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Sri Lankan Micro, Small and Medium Enterprises to get US $ 10 Mn from SAARC Development Fund (SDF)

SAARC Development Fund (SDF) is launching its Micro, Small and Medium Enterprise (MSME) funding scheme in Sri Lanka, and SDF Chief Executive Officer Dr. Sunil Motiwal recently stated the Fund has earmarked an amount of US $ 10 million to be disbursed under the MSME funding scheme in Sri Lanka.   “The MSME loan shall…

(0)Comments | January 11, 2019 10:19 am

Hamabanthota Port gets 300 vessels in 2018 – HIPG

Hambantota International Port (HIPG) the single largest port in Sri Lanka recently said that it saw an increase in vessels docking at the port on the first week of the New Year and in 2018, with 300 vessels calling with different service requirements..   “Traffic to the Hambantota International Port increased significantly during the last…

(0)Comments | January 11, 2019 10:17 am

Sri Lanka seeks to lower IMF fiscal targets after political crisis

Sri Lanka will ask the IMF to ease its 2019 budget deficit target of 3.9 percent under a $1.5 billion loan programme, to give the economy more time to recover from a political crisis, a senior finance ministry official said on Thursday. Investor confidence took a hit when President Maithripala Sirisena abruptly sacked Prime Minister…

(0)Comments | January 11, 2019 10:04 am

Sri Lanka rupee rises as banks sell dollars; shares steady near 6-wk closing low

Reuters – ** Sri Lanka’s rupee closed higher on Thursday as banks sold dollars but political uncertainty dented investor sentiment. ** Sri Lankan shares closed steady near a more than six-week closing low hit in the previous session. ** The Colombo Stock Index ended 0.03 percent firmer at 5,984.05, narrowly shaved from its lowest close…

(0)Comments | January 11, 2019 9:59 am

Several income categories exempted from Withholding Tax

Taking into consideration the requests made by different parties, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance & Mass Media to amend the Inland Revenue Act, No.24 of 2017, to exempt the Withholding Tax imposed on the Interest Income of the children’s savings, Earnings from the Government Securities, Interest on loans of…

(0)Comments | January 10, 2019 12:47 pm

‘WeChat Pay’ acceptance launched in Sri Lanka for the first time by Commercial Bank

Chinese tourists visiting Sri Lanka now have the added benefit of purchasing goods and services and paying for them through ‘WeChat Pay’ – one of the leading mobile payment solutions in China, consequent to a partnership between the Commercial Bank of Ceylon PLC and Tenpay Payment Technology Ltd. This mobile app solution is brought to…

(0)Comments | January 10, 2019 10:46 am

Finance Minister to meet IMF Managing Director in Washington on IMF Fund Facility

Minister of Finance and Mass Media Mangala Samaraweera will leave for Washington on Jan 11 to get the IMF External Fund Facility (EFF) back on track. He will be meeting Christine Lagarde, Managing Director, Mitsuhiro Furusawa, Deputy Managing Director, Chanyong Rhee, Director, Asia Pacific Department, Manuel Goretti, Team Leader and other members of the IMF…

(0)Comments | January 10, 2019 10:09 am

Sri Lanka rupee rises as foreign banks sell dollar; shares at over 6-wk low

Reuters – ** Sri Lanka’s rupee closed higher on Wednesday as foreign banks sold dollars but political uncertainty dented investor sentiment, dragging the benchmark stock index down to a more than six-week low. ** The Colombo Stock Index fell 0.17 percent to end at 5,982.19, its lowest close since Nov. 27, as worried investors awaited…

(0)Comments | January 10, 2019 7:40 am

RBI Agrees to USD 400 mn SWAP – Boost to Reserves

The Reserve Bank of India (RBI) has agreed to provide USD 400 mn to the Central Bank of Sri Lanka (CBSL) under its SAARC SWAP facility. CBSL has also requested a further bilateral SWAP arrangement of USD 1 billion between the RBI and CBSL which is under consideration. The RBI’s very rapid and timely assistance…

(0)Comments | January 9, 2019 2:38 pm

Sri Lanka increases Government expenditure by 13.2% to US $ 24.5 Bn for 2019

Sri Lanka must repay US $5.9 billion this year, including a $3 billion fresh borrowing – CBSL   Sri Lanka’s government plans to increase government spending by 13.2% from last year to nearly over US $ 24.5 billion or Sri Lankan Rs. 4.47 trillion, the Finance Ministry has said recently. Accordingly Government also plans to…

(0)Comments | January 9, 2019 12:32 pm