Central Bank Governor Prof. W.D. Lakshman – Pic by Lasantha Kumara 6% growth projected for 2021 may have to be revised given third wave impact Says monetary institution closely monitoring situation Acknowledges expectations have been wrecked by pandemic Calls for consensus between lockdown advocates and economy-first policymakers Growth numbers … [Read more...] about Growth projections may need revision: CB Chief
Economy
Govt. to seek concessionary donor funds for tourism sector
World Bank, Asian Development Bank funding earmarked Matter discussed with President during Tourism Ministry progress review meeting Private sector estimates tourism sector debt moratorium at over Rs. 350 b and interest cost at over Rs. 100 b Freeze on capital and interest lapses in Sept. Central Bank says amidst debt moratorium and other support, … [Read more...] about Govt. to seek concessionary donor funds for tourism sector
SL faces bed crunch on COVID-19 surge
COVID-19 treatment centres reach maximum capacity with over 18,000 active patients Govt. acknowledges bed shortages, assures measures are being taken to expand capacity President instructs officials to expedite vaccine import and administration Over 2,000 beds per district to be added to system Steps taken to use wards in smaller hospitals for asymptomatic … [Read more...] about SL faces bed crunch on COVID-19 surge
Sri Lanka’s foreign policy: From non-alignment to non-directional
“The foreign policy determines and shows actual freedom and independence of the state” – Ehsan Sehgal (Pakistani Poet)Sri Lanka’s foreign policy has traditionally been one of “learn and adapt,” having never inherited a fully-functioning Foreign Office at the time of Independence. Sri Lanka (or Ceylon as it was then known) was reliant on the British and … [Read more...] about Sri Lanka’s foreign policy: From non-alignment to non-directional
Prasanna assures private sector role in tourism
Renews commitment in first-ever engagement with private sector on proposed new legislation Grants three months for industry stakeholders to formally submit their input to frame new Tourism Act replacing existing legislation in force since 2005 Says more powerful new Act needed to curb building of detrimental new high rise hotels and resorts sans … [Read more...] about Prasanna assures private sector role in tourism
Fertiliser ban will create hardship for 2 m farmers: SJB
SJB yesterday said it fears farmers will face additional challenges if a complete ban of chemical fertiliser is implemented Says Govt. approach to fertiliser ban flawed Calls for measured consultative approach Asserts farmers should not be penalised for forex woes Warns ban could create space for thriving blackmarket Farmer community already … [Read more...] about Fertiliser ban will create hardship for 2 m farmers: SJB
Prasanna’s first powwow tomorrow with industry on new Tourism Act
Tourism Minister Prasanna Ranatunga With mounting criticism on moves to come up with new legislation, Minister hopes to gather insights from all related associations and trade unions in batches Ministry Secy. says no draft done yet, awaits legal draftsman’s adviceBy Charumini de SilvaThe first-ever formal discussion on the proposed and … [Read more...] about Prasanna’s first powwow tomorrow with industry on new Tourism Act
SOEs borrow Rs. 184 b in pandemic pinch: CB
The Road Development Authority (RDA) increased its bank borrowings by Rs. 53.6 billion in 2020 Annual Report says high borrowings reflect weak fiscal position of most SOEs RDA borrowing increased by Rs. 53.6 b SriLankan, Water Board, SPC and CEB among major borrowers Private sector credit grows 6.5% to Rs. 374 b but credit to agri, industry and … [Read more...] about SOEs borrow Rs. 184 b in pandemic pinch: CB
Rebuilding tourism industry post-COVID-19 | Daily FT
When planned and implemented strategically, the tourism sector can match up to its potential of being a driver of social, economic, and environmental welfare – Pic by Shehan Gunasekara Overview of tourism Tourism is one of the fastest growing industries throughout the world. It is an important economic force for Sri Lanka. Tourism is a main reliable source … [Read more...] about Rebuilding tourism industry post-COVID-19 | Daily FT
Fiscal deficit swells to record high of 11.1% in 2020
CB says near-term risks to fiscal sector remain elevated due to low revenue mobilisation and large foreign currency debt service requirements Warns persistent deviations of budget deficit and elevated level of outstanding Central Government debt warrant a firm commitment towards fiscal consolidation Ministry of … [Read more...] about Fiscal deficit swells to record high of 11.1% in 2020