Sri Lanka’s economy expected to moderate in 2015 due to political transition

Mar 24, Colombo: Postwar economic recovery in Sri Lanka is expected to moderate in 2015 as investors await clarity on the new administration’s plans for governance reform and economic policy, the Asian Development Bank’s flagship annual economic publication, Asian Development Outlook 2015 (ADO), released today says. Sri Lanka’s economy posted a growth rate exceeding 7.0% in every year since 2012 …

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Cabinet Sub-committee to be appointed to review Uma Oya multipurpose irrigation project

Mar 21, Colombo: Sri Lankan President Maithripala Sirisena says Cabinet subcommittee will be appointed to review the plans of Uma Oya multi-purpose development project, which has extensively been discussed lately. The President, who is also the Minister of Mahaweli Development and Environment, has instructed the Secretary of the Ministry of Environment Conservation to immediately provide a report on the present …

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Sri Lanka likely to follow Vietnam’s methods to achieve rapid agricultural and industrial growth

Fri, Mar 20, 2015, 12:02 am SL Time, ColomboPage News Desk, Sri Lanka. Mar 19, Colombo: Sri Lanka’s President Maithripala Sirisena said Vietnam’s rapid agricultural and industrial growth is a good example for other developing countries such as Sri Lanka to emulate. Meeting with Vietnam’s Ambassador in Colombo, Phan Kieu Thu at the Presidential Secretariat today, President Sirisena said Sri …

Sri Lanka budget proposals positive for large spirit makers – rating agency

Mar 19, Colombo: Sri Lankan government’s proposals to impose a minimum excise tax on liquor and beer manufacturers and tighten issuance of liquor licenses are positive for larger spirit manufacturers, including Distilleries Company of Sri Lanka, a global rating agency said. The impact is likely to be neutral for beer manufactures, including the market leader Lion Brewery PLC, the Fitch …

Flying over Port City a taboo

The Colombo Port City project has run into a fresh snag with Sri Lanka’s Civil Aviation Authority pointing out to the government that the air space over the Chinese held area will exclusively be held by China. According to Article 01 and 02 of the Convention on the Civil Aviation which was signed in Chicago in 1944 – to which …

Sri Lankan Cabinet approves 19th Amendment to Constitution for government reforms

Mar 15, Colombo: The Cabinet of Sri Lanka that was summoned for an emergency meeting today by President Maithripala Sirisena has approved the 19th Amendment to the Constitution and decided to reach a final settlement on electoral reforms on Tuesday (17). A special gazette notification on limiting some powers vested the executive Presidency is reportedly scheduled to be issued tonight. …

Sri Lankan government to review Chinese funded Lotus Tower project

Mar 15, Colombo: The government of Sri Lanka, which is currently in the process of reviewing large scale projects launched by the previous regime, is to review the Lotus Tower project in Colombo. Ports and Aviation Minister Arjuna Ranatunga has told reporters that a review is sought on the Chinese funded Lotus Tower project that is already under construction. The …

Lanka to gain GSP Plus

Lanka to gain GSP Plus Indunil Hewage indunil.hewage@gmail.com The prospects of Lanka gaining back the EU’s GSP plus preferential trade concessions are brighter,Industry and Commerce Minister Rishard Bathiudeen said. The Minister made this remark addressing the inaugural ceremony of sixth TEXTECH Sri Lanka 2015 International Expo’ – An International Exhibition on Textile Apparel Technology and Machinery for Sri Lanka at …

Settling Colombo Port City impasse

During the pre-election period, serious allegations were made against the Government for excessive costs and massive corruption in the awarding of large public projects. It was claimed that the costs of some road projects were several-fold over the similar projects built elsewhere in the world and that the Chinese contractors were awarded contracts at exorbitant prices. Heavy criticism was directed …