GrowingServices sector, upcoming Infrastructure Investments and increased global investor interestslots the country favourably against others to move up the transparency rankings over next few years.
JLL’s Global Real Estate Transparency Index (GRETI) 2016 is outand Sri Lanka has made its debut in this highly-credible and well-known index. Compared to similar market sized countries like Myanmar (ranked at 95) and Vietnam (ranked at 68), Sri Lanka (ranked at 69)is a stronger debutant and better placed to move up in the next (2018) assessment given the reforms being rolled out by the government and increasing interest of international investors into the market.
The increase in Value Added Tax (VAT) will be effective once it is passed in Parliament or until a ruling on the tax is issued by the Supreme Court before it is passed in Parliament, Finance Minister Ravi Karunanayake said.
The 7-star luxury apartment complex, Achilleion is to be the first of its kind in Sri Lanka and it will feature twin towers of 50 floors, the first ever state-of-the-art sky bridge, a sky restaurant and will also have access to a private helicopter and helipad, along with a fleet of luxury cars, a private theatre and a medical centre that will be open 24/7.
President Maithripala Sirisena, expressing his gratitude for the efforts of the Chinese Government in fighting the Chronic Kidney Disease (CKDu) in Sri Lanka by establishing a special hospital for kidney patients, said that such goodwill measures would bring the two countries closer together.
The Asian Development Bank (ADB) will support the development of capital markets in Sri Lanka and even consider support for an International Financial Centre (IFC) in Colombo as the Government moves ahead on fiscal reforms, top officials have said.
Sri Lanka has been promoting eco tourism under a tourism promotional plan for 2016, with the participation of private and public sector stakeholders.
The Sri Lankan Government has planned to set up a separate fund to implement the Western Region Megapolis Project (WRMP) with an impressive investment of US$ 44 billion.
Despite the Prime Minister’s directive to postpone the importation of vehicles for Ministers, Deputy Ministers and state Ministers for at least three months, Super luxury vehicles ordered by the Treasury for Ministers, Deputy Ministers and state Ministers are arriving at the Hambantota Port, official sources revealed.
The Committee on Public Enterprise will be releasing its report on the Central Bank (CB) bond issue soon, a member of the COPE committee said.
The often repeated pun on the IMF’s acronymsatirically suggests that it prescribesa tighter fiscal policy, whatever an economy’s problem might be. Indeed, lower budget deficits and higher government revenues are central to Sri Lanka’s latest US$ 1.5 billion loan from the IMF. But, the economy’sbooms and busts of recent years – including the current economic distress – go beyond merely the fiscal; much of it has manifested in the monetary and exchange rate policy spheres. It is hard,however, to get away from the argument that all roads lead back to the fiscal quandary; the frequent devaluation of the rupee for example, is a reflection in the monetary sphere of fundamental imbalances in the real economy – production, consumption, and investment. And fiscal policy is where the adjustments begin.