Seated from left: Sampath Bank Managing Director Nanda Fernando, CBSL Assistant Governor R.A.A. Jayalath, and University of Colombo School of Computing Director Prof. K P Hewagamage. Standing from left: CBSL Director (Payments and Settlements) D. Kumaratunge, CBSL Governor Prof. W.D. Lakshman, and Deputy Governor H.A. Karunaratne Seated from left: Yaala Labs CEO Lalin Dias, … [Read more...] about CB kicks off work on blockchain-based KYC platform
sri lanka business news
Role of foreign employment in Sri Lanka’s economic revival: Challenges and opportunities
Foreign Secretary Ravinatha Aryasinha recently observed that despite its immediate gloom, the present situation had been an eye-opener in many respects that could help correct structural, procedural and human interface incongruities in Sri Lanka’s labour migration. He said it also presented an opportunity for Sri Lanka to re-orient foreign employment in a post-COVID-19 … [Read more...] about Role of foreign employment in Sri Lanka’s economic revival: Challenges and opportunities
National study moots 15 key steps to boost MSME sector post-COVID-19
MSME COVID-19 Relief Ombudsman, support and care desk, economic relief, MSME national database system, national MSME advisory and steering committee among key recommendations Way forward demands greater coordination by all stakeholders; political authority, officials, business service providers, bankers, SMEs Study forecasts COVID-19 cost around 8.8% of GDP within 2 … [Read more...] about National study moots 15 key steps to boost MSME sector post-COVID-19
Govt. struggles with fiscal performance
Revenue down 20% in first 4 months; tax revenue dips 26%; income tax by 22% VAT revenue plunges by 53% Central Bank transfer of Rs. 24 b profit boosts non-tax revenue by 46% State expenditure down by 3%; recurrent expenditure up 9% Budget deficit up 24% YoY to Rs. 452 b Fiscal operations of the Government in the first four months of this year have showed a mixed … [Read more...] about Govt. struggles with fiscal performance
President floats committee on JCT and ECT
Five-member committee appointed to look into development issues of JCT and ECT Procurement, non-implementation of Cabinet decisions, cost implications to be probed Agreements entered into with Japan and India to develop ECT to be analysed Ad hoc, unsolicited decisions made by SLPA and Ports Ministry to be evaluated Committee told to hand over report within 45 days Wading … [Read more...] about President floats committee on JCT and ECT
Domestic it is, SL reiterates to UNHRC
President Gotabaya Rajapaksa SL tells UNHRC domestically designed and executed reconciliation process will be pursued Says committed to achieving reconciliation even as it withdraws from co-sponsorship of Resolution 30/1 Urges all parties to recognise realities on ground, focus on deliverable measures of reconciliation Pledges to continue engagement with Office of the … [Read more...] about Domestic it is, SL reiterates to UNHRC
Sri Lanka sinks in April and May, must avoid a second wave
Sri Lanka will bounce back with a V-shaped recovery but this year will be a recession FMCG retail sales decline -67% in May 2020 cumulative decline -37% as at end May Last week was a tough week for the World Health Organization (WHO) as the single day COVID-19 cases crossed 183,000, which was the highest seen globally in the backdrop of 9.8 million people contracting … [Read more...] about Sri Lanka sinks in April and May, must avoid a second wave
UN Core Group calls on SL to ensure democratic space remains open and accountable
Reiterates profound disappointment at decision to withdraw from UN resolution Cites case of detained lawyer Hizbullah and calls for detentions and arrests to follow due process Stresses any accountability mechanism must have confidence of those affected HR Commissioner ‘dismayed’ by reports of Muslim communities targeted in SL and India The UN Core Group on Sri Lanka … [Read more...] about UN Core Group calls on SL to ensure democratic space remains open and accountable
ComBank goes for $ 50 m private placement with IFC
To issue 13% of current voting shares at Rs. 80 each Pricing reflects 20% premium Analysts welcome move amidst downgrade of SL sovereign rating, volatile global markets and given dire need for foreign investment post-COVID IFC Group investment to boost Tier 1 capital to support ComBank’s future business growth Post private placement IFC to be ComBank’s largest … [Read more...] about ComBank goes for $ 50 m private placement with IFC
Reform for our micro and small businesses
Last Saturday was the UN World Micro, Small, and Medium Enterprises Day, and in light of that, focus should be given to Sri Lanka’s small businesses and the challenges they face. Sri Lankan micro and small enterprises form a substantial part of our economy. Sole proprietorships account for 63.1% of all businesses in the country,1 and account for 27.1% of national … [Read more...] about Reform for our micro and small businesses
