The Central Bank of Sri Lanka (CBSL) has released its Annual Report for 2014 and according to it Sri Lanka’s economic growth rate or Gross Domestic Product (GDP) has risen by 7.4 per cent during the last year. Sri Lanka’s economic growth rate stood at 7.2 per cent during 2013. The CBSL has stated that…
Referring to an allegation by a high-ranking official of Sri Lanka’s Finance Ministry that the interest rates on Chinese loans are high, the spokesperson of the Chinese Chamber of Commerce in Sri Lanka (CCCSL) told Xinhua that the interest rates of Chinese loans are not high. During the past 10 years, at the request of…
The government is preparing to begin the construction work on the Kerawalapitiya to Kadawatha 9.32 kilometre stretch which is the third phase of the Outer Circular Highway connecting the Southern Expressway at Makumbura in Kottawa. The approved civil construction contract for this phase is Rs. 66.6 billion and 95 per cent of this cost would…
The Sri Lanka Credit Information Bureau (CRIB) has issued the most number of credit information reports per month during last March and this shows the rising demand for borrowings, said the CRIB Deputy General Manager. CRIB Deputy General Manager K.A. Janaka Lakmal told www.adaderanabiz.lk that when compared to March 2014, the Bureau has indicated a…
Sri Lankan Entrepreneurs must come forward to guide the Government before detrimental, irrevocable economic agreements are signed 15 years of Indo-Lanka FTA Sri Lanka signed a Free Trade Agreement (FTA) with India in 1998 that came into operation from January, 2000. This agreement which was signed in a rush has not been able to bring…
The committee appointed by Prime Minister Ranil Wickremesinghe to inquire into the recent Central Bank Treasury Bond issue has stated that Governor Arjuna Mahendran had no direct role in deciding to accept bids over and above the Rs 01 billion stipulated in the 30-year bond tender and accepting up to Rs. 10 billion. However, the…
The latest interim report of the Committee on Public Enterprises, better known as COPE, has revealed that Rs. 2.5 billion obtained from the state-owned Bank of Ceylon by around ten high profile clients remain as non performing loans. The COPE interim report for the period between October 2014 and March 2015 naming several institutions and…
Since the beginning of the recent Presidential election campaign, development projects initiated or implemented by the Rajapaksa administration have come under severe criticism by the opposition, mainly on the grounds of corruption or wasteful expenditure. Although the allegations are still being made and are yet to be substantiated in a court of law it is…
UPDATED: The proposal by the government to issue an additional Rs. 400 billion worth of Treasury Bills in a bid to increase its local borrowings has been defeated in Parliament a short while ago. Thirty one members voted in favour of the proposal while 52 voted against. The government was keen on issuing Treasury Bills…
Authored by Dr. SirimalAbeyratne, Prof of Economics, University of Colombo for The pathfinder Foundation When we look at the developments in the economic policy arena after the Presidential elections, we hardlysee any way forward for Sri Lanka. Apart for revisiting governance issues, what we findispolicy actions that were “defensive” and “corrective” in form but is…
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