the growth target for 2018 to 4%-4.5% from an initial forecast of 4.5%-5% with its Chief Dr. Indrajit Coomaraswamy cautioning against reducing interest rates to spur grow

CB holds rates steady

Views - 509 Saturday, 7 July 2018 01:51

The Central Bank yesterday decided to keep policy rates steady on low inflation and moderate first quarter growth numbers, but said it would remain vigilant of global market developments and possible spillover effects, while continuing to closely mon

SOE heads told to shape up

Views - 751 Friday, 6 July 2018 00:00

State-Owned Enterprises (SOEs) must mend their loss-making ways by improving governance to meet the growth demands

Govt. won’t delay PC polls: PM

Views - 473 Thursday, 5 July 2018 00:39

By Skandha Gunasekara The Government had no interest in delaying Provincial Council Elections, Prime Minister Ranil Wickremesinghe told Parliament yesterday. The Prime Minister made this statement in response to a question posed by Joint Opposition M

SL to grow 4.8%: UNESCAP

Views - 812 Wednesday, 4 July 2018 00:00

Sri Lanka is expected to grow at 4.8% in 2018, the United Nations Economic and Social Commission for Asia and the Pacific

CIABOC calls on biz to fight bribery

Views - 552 Tuesday, 3 July 2018 00:07

By Uditha Jayasinghe If the private sector is serious about stamping out bribery, it must step up and cooperate with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), its top official said yesterday, calling on companies to

Clarion call for tax holidays for new investments

Views - 1405 Monday, 2 July 2018 00:39

Lobbying by the private sector for the Government to reintroduce straightforward tax holidays as a key impetus to kick-start much-needed investments both foreign and local is gathering momentum ahead of preparation for the 2019 Budget with many viewi

Trade deficit widens in April as exports stay flat: CB

Views - 471 Saturday, 30 June 2018 00:50

Sri Lanka’s trade deficit widened in April on a sharp increase of imports, driven largely on increases in vehicle imports and unchanged export revenue but reserves hit a historic high of $ 9.9 billion, the Central Bank said in its latest External P

SL stable but reforms crucial: WB

Views - 853 Friday, 29 June 2018 00:33

Sri Lanka’s economic outlook remains stable with 4.3% growth expected in the medium term, the World Bank said yesterday, but warned that this would only be possible if the Government remains committed to its reform

Govt. to release Rs. 10 b development finance: PM

Views - 1027 Thursday, 28 June 2018 00:00

The Government plans to release Rs. 10 billion in development finance to the private sector, particularly targeted at large-scale companies willing to expand their businesses overseas and improve competitiveness, an upbeat Prime Minister Ranil Wickre

AIIB assistance for slew of projects

Views - 382 Wednesday, 27 June 2018 00:20

The Sri Lankan Government has sought financial assistance from the China-backed Asian Infrastructure Investment Bank (AIIB) for disaster mitigation, waste management and the construction of low-income households for 50,000 families, the Finance Minis

SL must synergise for growth: CB Chief

Views - 864 Tuesday, 26 June 2018 01:24

The Government must synergise macroeconomic stabilisation with its thus far sluggish structural reforms to foster growth, the Central Bank Governor said yesterday, warning Sri Lanka faces deep challenges if it triggers a future Balance of Payments cr

Importers appeal for swifter Customs law

Views - 443 Monday, 25 June 2018 00:00

Fast-tracking new Customs legislation, greater stakeholder engagement and speedier implementation of Government policy is imperative for Sri Lanka’s economy to adapt to an increasingly challenging environment, a top official said recently.

‘Enterprise Sri Lanka’ for new growth era

Views - 1785 Saturday, 23 June 2018 00:10

President Maithripala Sirisena yesterday called on State banks to focus on providing affordable financing to entrepreneurs, pointing out that generating colossal profits alone was insufficient to promote the welfare of the country.

H’tota Port rides high on investment tides

Views - 1345 Friday, 22 June 2018 00:00

As China Merchant Port Holdings Ltd. (CM Port) completes the final tranche of payment for the Hambantota

IMF backs exchange rate float

Views - 1183 Thursday, 21 June 2018 00:00

The International Monetary Fund (IMF) yesterday backed a floating exchange rate, terming it as the “first line of defence” to protect Sri Lanka against external shocks, and called for enhanced implementation of structural reforms to speed up slug

Mangala revises health sector tax

Views - 964 Wednesday, 20 June 2018 00:00

Finance Minister Mangala Samaraweera yesterday announced broad revisions of health sector taxes including the removal of 15%

SL grows by 3.2% in 1Q

Views - 783 Tuesday, 19 June 2018 00:00

Sri Lanka grew by 3.2% year on year in the first quarter of 2018, slowing marginally from 3.5% expansion seen in the fourth quarter of 2017, the Census and Statistics Department said yesterday. The Gross Domestic Product (GDP) calculation, which use

Procurement guidelines target transparency

Views - 894 Monday, 18 June 2018 00:00

In an effort to bring unprecedented transparency and accountability to the Government procurement system, the National Procurement Commission is pushing to have the newly gazetted guidelines before Parliament by August.

President tells NEC to protect local biz

Views - 1055 Friday, 15 June 2018 00:25

Responding to concerns from local companies President Maithripala Sirisena has instructed the National Economic Council (NEC) to protect local industrialists when making Government policy decisions including tax changes, access to credit facilities a

Government to check cost overruns in mega projects

Views - 754 Thursday, 14 June 2018 00:03

The Government has decided to set up a special Cost Estimate Review Committee, in a bid to avoid cost overruns and discrepancies in Total Cost Estimates (TCE) and actual cost in infrastructure projects. The Committee is expected to review TCE and co

SL- Finland sign 5 MoUs

Views - 572 Wednesday, 13 June 2018 09:10

Five Memorandums of Understanding (MoUs) on education, digitisation, health and energy were signed yesterday between the Sri Lankan Government and its Finnish counterpart as well as the private sectors of the two countries. Economic Affairs and De

SL must join ASEAN party: Malik

Views - 702 Tuesday, 12 June 2018 00:52

By Uditha Jayasinghe Sri Lanka’s private sector should move swiftly to tap ASEAN investment and export opportunities, International Trade and Development Strategies Minister Malik Samarawickrama said yesterday, calling on companies to move out o

Finnish fillip for Sri Lanka

Views - 441 Monday, 11 June 2018 00:25

Sri Lanka-Finland ties will get a big boost this week with a top delegation from Helsinki in town committed to extending

CMPort remits $ 585 m new cash despite Hambantota undercurrents

Views - 1544 Saturday, 9 June 2018 00:10

The money for the latest tranche of lease payment for the Hambantota Port from the China Merchants Port Holdings Company (CMPort) reached the Sri Lankan banking system this week even though the Public Private Partnership (PPP) initiative is facing so

New regulations for microfinance: Mangala

Views - 1501 Friday, 8 June 2018 00:00

The Government has decided to absorb the interest of microfinance loans less than Rs. 150, 000 extended by errant microfinance companies

Today's Columnists

The rate of exchange, capital flight and the Central Bank

Friday, 21 September 2018

The Central Bank (CBSL) exists for the sole purpose of price stability. Its controls on the financial system and monetary policy exist to maintain price stability. As put forth many times by the Governor, the failing of the CBSL to control inflation

Red flag over the Sri Lankan Navy

Friday, 21 September 2018

Shocking story Rusiripala, a former banker in Sri Lanka, who has taken to writing in Daily FT, is perturbed by the red flag I have raised (Daily FT article 18 September) over the shocking charge that our Navy had operated a ransom gang that had abduc

The bald truth about fake news, etc.

Friday, 21 September 2018

In its most innocent forms, we may all enjoy a bit of ‘fake news’ and go to bed with a lighter heart and clean conscience. A meme on Facebook urging social media consumers to caution – “You can’t believe everything you read on the internet

Withholding Taxes – What, why, when?

Thursday, 20 September 2018

The tax regime in Sri Lanka historically imposes WHT on both domestic as well as cross border payments. WHT on domestic payments eases revenue collection (e.g.: PAYE) while WHT on cross border payments are adopted by most countries to ensure that the

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