Category: Economy

India-Lanka ferry service is still on rocky seas

admin

India-Lanka ferry service is still on rocky seas The chances of having a ferry service between India and Sri Lanka by the end of this year seem likely provided both India and Sri Lanka are clear about the details Replying to the demands for grants for the departments concerned in the Tamil Nadu Assembly early this month, Highways and Minor Ports Minister E V Velusaid that efforts are underway to launch a short ferry service between Rameswaram and Sri Lanka in a few months’ time. The idea is to link Rameswaram…

Read More

Sri Lanka to raise duty-free allowance for migrant workers to encourage remittance

admin

Sri Lanka to raise duty-free allowance for migrant workers to encourage remittance COLOMBO, April 3 (Xinhua) — Sri Lanka is set to increase duty-free allowances for migrant workers at the airport starting May in order to encourage remittance, Minister of Labor and Foreign Employment Manusha Nanayakkara said on Monday. The increase will be based on the amount of money remitted by the workers, Nanayakkara said during a media briefing. Under the new scheme, there will be five categories of concessions. For people having remitted 2,400-4,799, 4,800-7,199, 7,200-11,999, 12,000-23,999 and 24,000…

Read More

McKinsey mantra for Sri Lanka

admin

McKinsey mantra for Sri Lanka McKinsey Senior Partner Chair of Insights and Ecosystems Sven Smit moots likely Indian century ahead and says strategically located Sri Lanka stands to gain  Describes Sri Lanka’s potential as solid and this could be realised with right strategies, competence and competitiveness and make Sri Lanka grows better and bigger than it had in the past Stresses Sri Lanka must find its own positioning in the region and globally By Nisthar Cassim Renowned global management consulting firm McKinsey is urging Sri Lanka to use the strategic…

Read More

Quick impressions on post-war development Jaffna revisited

admin

Quick impressions on post-war development Jaffna revisited The recent visit to Jaffna, after several years of forbidden travel due to the pandemic, provided an opportunity to revisit areas of interest and observe the changes, including positive and negative developments, in both the economic and social fronts. It was a quick visit and unexpectedly the timing of the visit coincided with the visit of the President who declared open the Jaffna Cultural Centre on 11 February 2023. The festive atmosphere that prevailed on that day was combined with a subdued celebration…

Read More

Sri Lanka to seek competitive bids for state asset sales

admin

Sri Lanka to seek competitive bids for state asset sales ECONOMYNEXT – Sri Lanka will adopt a competitive bidding process for asset sales and will shortly call for expressions of interest from transaction advisors to support the divestment program, the head of the state enterprise re-structuring unit Suresh Shah said. All assets will be sold through a competitive bidding process and no unsolicited bids will be accepted. The first step will be to select transaction advisors. “We will work with development financial institutions and qualified and experienced consultancy firms to…

Read More

Karaikal-KKS ferry service to commence on 29 April

admin

Karaikal-KKS ferry service to commence on 29 April Minister of Ports, Shipping and Aviation, Nimal Siripala de Silva said the first ferry line, of the new ferry service, to be operated between Karaikal Port in Puducherry, India and Kankesanturai (KKS), is scheduled to call at the KKS Port on 29 April.  The Minister disclosed this information at a discussion, with the stakeholders of this new ferry service, held recently at the Ministry. A passenger terminal was built at the KKS Port as part of infrastructure development for the new ferry…

Read More

Sri Lanka is in an interval in hell: Dr. Shanuka Senarath

admin

Sri Lanka is in an interval in hell: Dr. Shanuka Senarath If SL does not strengthen its finances, it may default on IMF loan Govt. needs to control inflation as gateway to economic recovery After Premadasa’s time, SL has never had a proper economic policy Population of 20 million in this country, but only 500,000 pay tax Sri Lanka is currently in what he would term an ‘interval in hell,’ says Economist, Attorney-at-Law, and University of Colombo Department of Economics Senior Lecturer Dr. Shanuka Senarath. “This is just the tip…

Read More

President writes open letter to bilateral creditors with appeals and assurances

admin

President writes open letter to bilateral creditors with appeals and assurances Letter with clarifications aimed at providing comfort to all and enable SL to progress swiftly to next stage of the debt treatment negotiations Reiterates he is committed to stay the course, and says SL relies on creditors to do the right thing Woos all to maintain and even enlarge and strengthen official bilateral creditor coordination Says new era starts with full implementation of IMF-supported program and resolution of debt situation Commits to transparency and assures SL will not make any…

Read More

RW Govt. gears up to finalise IMF deal

admin

RW Govt. gears up to finalise IMF deal (The Morning 12-03-2023) China’s latest assurance on SL debt restructuring brings IMF deal closer Govt.-India in agreement to extend $ 1 b credit line by a few months As Sri Lanka nears the one-year mark of last year’s Aragalaya people’s power protest campaign, the country’s economic revival seems to be finally on track with the appreciation of the Sri Lankan Rupee and economic activities showing positive signs following news of the proposed International Monetary Fund (IMF) deal likely to be finalised this…

Read More

Trinco Oil Farm- and related issues

admin

Trinco Oil Farm- and related issues (From The Island 8-03-2023)  New move on Trinco oil tank farm Having participated at the China Bay parade, President Wickremesinghe, accompanied by National Security Advisor and Chief of Presidential Staff, Sagala Ratnayake, and several others, including Power and Energy Minister Kanchana Wijesekera, toured the Trincomalee Oil Tank Farm, consisting originally of 100 tanks, situated in 827 acres of land. The tank No. 91, however, was destroyed in Japanese air attacks, launched by ship-borne bombers, and attack aircraft, during World War 11. President Wickremesinghe is…

Read More