The monies that are expected from the sale of national assets belonging to the Sri Lankan people will be collected in a separate account maintained at the Central Bank and the proceeds will only be utilized to repay the mounting foreign debt, the country’s Central Bank said.
People queue in front of the money changer at the financial district in Singapore. The pound plunged almost two percent yesterday as Prime Minister Theresa May looked set to lose her majority in Britain’s general election, fuelling political uncertainty just days before the start of Brexit talks. (AFP)
While remaining positive about Sri Lanka’s growth prospects, Fitch Ratings yesterday said continued progress in fiscal policy and increased foreign direct investment (FDI) would be crucial for Sri Lanka to move up the ratings ladder.
South Asia may have to retrace its steps and make fresh attempts at regional economic and security integration to fill the vacuum stemming from the isolationist policy of the US led by President Donald Trump and an increasingly interventionist China, experts opined.
Global hospitality giant Hilton yesterday signed a 20-year management agreement with KDU Group, a local family-owned tea manufacturer, to manage KDU’s first hotel property, worth Rs.6 billion, situated in Weerawila, Hambantota under the upscale ‘DoubleTree by Hilton’ brand.
The appointment of Dr.Parakrama Dissanayake was made by Ports and Shipping Minister Mahinda Samarasinghe, fulfilling a long awaited requirement of SLPA to have a professionally qualified personality as the institution’s Chairman.
A man holds a bus stop post on a flooded road as he waits for a military vehicle to go to a town, in the Bulathsinhala village, in Kalutara. The death toll due to inclement weather had reached 177 at the time this paper went to print and the number of people affected had topped half a million (Reuters)
The industry association of the microfinance practitioners, Lanka Microfinance Practitioner’s Association (LMFPA), last week sought the assistance of policy makers and regulator to create a sustainable microfinance industry in the country.
Sri Lanka’s unit trust industry has seen a massive withdrawal of funds during the first three months of the year with deeper erosion of assets taking place during March, the final month before the new taxes may come into effect.
The appointment of Mangala Samaraweera as the country’s Finance Minister yesterday drew positive responses from the private sector, which insisted that he should continue the reform process that has already been set in motion.
The UAE-based retail and leisure giant LuLu Group is planning to invest heavily in Sri Lanka in the future, officials said yesterday when the group entered Sri Lanka by opening a US $ 8 million food packaging facility in the Katunayake Export Processing Zone to supply LuLu operations worldwide.
Sri Lanka must start diversifying its exports portfolio immediately to make use of the handful of years the country will remain eligible for the European Union’s Generalized System of Preferences Plus (GSP Plus) preferential duty programme, EU diplomats in Colombo said yesterday.
A visiting US Congress member has given thumbs up for the economic achievements of the ‘good governance’ administration as a Finance Ministry statement quoted Congressman Bill Johnson as saying that Sri Lanka has achieved economic stability during the last two years.
The government yesterday announced a new investor incentive scheme with an enhanced depreciation allowance, an amount that can be taken off a business’ profit figure when calculating tax, to spur the sluggish investment climate prevailing in the country.
In an interesting twist to the investigations into the alleged scamming of the monies in the country’s biggest pension fund, the Central Bank this week said it would appoint an external inquiry panel headed by an ex-judge to probe the allegations levelled against the bank’s own officers before handing over the case to the law enforcement officers.
Canada issues travel advisory over serious risk in Arugam Bay
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Russian embassy urges citizens to stay vigilant in Arugam Bay
US Embassy issues travel warning for Arugam Bay
in Dept. of Geology remain unassessed since 1964
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Travel restriction US Embassy closely cooperates with SL authorities
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