Economic

Some 210 statutory and non-statutory funds being operated by various government institutions will be brought under the control of Parliament while shutting down a further 13 public funds, the Finance Ministry revealed.

Ceylon Petroleum Corporation (CPC) is contemplating to raise millions of dollars through an overseas bond issue with the approval of the Sri Lankan monetary authorities, officials said.

Sri Lanka’s unpopular government hell bent on providing more benefits, better jobs, higher salaries for the people in the edge of going to polls has failed to prune high state spending to satisfy masses.

Sri Lanka money lending and the micro finance businesses will be coming under strict regulatory control to protect customers and victims affected by illicit practices using iron fist tactics in the loan recovery process.

British High Commissioner James Dauris has proposed five suggestions that would give a boost to Sri Lanka development plan at a recent meeting of Council for Business with Britain (CBB).

Government efforts to increase direct tax revenue saw income tax earnings increase significantly by 9.6% to Rs. 104 billion in the first quarter, compared to Rs. 95 billion in the same period of 2018, the latest mid-year fiscal report from the Finance Ministry said.

The Monetary Board of the Central Bank of Sri Lanka, acting in terms of the Regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a Primary Dealer for six months from July 5, 2019, to continue the investigations being conducted by the Central Bank.

National average tea prices in June totalled Rs. 494.48 and were the lowest since August 2016, Forbes and Walker Tea Brokers said yesterday.

The World Bank has changed Sri Lanka’s classification from a lower-middle income country to an upper-middle income country under its latest country income classifications for the 2020 fiscal year.

Achieving the Sri Lankan government’s deficit and debt targets set out in last week’s budget for 2019 will be challenging without a big increase in fiscal policy effectiveness and faster economic growth, Central Bank report revealed.

Sri Lanka government revenue has taken a massive fiscal hit in two fronts one from revue generation and the other from public expenditure following the Easter terror attack, official sources said.

Reuters: Sri Lankan shares ended firmer for a third straight session on Tuesday, hitting their highest close in two weeks, while the rupee edged down on importer dollar demand, market sources said.

Reuters: Sri Lankan shares extended gains yesterday to hit their highest close in 11 weeks, boosted by foreign inflows into equities, while the rupee ended weaker.

China continues to be the largest lender to Sri Lanka by making financial commitments amounting to $ 989 million in the first quarter of 2019, far ahead of development agencies such as the World Bank, Asian Development Bank, and others, the latest report released by the Finance Ministry said.

By the end of April, the Government’s total outstanding external debt was $ 32.83 billion, the mid-year fiscal report released yesterday by the Finance Ministry revealed.

The Central Bank has extended the suspension on controversial primary dealer Perpetual Treasuries Limited by further six months with effect from today Friday 05.

Securing the top spot in best travel destination list, Sri Lanka just managed to increase earnings from tourism marginally during the first four months this year despite the recent Easter Sunday attacks.

Fitch Ratings has assigned Sri Lanka’s $ 500 million 6.35% bonds due 2024 and $ 1.5 billion 7.55% bonds due 2030 a final rating of ‘B’.