Sri Lanka Prime Minister ready to testify before bond commission

ECONOMYNEXT - Sri Lanka's Prime Minister Ranil Wickremesinghe is ready to give evidence before a presidential commission inquiring into a series of securities scams in government bond markets, his office said."Prime Minister Ranil Wickremesinghe is prepared to offer clarifications at any time to the Presidential Commission of Inquiry into bond auctions in view of references to him during proceedings,"…

Sri Lanka to change current FDI policy

Sri Lanka is to change its Foreign Direct Investment (FDI) policy moving away from an over-dependence on tax holidays and other duty concessions on imports of raw material and machinery, Finance Ministry sources disclosed.A greater focus will be on maximising the country’s competitive advantages in location, skills base, and ongoing preparation work of free trade agreements with both developed and…

Will Lanka’s constitutional scapegoat face sacrificial slaughter on the people’s altar

The JRJ constitution, passed with a five sixth majority in 1978, has been used, since the late 1990s, as a convenient scapegoat for politicians on both sides of the political divide to pile upon its back the blame for their own political failures to deliver the goods promised to the nation.Two presidents Chandrika Bandaranaike Kumaratunga and Mahinda Rajapaksa had mounted the beast of burden and had…

Muhunthan Canagey resigns from his post as CEO and MD of ICTA



Muhunthan Canagey, CEO and MD of ICTA has announced his resignation from the agency.Multiple allegations of corruption and financial malpractice were leveled at the ICTA, with the most recent being the National Payment Platform.Just last week, the Chief Opposition Whip Anura Kumara Dissanayake raised questions in parliament in this regard.Subsequently, Deputy Minister Dr. Harsha de Silva stated…

Avant-garde Lawyer the next FM: PM never learns?



Ravi Karunanayake stepped down as FM Making a special statement in Parliament, Foreign Affairs Minister Ravi Karunanayake resigned from his ministerial position a short while ago. Ravi Karunanayake stepped down as FM Making a special statement in Parliament, Foreign Affairs Minister Ravi Karunanayake resigned from his ministerial position a short while ago.Former Law and Order Minister Tilak…

Outgoing Sri Lankan envoy to U.S. hopes to strengthen bilateral relations as Sri Lanka's new Foreign Secretary



he outgoing Sri Lanka's Ambassador to the United States Prasad Kariyawasam says he hopes to continue strengthening Sri Lanka - U.S. ties in his new post as the Foreign Secretary. "I am happy that in my new avatar as the Foreign Secretary, I will continue to have the opportunity to contribute to the Sri Lanka - US partnership for reaching levels of excellence that will be mutually rewarding,"…

CORRECTED-Sri Lankan shares recover from over 3-mth low on bargain hunting

Sri Lankan shares recovered from a three-and-a-half month low on Thursday, snapping a nine-session losing streak, as investors bought battered shares. The Colombo stock index rose 0.16 percent, or 10.29 points, to 6,516.32, edging up from its lowest close since April 25 hit on Wednesday. It fell 1.5 percent last week in its third straight weekly drop. "Market moved up on bargain hunting and (there…

First two projects to generate electricity from garbage commenced



The construction work of the first two projects to generate electricity from garbage was commenced under the patronage of President Maithripala Sirisena today (Aug. 10) in Kerawalapitiya. These projects are implemented as a solution to the problems caused by improper garbage disposal. Sri Lanka did not focus on how to use garbage as a resource. Under this new initiative a sanitary based…

Sri Lanka Health Ministry seeks Rs. 28 billion for implementation of new development projects in 2018



Aug 10, Colombo: Sri Lanka's Ministry of Health, Nutrition and Indigenous Medicine has planned implementing several new development projects in 2018 to improve the health services and facilities. Sri Lanka's health care has reached a developed state due to investments made by the Government in the health sector for a long time, By now, approximately 100% of preventive health services,…

Sri Lanka's Coomaraswamy brings back transparency to IMF dealings

ECONOMYNEXT - Sri Lanka's Central Bank Governor has seemingly brought back transparency to relations with the International Monetary Fund, authorising the timely release of economic reports, which were suppressed in recent years.IMF economic reports were released regularly from the tenure of Governor A S Jayawardene. But, they were delayed or suppressed altogether when governors Nivard Cabraal and…

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