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Acknowledges that revenue raising amid pandemic’s effects remains challenging  But says constraints to cut spending make a more compelling case for bolstering revenues  Says Sri Lanka among those who already struggled to raise tax intake before pandemic  Data shows Sri Lanka’s tax revenues on the up with Aug. revenues nearly at 2019 levels  The pandemic-induced … [Read more...] about Daily Mirror – Higher tax revenue likely to be crucial rating driver over next few years: Moody’s

 It was reported that the trade deficit to end-August 2020 was US $ 3.8 billion, compared with US $ 4.8 billion to end-August 2019. There is no doubt that the current reforms will provide solutions to some of the structural issues in the economy. Yet, there is a need to address the country’s emerging macroeconomic vulnerabilities.While improving trade balance with … [Read more...] about Daily Mirror – Urgent need to raise foreign currency funding

2Q unemployment rate down to 5.4% from 5.7 in 1Q Labour force participation rate down to 50.2% from 51% in 1Q Sri Lankan businesses added jobs at a faster pace in May through June, signaling a recovery in the job market from the temporary downturn caused by the coronavirus-induced lockdowns and the resultant business closures. Sri Lanka’s unemployment rate fell to 5.4 … [Read more...] about Daily Mirror – Sri Lanka creates jobs in 2Q as unemployment rate falls from 1Q

The Commonwealth Enterprise and Investment Council (CWEIC) announced this month the appointment of Niro Cooke to its Board. Cooke, a Sri Lankan professional, is at present the youngest Board member appointed to the statutory board of the CWEIC.Niro Cooke CWEIC is the Commonwealth’s business network. Founded in 2014, it has over 90 business and government … [Read more...] about Daily Mirror – Niro Cooke appointed to CWEIC Board

 Confident that with more bargaining power, govt. will deliver what they expect Look forward to firm, long-term solutions to biz issues within next five years Exporters want due emphasis to sector with strategies for revival and steady policies Expects united, efficient team to steer tourism industry forward By Shabiya Ali AhlamThe local business community … [Read more...] about Daily Mirror – Biz community hopeful of two-thirds majority delivering

This is despite economy being rated mostly ‘unfree’ Country’s overall score increases by 1 point due to higher fiscal health score Ranked 24th among 42 countries in Asia–Pacific region Nine of SL’s 12 Index indicators below global average levels Sri Lanka moved up in Heritage Foundation’s world Economic Freedom Index 2020 by three spots to 112th position, although, the … [Read more...] about Daily Mirror – SL moves three spots up to 112th position in world Economic Freedom Index

But says adequate capital buffers built over last 3 years to help withstand near term risks  Says temporary restrictions on declaring cash dividends to help banks’ capitalisation levels in near term The adequate capital buffers built, specially during the last three years, will soften the negative impacts on the banking sector stemming from the new coronavirus-driven … [Read more...] about Daily Mirror – COVID-19 compounds stress on Sri Lankan banks: Fitch Ratings

Central Bank’s top researcher recently revealed how external agencies, including that of the World Bank, International Monetary Fund (IMF) and rating agencies project doomsday scenarios for the Sri Lankan economy even when the country is rapidly returning to normalcy after the COVID-19 outbreak.Earlier this week the World Bank projected a deeper recession for the Sri … [Read more...] about Daily Mirror – CB’s top researcher reveals how external agencies forecast doomsday scenarios

The Sri Lankan gig platforms are at a disadvantage over their foreign counterparts, who have their operations here, as the former comes under regulatory scrutiny and local tax laws while the latter is not, says the Central Bank.While the issue has come under some scrutiny in the past, regulatory or policy redress did not come about either due to authorities’ … [Read more...] about Daily Mirror – Lankan gig economy lacks level playing field as foreign players not subject to local regulations and tax laws

President Gotabaya Rajapaksa  Says multilateral and bilateral official creditors have “special responsibility” to be innovative to create such space Stresses that leading agencies and leaders should act fast “without” placing conditionalities Tells intl. community such support will help restore confidence, re-energise growth and investments  By Shabiya Ali … [Read more...] about Daily Mirror – President appeals for “unconditional” budget support from intl. lenders to revive economy