Moody’s Investors Service has placed Sri Lanka among the countries in the world with the largest fall in value of their currencies against the US dollar in 2018, and stressed that the implementation of reforms that address both fiscal and external imbalances will remain key to supporting sovereign credit profile of the country. Moody’s has a ‘B1’, a s
United National Party (UNP) parliamentarian Eran Wickramaratne recently urged Sri Lankan professionals to play an active role in governance to nudge the country into the right direction, stressing that the business of the government is also the business of professionals.
(Colombo) REUTERS: The European Union will consider stripping Sri Lanka of its duty-free access if it backs off commitments on rights, the EU ambassador said, amid worries stoked by the President’s replacing of the elected premier by a wartime nationalist. The European Unio
Assuming duties as the Finance and Economic Affairs Minister yesterday, Prime Minister Mahinda Rajapaksa hinted towards his plans to return Sri Lanka to the inward-looking economy that he had built during his presidency from 2005 to 2014. While acknowledging the important role foreign direct investment could play in Sri Lanka’s economic advancement, Rajapaksa said domestic production and the agriculture sector activities would be actively
International rating agency Moody’s Investors Service yesterday said the political crisis unfolding in Sri Lanka with the sudden appointment of former president Mahinda Rajapaksa in place of Ranil Wickremesinghe is credit negative for the sovereign.
Industry experts say the Colombo bourse is expected to have vibrant activity today, following the sudden and unexpected change in the country’s political landscape, but the majority opined the hype would be short-lived.
The Regional Plantation Companies (RPC) urge estate labour unions to embrace a productivity-based wage model in order to achieve a daily wage above Rs. 1000, which would also boost low productivity levels of RPCs. Addressing a press conference in Colombo yesterday, Planters’ Association (PA) Chairman Sunil Poholiyadde revealed that negotiati
European Union (EU) Ambassador to Sri Lanka and the Maldives Tung-Lai Margue said that the government must give priority to its economic reform agenda and should forge ahead with it, despite the challenges in the country’s political environment.
The Petroleum Resources Development Ministry will call international tenders shortly for a 2,924 square kilometre offshore M2 block in the Mannar Basin to develop the two oil and gas discoveries and for further explorations.
The government is planning to give a further boost to its Enterprise Sri Lanka (ESL) loan scheme and Gamperaliya rapid rural development programme from the 2019 budget, aiming to stimulate the domestic economy in a sustainable manner. Finance and Mass Media Minister Mangala Sama
The government has yet again failed to implement the vast majority of the budget promises, even with an ‘Implementation Unit’, which was supposed to have been established under the Finance and Mass Media Ministry, to specifically track the progress of the budget proposals and report on them.
The government has yet again failed to implement the vast majority of the budget promises, even with an ‘Implementation Unit’ which was supposed to have been established under the Finance and Mass Media Ministry to specifically track the progress of the budget proposals and report on them. With only 8 percent of
The Sri Lankan entrepreneurs lack crucial business skills to take new innovations to the market despite coming up with a large number of innovations and excelling in international competitions, a top academic pointed out. Moratuwa University’s Enterprise Centre for Innovation, Incubation and Entrepreneurship Director Dr. Thusitha Sugathapala said that Sri Lankans have been good at innovating products but however have so far failed in commer
Sri Lanka was recently urged to explore its potential to position the country as a leading arbitration centre in the region, capitalising on the country’s strategic location and political neutrality, which would enhance foreign inflows to the country. “Arbitration could b
Finance and Mass Media Minister Mangala Samaraweera yesterday appealed to the Commonwealth of Nations to redouble the efforts to support smaller nations to mitigate risks arising from increasingly frequent natural disasters in the backdrop of an uncertain global environment marked by trade wars and high energy prices. Addressing the Commonwealth Finan
The price controls slapped on a number of foodstuffs are of limited value despite their popular rhetoric, given the low adherence of traders towards the administered prices and lax enforcement actions by authorities, a recent survey conducted in Colombo and a few of the suburbs, revealed.
A highly successful local entrepreneur who made it to the global stage this week urged Sri Lankans not to become dogs in the manger for fellow Sri Lankans who aspire to progress and turnaround the country’s economy.
The largely uncompetitive local industries and corrupt bureaucrats are exploiting the public perception to delay trade liberalisation and the necessary reforms for their personal gains, as the government and academics have so far failed to engage the public in a policy dialogue to properly communicate the benefits of free trade.
The Ministry of Finance and Mass Media is likely to issue a gazette shortly opening up the less than container load (LCL) business, allowing multi-country consolidation (MCC) and entrepot trade to all players, which is seen as a vital step towards the realisation of Sri Lanka’s aspiration to become a maritime hub in the Indian Ocean.
As the Employees’ Provident Fund (EPF) prepares for its re-entry into the country’s stock market, they would most likely to be “conservative” in their investment approach and invest only in shares of a list that is currently being prepared.
Sri Lanka’s Central Bank is hopeful that the island nation’s US $87 billion economy would grow at least 4 percent this year, despite both International Monetary Fund (IMF) and Asian Development Bank (ADB) revising down their growth forecasts to 3.8 percent recently. Sri Lanka’s eco
Canada issues travel advisory over serious risk in Arugam Bay
More countries issue travel advisories
Sri Lanka Tourism invites global travellers for upcoming season
Russian embassy urges citizens to stay vigilant in Arugam Bay
US Embassy issues travel warning for Arugam Bay
Warning of a terror attack: Govt springs into action on multiple fronts
Indian Intelligence alerts Sri Lanka to potential attack in Arugam Bay
Tourism industry on edge as travel advisories mount
Israelis top tourist arrivals in Arugam Bay, but reduced now