IMF upgrades Sri Lanka’s 2014 economic growth to 7.0 percent

The International Monetary Fund (IMF) has upgraded Sri Lanka’s economic growth forecast for 2014 to 7.0 percent in its latest regional outlook for the Asia Pacific region. Its earlier forecast in December was 6.5 percent.

(0)Comments | May 6, 2014 9:42 am

China poised to pass US as world’s leading economic power this year

The US is on the brink of losing its status as the world’s largest economy, and is likely to slip behind China this year, sooner than widely anticipated, according to the world’s leading statistical agencies. The US has been the global leader since overtaking the UK in 1872. Most economists previously thought China would pull…

(0)Comments | April 30, 2014 7:43 am

Signs of more ‘power’ for electric vehicles through next budget

The government is considering providing more concessions to the import of fully electrically operated vehicles with a view to drastically reducing fuel imports to Sri Lanka, says the Sri Lanka Vehicle Importers’ Association. The Association’s secretary Keerthi Gunawardene told AdaderanaBiz that they have high expectations that this step would be taken following their recent request…

(0)Comments | April 29, 2014 7:01 am

EPF’s profits in the five years 2009 to 2013 exceed Rs. 558 billion, says Central Bank

The Employees Provident Fund (EPF) regrets the attempts of certain persons to mislead the general public and its members by erroneous and sometimes mischievous media reports to gain political or other mileage, says the Central Bank of Sri Lanka in a media statement. It states: The Employees’ Provident Fund (EPF) wishes to state that some…

(0)Comments | April 23, 2014 4:34 am

How does government face decrease in revenue?

When taken as a percentage of the Gross Domestic Product (GDP) the government’s revenue last year has shown a decrease compared to 2012. While the government revenue has been 13.9 percent of the GDP in 2012, it has decreased to 13.1 percent last year. This has been due to the decrease in revenue of government…

(0)Comments | April 17, 2014 9:20 am

Gold loan crisis hits personal loans too

Banks in Sri Lanka reduced their loans provided with gold as security since they faced a huge crisis due to the continued decrease in gold prices in the world market. The main reason for the country’s banking system reducing its loans to the private sector last year is the decrease in providing gold loans, says…

(0)Comments | April 17, 2014 5:36 am

Monorail timely necessity even if initial cost high – Central Bank

It was reported earlier that the government’s attention has been drawn towards establishing a Monorail service or a train plying on a single rail as a solution to eliminating the traffic congestion in the city of Colombo. Now, the Central Bank of Sri Lanka (CBSL) too has revealed the necessity of such a rail service….

(0)Comments | April 12, 2014 8:19 am

Lower fares derail CGR

The operational loss incurred by the Sri Lanka Railways Department or CGR last year has hugely increased when compared to 2012. While the CGR had incurred an operational loss of Rs. 5.2 billion in 2013, in 2012 it had recorded a loss of Rs. 3.8 billion only. Though there had been an increase in passengers…

(0)Comments | April 11, 2014 5:24 am

Increase of Sri Lanka’s per capita income faster than expected: Treasury Secretary

Sri Lanka will able to achieve its target of a per capita income of USD 4,000 by 2016 faster than planned and that the planned target could be increased to USD 5,000, says the Finance Ministry secretary. Finance Ministry Secretary Dr. P.B. Jayasundera revealed this while addressing a ceremony to release the Central Bank’s 2013…

(0)Comments | April 8, 2014 10:48 am

Highest demand for Sri Lanka’s international bond from the US

There has been an eight fold demand for the five year international bonds sold by Sri Lanka to collect USD 500 million while its yield has been fixed at 5.125 percent. The bonds sold by Sri Lanka to collect USD 01 million had a yield of 6.0 percent. Among those who have purchased the international…

(0)Comments | April 8, 2014 5:28 am

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