Sri Lanka can improve on 94 position in Economic Freedom Index

As Sri Lanka celebrates the enormous benefits brought forward by four decades of the open economy, Advocata Institute looks back at the economic progress of the country and the benefits that have been passed onto the man on the street.From 1977 to date Sri Lanka’s economic growth over the last forty years has expanded four and a half fold on a person basis on an inflation-adjusted term.…

OPEC Fund chips in after Sri Lanka's Kaluganga reservoir costs rise

ECONOMYNEXT - Sri Lanka's Kaluganga reservoir project had received 18 million dollars of extra funding after costs escalated due to design changes, the finance ministry said.The Kaluganga Development Project is by the Saudi Fund for Development (SFD), Kuwait Fund for Arab Economic Development (KFAED) and OPEC Fund for International Development (OFID)."Unforeseen geological conditions in the foundations…

A vibrant private sector – Key to Sri Lanka’s growth



Sri Lanka experienced strong growth at the end of its 26-year conflict. This was to be expected as the post-war reconstruction tends to bring new hope and energy to a country.And Sri Lanka has done well—5 percent growth is nothing to scoff at.   However, Sri Lanka needs to create an environment that fosters private-sector growth and create more and better jobs. To that end, the country…

Building resilience for climate-induced disasters in Sri Lanka

With the arrival of monsoon rains, Sri Lanka is just seeing the end of the drought that impaired many parts of the country. However, its negative effects continue to be felt by the affected communities. Unfortunately, droughts are not the only natural disaster Sri Lanka has seen in the recent past; the country has been wrecked by a series of floods and landslides alternatively, during the past few…

CID explains how two Lankan-born businessmen allegedly defrauded US$ 1.1 m

A team from Taiwan’s Criminal Investigations Bureau arrived in Colombo this week as part of a probe into an international multi-million US dollar hacking scam of a Taipei-based bank where two businessmen with foreign passports have been taken into custody in Colombo.Litro Gas Chairman Shahlila Moonesinghe, a British passport holder of Sri Lankan descent, and J.C. Nammuni, a businessman who owns a…

Sri Lanka’s CEB state power utility gets 'AAA(lka)' Fitch rating

ECONOMYNEXT - Fitch Ratings Lanka said it given Sri Lanka’s state-owned power utility, Ceylon Electricity Board (CEB), a National Long-Term Rating of 'AAA(lka)' with a Stable Outlook. CEB's rating is equalised with that of the sovereign, rated B+/Stable, based on the strong linkages with its parent, in line with Fitch's Parent and Subsidiary Rating Linkage criteria, a statement said. “The…

The World's Top 10 Economies



When it comes to the top 10 national economies around the globe, the order may shift a bit, but the key players usually remain the same, and so does the name at the head of the list. The United States has been the world’s biggest economy since 1871. But that top ranking is now under threat from China.The Top 10 Economies in the WorldNote: This list is based on estimates for 2017 by IMF’s World…

Interview with Australian High Commissioner

Further to our circular no. SLANZBC/18/2017 of 11th July informing you on a  TV interview with His Excellency Bryce Hutchesson, the Australian High Commissioner for Sri Lanka and Maldives and  Anushka Wijesinha, Chief Economist of the Ceylon Chamber of Commerce; we give below the link of the interview for those who missed viewing same. …

Sri Lanka to ease price controls: Eran

Sri Lanka will gradually move away from price controls, but wanted markets to function "freely" and "responsibly" to give benefits to consumers, State Minister for Finance Eran Wickramaratne said. Sri Lanka has already said para-tariffs such as cesses which were imposed to allow politically connected rent seeking domestic producers, which critics generally call 'crony capitalists' to exploit the…

Sri Lanka’s Aitken Spence June quarter net profit up 42-pct

Sri Lanka’s Aitken Spence said June 2017 quarter net profit grew 42 percent to 355 million rupees from a year ago, helped by strong gains from its power plant, while maritime business earnings fell and hotels losses widened.Group sales increased 54 percent to 11.6 billion rupees, according to interim results filed with the stock exchange.Earnings per share for the quarter grew to 0.87 rupees, up…

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