President Mahinda Rajapaksa who is also the country’s Finance Minister has declared Sri Lanka’s four main ports, Colombo, Hambantota, Trincomalee and Galle as ‘Free Ports’.
Similar to the banking industry embracing capital adequacy requirements under BASEL regulations, Sri Lanka’s insurance industry too is currently working towards a Risk-Based Capital (RBC) model and is set to become the next country in Asia to fully embrace the regulatory requirement, according to an international insurance professional.
Authorities must continue to take steps towards securing GSP+ facilities to Sri Lanka in order to re-energize the country’s export sector, according to outgoing Exporters Association of Sri Lanka (EASL) Chairperson, Dawn Austin.
New green power initiatives could reduce Sri Lanka’s greenhouse gas emissions by almost 20 percent by 2020, Sri Lanka’s Industry and Commerce Minister stated, referring to the Asian Development Bank’s (ADB) latest assessment on carbon footprint.
Sri Lanka will find it extremely difficult to maintain the public expenditure target of 6 percent of the gross domestic product (GDP) going forward amid revenue side pressures
Inadequate auditing and fiscal discipline in public sector enterprises has left large sums of state funds unaccounted for, according to the findings of the Committee on Public Enterprises (COPE).
The Monetary Board of t he Central Bank (CB) yesterday decided to keep the current monetary policy on hold leaving the repurchase rate and the reverse repurchase rate at 7 percent and 9 percent, respectively.
Magampura Mahinda Rajapaksa Port (MMRP) in Hambantota has received only 24 vessels in total during the years 2011 and 2012, the latest Committee on Public Enterprises (COPE) Annual Report disclosed.
Morocco has shown keen interest to boost trade and industrial cooperation with Sri Lanka.
Lanka Pay, Sri Lanka’s first Common ATM Switch connecting Bank of Ceylon and People’s Bank ATM networks was launched yesterday.
The extremely low level of unemployment and the single digit poverty in Sri Lanka have been achieved not due to a real transformation of the economy but as a result of higher temporary migration and the ever bloating public sector, a top economist in the country said.
Sri Lanka crossed 512,281 tourist arrivals in the first half of 2013 (1H13) edging closer to the targeted 1.25 million arrivals by the end of this year.
Nearly two months into a policy rate cut in May, the Central Bank Governor, Ajith Nivard Cabraal has signaled again another round of monetary easing in September or October, a decision that appears to be dependent on inflation expectations.
Registrations of reconditioned vehicles in Sri Lanka continued to recover parallel to a decline in brand new registrations during the month of June.
The imposition of the value-added tax (VAT) net has eroded the margins of wholesale and retail businesses in the country and the impact has now begun to be felt through the value chains as the producers too have had to bear some of the impact, Mirror Business observes.
The restrictions on land ownership by foreigners brought in by the government this February has disturbed the country’s industrialists the most, as fears of such restrictions would hamper foreign investments in the manufacturing sector, according to Sri Lanka’s apex industrial body.
The International Monetary Fund (IMF) yesterday cautioned the government of the changing debt dynamics, which could have unfavourable repercussions in the years to come and called for immediate fiscal adjustments.
The European Chamber of Commerce of Sri Lanka (ECCSL) recently launched the European Union-Sri Lanka (EUSL) Investor Dialogue, to identify barriers and constraints faced by the European investors in Sri Lanka and find solutions to these issues.
The Sri Lankan rupee edged down to a near eight-month low in early trade yesterday as the Central Bank asked banks not to buy dollars beyond 130.60 with the local currency remaining under pressure on concerns of further foreign outflows.
Prolonged heavy showers and strong gale force winds have drastically impacted tea production with some estates having recorded only 40 percent of their estimated average yield in the past two months, Planters' Association said in a statement.
Overtaking China, Japan became the single largest development finance provider to Sri Lanka during the first four months.
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