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FINANCIAL CHRONICLE™ » ECONOMIC CHRONICLE™ » Sri Lanka Economy

Sri Lanka Economy

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CITIZEN
Miss-Sangeetha
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41Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Thu Jun 28, 2018 6:38 pm

anges


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

policy makers are on the correct track it seems ! cannot be certain for sure ! but sudden change would be a essence for disaster ! people will decide by 2020 what they want disaster or stability ! either way it would not be good for the people just the stability .........!!!!!!!!!!!

42Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Thu Jun 28, 2018 7:17 pm

samaritan


Moderator
Moderator

@anges wrote:policy makers are on the correct track it seems ! cannot be certain for sure ! but sudden change would be a essence for disaster ! people will decide by 2020 what they want disaster or stability ! either way it would not be good for the people just the stability .........!!!!!!!!!!!
If policy makers are on the correct track, are you saying the Central Bank Governor is on the wrong track?

43Sri Lanka Economy - Page 3 Empty Turnaround time for economy: MR Tue Nov 26, 2019 6:31 pm

fireshelter


Associate Director - Equity Analytics
Associate Director - Equity Analytics


  • Says he is aware of tough task ahead 

  • Confident of delivering policy consistency, economic growth 

  • Plans fresh legislation to protect public servants from FCID 

  • Insists he has proven track record after being Fin. Min. four times 

  • Policies to rejuvenate economy already drawn up, promises swift implementation 

  • Believes growth will be felt by everyone from farmer to big corporation 


By Uditha Jayasinghe 

Prime Minister Mahinda Rajapaksa yesterday assured policy consistency, competent leadership and economic stimulus to turnaround Sri Lanka’s economy in the shortest possible time, when assuming duties as the Finance Minister.   

Speaking at the Finance Ministry, Prime Minister Rajapaksa spoke extensively on what he termed the shortcomings of the previous administration. He insisted that due to their numerous shortcomings, the economy had been suffering for a number of years and it was now his responsibility as Finance Minister, for the fourth time, to implement solutions. 

He also made an effort to bolster the confidence of the public sector, censuring the Financial Crimes Investigations Division (FCID) for its conduct and assuring that he would bring in legislation which would protect all public employees who made decisions based on “good intentions” from any legal persecution.      

“The FCID has frightened public servants to the point they are afraid to take decisions. In the near future I hope to introduce legislation that will protect any public servant working with good intent. Fear of persecution has resulted in the public sector grounding to a virtual halt,” he told the Finance Ministry staff, well-wishers and reporters.

Rajapaksa pointed out that the policy manifesto of President Gotabaya Rajapaksa aimed to achieve a slew of goals for Sri Lanka, including increasing economic growth to 6.5%, per capita income to $ 6,500, delivering sweeping tax cuts while maintaining the Budget deficit under 5% and bringing interest rates to single digits.

“Policies to rejuvenate the economy have already been drawn up and implementing them will happen fast. Not only will we provide relief, we will also provide a boost to the economy and achieve the targets that have been set out in our manifesto. We are confident that we can achieve this but it can only be done with the dedication and hard work of everyone. We will create an economy that will provide tangible prosperity for everyone, including fishermen, farmers, small enterprises and large companies.”

Rajapaksa severely criticised the previous administration headed by former Prime Minister Ranil Wickremesinghe, whom he insisted had taken on a country that was experiencing good growth.  

“This is the fourth time I have become the Finance Minister and at each instance there have been different challenges for us to deal with. This time I have become Finance Minister at a critical point for Sri Lanka. To understand the weight of this challenge it is necessary to look back at where we were in 2014. At that point, for five years the average growth rate was 6.8%, our GDP growth had grown to $ 79 billion, inflation was at 3.3% and reserves were at a historical high of $ 8.2 billion,” he said. 

Rajapaksa added that the exchange rate was at about Rs. 130, lamenting the depreciation of the rupee that had taken place since then, and argued that the country’s debt had increased as a result. He also contended that poverty had been under control, as much as 98% of the population had uninterrupted electricity, the Budget deficit was low and taxes were at a level which people could bear. Debt as a percentage of GDP had reduced to 71% from 91%. 

“In addition, Sri Lanka had the capacity and background to face a global crisis with courage and professionalism. Even though there was a humanitarian effort underway, resources for this were found by the Finance Minister. There were single-digit loan rates with the free circulation of money. There were also many infrastructure projects being implemented across the country. Local and foreign investors had confidence in Sri Lanka. The entire country, in short, was like one large construction site. That was the situation when I handed over the Government and left. This situation has completely reversed in the past few years.  

“All sectors of the economy are stagnating today, growth is slow and loan rates have doubled along with inflation. The private sector has fallen, investors have lost their confidence in Sri Lanka, even the tourism industry, which was the only bright spot, suffered badly after the Easter Sunday attacks. Thousands of companies have closed and non-performing loans are at a point never seen before,” he stated. 

Even though efforts were made to draw attention to these issues by his party, the warnings went unheeded, Prime Minister Rajapaksa said. He praised the public for giving a resounding mandate to President Gotabaya Rajapaksa and paving the way for him to return as Finance Minister to provide solutions.     

“I’m fully aware of how challenging this task is and how important it is to turn around the economy. We have to quickly create an environment where the public sector, the private sector and other stakeholders can have confidence and policy consistency. When we are successful in doing this, the confidence in our economy will improve and investment will increase. A positive cycle that benefits the poor and middle classes will be created.

44Sri Lanka Economy - Page 3 Empty More Govt Jobs Destroy Economy Wed Jan 22, 2020 7:44 am

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

More than debt moratorium, tax cuts (Both have a positive effect medium term) or credit rating downgrade,  More Govt Jobs will hamper the economy and will never recover from there...

Actually none of these other efforts will not be fruitful after creating Macro economic issues which destroy economy and then also keeping SOE's without privatising..

https://economynext.com/sri-lanka-tax-payer-to-bear-unemployable-graduates-burden-from-march-41133/

Another cycle same output.. If Govt want to give Jobs to unemployed and poor, they have to arrange them for Private sector and ask them to work and earn. Govt can hire them or ask Private sector to pay half while Govt give half till they get trained for few years, afterwards they have to be absorbed or find other jobs. The money given by Govt can be considered a Long term loan and asked to pay later. Then these people will become productive labour. . Now these people going to sleep and earn in the Govt sector. Simply a burden on Tax payers and private sector. Private sector and general public will be loaded with some taxes or another to cover their salaries....

Who is advising this Govt to do these crazy things ..... ??


What is your idea ??

45Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 22, 2020 10:29 am

ThilinaM


Vice President - Equity Analytics
Vice President - Equity Analytics

privet sector have to pay gvt pin padi jobs

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics

privet sector have to pay gvt Pin jobs.

47Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 22, 2020 10:31 am

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics

gvt jobs are salary without value addition. cost to the country without benifit

48Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 22, 2020 10:38 am

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Sri Lanka Economy - Page 3 Screen57

49Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 22, 2020 1:26 pm

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

@ThilinaM wrote:privet sector have to pay gvt pin padi jobs

Exactly Thilina, it is time private sector and self employed etc with over 7 Million Voters get together and work as one force to against 1.4 Million Govt sector workers who always get many benefits using their vote base...

50Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 22, 2020 1:32 pm

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

@ThilinaM wrote:gvt jobs are salary without value addition. cost to the country without benifit

Very True, the problem is its too high in Sri Lanka. All political parties give jobs to get votes after each election just for nothing.. Then they get compensation to stay home if some entities are closed.. Pensions.. so many nebefits.. Poor tax payers have to bear all these.. THIS IS TOP 10 ECONOMIC ISSUES IN SRI LANKA in addition to LOSS MAKING SOE's. So this Govt also after having a good majority trying to do the same...


It is time private sector and self employed etc with over 7 Million Voters get together and work as one force against 1.4 Million Govt sector workers who always get many benefits using their vote base...
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51Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 22, 2020 1:41 pm

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics

@NANDANA2012 wrote:
@ThilinaM wrote:privet sector have to pay gvt pin padi jobs

Exactly Thilina, it is time private sector and self employed etc with over 7 Million Voters get together and work as one force to against 1.4 Million Govt sector workers who always get many benefits using their vote base...
it is time private sector and self employed etc with over 7 Million Voters get together and work as one force to against 1.4 Million Govt sector workers who always get many benefits using their vote base...

52Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 22, 2020 2:26 pm

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

MR and GOTA have done many BIG things, done many difficult things, But they have done many mistakes too like Mattala. They did many with Chinese loans, but by the time they got defeated, economy and finance had come to a boiling point... There is no country in the world who will have a sound economy with a extra large Government sector and loss making State Enterprises... Just to please few thousands voters you make fundamentally wrong decisions and then you loose Millions of voters when the economy is stuck.. When u cant maintain exchange rate due to high Government spending, all sort of issues (Inflation, debt increase, low foreign investments, specially in stocks, low growth, business stagnation, high crime, poverty increase, high taxes  ) start to happen...

So either we have to be like Cuba (Closing to outside world) or we have to follow economic fundamentals.. Then achieving 6-8% growth will not be difficult and when growth is good, all other issues will start dissapearing....NO BASICS - NO GROWTH....

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

sunny 
http://www.colombopage.com/archive_20A/Jan19_1579455719CH.php

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

http://www.colombopage.com/archive_20A/Jan25_1579898998CH.php

“Our country was in the forefront of Asia in terms of economic growth from 2005-2014. Economic growth has slowed down in the last few years. One of the biggest challenges we face today is the revival of the economy,” President Rajapaksa said.


“New technology must be used to rebuild the economy. Skilled labor is another important factor. The education system too needs to be transformed to create a strong economy. It is a top priority to get more youth into tertiary education,” the President also said.


“We need to identify areas where we can serve the people and contribute more to economic growth. Institutions such as the Tourist Board and the Board of Investment have a major responsibility. These institutions should free themselves from the allegations leveled against them in the past and contribute to the economic recovery,” said the President.

55Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Sat Jan 25, 2020 8:13 pm

Teller

Teller
Moderator
Moderator

Petroleum and electricity board estimate loss 200 billion lkr, more than 1 billion USD... think how to run..its so simple.


_________________




Teller said is said..

56Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Sat Jan 25, 2020 8:29 pm

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

@Teller wrote:Petroleum and electricity board estimate loss 200 billion lkr, more than 1 billion USD... think how to run..its so simple.
Yes true, Sri Lanka has no future with these loss making, corrupt, inefficient, filled with political staff - Govt entities. 

This Govt (Unlike Yahapalanaya) is capable of changing them, but problem is they believe these have to be kept under Govt (As they will lose earning opportunities and chance to give jobs to party people as these are very lucrative places)

We are now a developed nation if we had privatised (Properly - not given to friends for a penny) these 15/20 years back.

In total they make about 200 Billion Losses annually - a Big Chunk of Govt Expenses - about 10% of tax income and About Rs. 40000 from each family..

57Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Sun Jan 26, 2020 10:01 am

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

@ThilinaM wrote:gvt jobs are salary without value addition. cost to the country without benifit

Pls promote this petition, if you agree with it..

https://www.change.org/SriLanka_Pension

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

@Teller wrote:Petroleum and electricity board estimate loss 200 billion lkr, more than 1 billion USD... think how to run..its so simple.
Also if you calculated  Srilankan losses for last few years - You all have paid them about Rs. 40000. 

SO YOU ARE ENTITLED TO ASK A FREE TICKET FROM THEM....

Ekanayake90

Ekanayake90
Manager - Equity Analytics
Manager - Equity Analytics

Opportunity2030 study reveals the almost USD10 trillion private-sector investment opportunity in contributing to the UN Sustainable Development Goals (SDGs) in emerging markets
At USD7.3 billion, the greatest private-sector investment opportunity in Sri Lanka is investment in achieving and maintaining universal access to electricity (SDG 7)


The Standard Chartered SDG Investment Map reveals an almost USD 10 trillion (USD 9.668 trillion) opportunity for private-sector investors across all emerging markets, with Sri Lanka representing USD16.2 billion of that total.

The study identifies opportunities for the private sector to contribute to three infrastructure-focused goals between now and 2030: SDG 6: Clean Water and Sanitation, SDG 7: Affordable and Clean Energy and SDG 9: Industry, Innovation and Infrastructure across emerging markets.

Big population, big opportunities

The greatest opportunity in Sri Lanka is found in achieving and maintaining universal access to electricity (a key SDG 7 indicator), representing a USD 7.3 billion private-sector investment opportunity. This takes into account the proportion of the Sri Lankan population currently without access to electricity (2 per cent), projected population growth, and the growing demand for power as the economy develops.

For SDG 9, which encourages improvement in industry, innovation and infrastructure, Opportunity2030 highlights private sector investment opportunities in transport and improving digital access. Securing full digital adoption in Sri Lanka – a combination of mobile phone subscription rates and internet connectivity – would require private sector investment of around USD 4.1 billion. To significantly improve Sri Lanka’s transport infrastructure by 2030 provides a USD 4.6 billion investment opportunity for the private sector.

Bingumal Thewarathanthri, Chief Executive Officer at Standard Chartered Sri Lanka said:

“Sri Lanka’s commitment to the Sustainable Development Goals (SDGs) make it an attractive prospect for the private sector to invest with impact. The government is looking to increase public-private collaboration and its Vision 2025 programme aligns with the SDGs, demonstrating the commitment to the goals.

“Opportunity2030 reveals the opportunities private sector investors have to make a difference in achieving the SDGs. These findings show that in Sri Lanka there is a chance to have a real impact on millions of people’s lives over the next decade.”

60Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Tue Jan 28, 2020 10:10 pm

Teller

Teller
Moderator
Moderator

This is a big lie.

Opportunity2030 study reveals the almost USD10 trillion


_________________




Teller said is said..

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

http://www.colombopage.com/archive_20A/Jan28_1580232434CH.php

Jan 28, Colombo: Sri Lanka Prime Minister Mahinda Rajapaksa says that as a policy, the government will not sell any national resources to foreigners.


The Prime Minister said this while participating at a function held at the Sri Lanka Customs Headquarters auditorium today to mark International Customs Day.
Addressing the gathering the Prime Minister said that the services of the Customs Department should be more efficient.


“We can promise that the events of the past ministry will not happen. We have great faith in you. It is your responsibility to exercise that trust and function more efficiently,” he said.


The Prime Minister said despite the efforts many things are brought into the country without paying taxes and if the Customs can stop them, the state revenues can be increased further.


Pointing out that the development of the country depends on the state revenues, the Prime Minister said about 57 percent of the Customs revenue is used for the country’s development.


The Prime Minister said the previous government sold the national resources belonged to the people of this country to foreigners.


“As a government policy, we are not going to sell any of our resources to foreigners,” said Prime Minister Mahinda Rajapaksa.


Ministers Wimal Weerawansa, Johnston Fernando, State Minister Shehan Semasinghe and Finance Ministry Secretary SR Attygalle and several others were present at the occasion.

62Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 29, 2020 5:51 pm

Teller

Teller
Moderator
Moderator

We should not sell and strictly no lease 99 years too. Recently 3 acre was given 42 millions $ , for 99 yrs


_________________




Teller said is said..

63Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 29, 2020 6:14 pm

Arrowrisk

Arrowrisk
Manager - Equity Analytics
Manager - Equity Analytics

@KavinduTM wrote:http://www.colombopage.com/archive_20A/Jan28_1580232434CH.php

Jan 28, Colombo: Sri Lanka Prime Minister Mahinda Rajapaksa says that as a policy, the government will not sell any national resources to foreigners.


The Prime Minister said this while participating at a function held at the Sri Lanka Customs Headquarters auditorium today to mark International Customs Day.
Addressing the gathering the Prime Minister said that the services of the Customs Department should be more efficient.


“We can promise that the events of the past ministry will not happen. We have great faith in you. It is your responsibility to exercise that trust and function more efficiently,” he said.


The Prime Minister said despite the efforts many things are brought into the country without paying taxes and if the Customs can stop them, the state revenues can be increased further.


Pointing out that the development of the country depends on the state revenues, the Prime Minister said about 57 percent of the Customs revenue is used for the country’s development.


The Prime Minister said the previous government sold the national resources belonged to the people of this country to foreigners.


“As a government policy, we are not going to sell any of our resources to foreigners,” said Prime Minister Mahinda Rajapaksa.


Ministers Wimal Weerawansa, Johnston Fernando, State Minister Shehan Semasinghe and Finance Ministry Secretary SR Attygalle and several others were present at the occasion.

Biggest joke of the year..... Very Happy

As long as majority of Srilanka citizens are blind, politicians can make these types of nonsense joke frequently as a time pass.....

64Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 29, 2020 6:20 pm

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

@Teller wrote:We should not sell  and strictly no lease 99 years too. Recently 3 acre was given 42 millions $ , for 99 yrs

Ah 99 yrs is too much neh  Neutral

However they earned 2 times from same deal which was started by previous gov.

65Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 29, 2020 6:22 pm

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

@Arrowrisk wrote:
@KavinduTM wrote:http://www.colombopage.com/archive_20A/Jan28_1580232434CH.php

Jan 28, Colombo: Sri Lanka Prime Minister Mahinda Rajapaksa says that as a policy, the government will not sell any national resources to foreigners.


The Prime Minister said this while participating at a function held at the Sri Lanka Customs Headquarters auditorium today to mark International Customs Day.
Addressing the gathering the Prime Minister said that the services of the Customs Department should be more efficient.


“We can promise that the events of the past ministry will not happen. We have great faith in you. It is your responsibility to exercise that trust and function more efficiently,” he said.


The Prime Minister said despite the efforts many things are brought into the country without paying taxes and if the Customs can stop them, the state revenues can be increased further.


Pointing out that the development of the country depends on the state revenues, the Prime Minister said about 57 percent of the Customs revenue is used for the country’s development.


The Prime Minister said the previous government sold the national resources belonged to the people of this country to foreigners.


“As a government policy, we are not going to sell any of our resources to foreigners,” said Prime Minister Mahinda Rajapaksa.


Ministers Wimal Weerawansa, Johnston Fernando, State Minister Shehan Semasinghe and Finance Ministry Secretary SR Attygalle and several others were present at the occasion.

Biggest joke of the year..... Very Happy

As long as majority of Srilanka citizens are blind, politicians can make these types of nonsense joke frequently as a time pass.....

You must be talking about that land deal. And we are not blind Mr.

66Sri Lanka Economy - Page 3 Empty Re: Sri Lanka Economy Wed Jan 29, 2020 6:40 pm

Arrowrisk

Arrowrisk
Manager - Equity Analytics
Manager - Equity Analytics

@KavinduTM wrote:
@Arrowrisk wrote:
@KavinduTM wrote:http://www.colombopage.com/archive_20A/Jan28_1580232434CH.php

Jan 28, Colombo: Sri Lanka Prime Minister Mahinda Rajapaksa says that as a policy, the government will not sell any national resources to foreigners.


The Prime Minister said this while participating at a function held at the Sri Lanka Customs Headquarters auditorium today to mark International Customs Day.
Addressing the gathering the Prime Minister said that the services of the Customs Department should be more efficient.


“We can promise that the events of the past ministry will not happen. We have great faith in you. It is your responsibility to exercise that trust and function more efficiently,” he said.


The Prime Minister said despite the efforts many things are brought into the country without paying taxes and if the Customs can stop them, the state revenues can be increased further.


Pointing out that the development of the country depends on the state revenues, the Prime Minister said about 57 percent of the Customs revenue is used for the country’s development.


The Prime Minister said the previous government sold the national resources belonged to the people of this country to foreigners.


“As a government policy, we are not going to sell any of our resources to foreigners,” said Prime Minister Mahinda Rajapaksa.


Ministers Wimal Weerawansa, Johnston Fernando, State Minister Shehan Semasinghe and Finance Ministry Secretary SR Attygalle and several others were present at the occasion.

Biggest joke of the year..... Very Happy

As long as majority of Srilanka citizens are blind, politicians can make these types of nonsense joke frequently as a time pass.....

You must be talking about that land deal. And we are not blind Mr.
Im not saying everyone is blind but 60%-70% of our voters are mere followers of party politics. We have seen it in Central bank bond issue revelation too.

Ekanayake90

Ekanayake90
Manager - Equity Analytics
Manager - Equity Analytics

ECONOMYNEXT – Sri Lanka is seeking parliamentary approval to spend 156 billion rupees more and raise up to 357 billion rupees in gross debt, in a supplement to a vote-on-account or a mini-budget running up to April 2020.

“We request a supplementary estimate of 101 billion rupees for recurrent expenditure and 55 billion rupees for capital expenditure be approved for the vote on account,” Prime Minister Mahinda Rajapaksa who is also Finance Minister told parliament.

Rakapaksa also sought parliamentary approval to raise a debt limit from 721 billion rupees in the original vote on account to 1,078 billion rupees or 357 billion rupees for the four months.

The original vote on account estimated revenues at 745 billion rupees and total outflows including spending and debt repayment at 1,470 billion rupees.

Rajapaksa who took over after President Gotabaya Rajapaksa was elected President in November, said there were payment arrears and a revenue shortfall in 2019.

“In addition, to account for foreign debt, we request 2,011 billion rupees in a supplementary estimate,” Rajapaksa said.

“High interest loans had been taken, and some foreign loans exceeded estimates, so they have still not been accounted,” he said.

In 2019 Sri Lanka raised extra foreign debt, under new debt management law to pay loans in 2020.

Sri Lanka had also slashed taxes in a so-called ‘stimulus’ for 2020 with value added taxes halved, some taxes abolished, the cost of which has been estimated at about 500 to 600 billion rupees for the full year according to government spokesmen.

Rajapaksa blamed the last administration for running large payment arrears for suppliers which he had to pay.

He said out of about 2,400 billion rupees in revenue targets for 2019, collections had reached about 1,600 billion rupees by November, which grew to about 1,800 billion rupees in December, causing a shortfall of about 600 billion rupees.

Rajapaksa said there were arrears suppliers for expenditure incurred in 2019 around 156 billion rupees.

He said the government owed 45.86 billion rupees to banks for an interest bonus given for senior citizens.

Another 25.7 billion rupees were owed to pharmaceutical suppliers for state hospitals.

Road development contractors were owed 18.45 billion rupees, urban development contractors were owed 6.66 billion rupees and construction of schools had a price tag of 2.8 billion rupees, Rajapaksa said.

Election related expenses were 1.2 billion rupees, with another 400 million rupees required for the 2020 general elections.

The government also owed 23.51 billion rupees for fertilizer suppliers, which has caused problems in providing the fertilizer subsidy, Rajapaksa said.

Military and other state-dependent institutions were owed 5.5 billion rupees.

Capital projects at provincial, district and local government levels required 3.9 billion rupees, while Northern rehabilitation and resettlement needed another 3.1 billion rupees, Rajapaksa said.

Higher education and water supply projects had 2 billion rupees in delays while irrigation and rural development contractors were owed 6.6 billion rupees.

Other delayed payments totalled 13.3 billion rupees, Prime Minister Rajapaksa said.(Colombo/Feb06/2020)

Sri Lanka’s government will present a supplementary estimate to increase spending by 156 billion rupees for 2020 and expand the debt ceiling, as provisioned finances had run out by November, the Prime Minister said.

“The provisions were not enough to repay expenditure in November and December, so funds required for functioning the vote on account for the first four months of 2020 could not be released,” Mahinda Rajapaksa said in parliament on Wednesday.

“In addition, to account for foreign debt, we request 2,011 billion rupees in a supplementary estimate,” he said.

“High interest loans had been taken, and some foreign loans exceeded estimates, so they have still not been accounted,” he said.

An Active Liability Management Act allows for the government to raise extra funds to repay maturing debt.

KavinduTM

KavinduTM
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Feb 06, Colombo: 


President Gotabhaya Rajapaksa says his government is committed to recover the country from the current abyss it is in without pointing fingers to the past for prevailing problems.


The President says he accepted the challenge of rebuilding the country with a keen understanding of the economic downturn.


The President made these comments addressing the Chairpersons and Board of Directors of several Plantation and Financial Institutions at the Presidential Secretariat today (06).


Addressing the gathering, the President said it is very important to immediately have people trained for jobs created in the current economy. “If so, we can go forward without facing the problems of the public service.”


The President further said that steps would be taken to change the education system to meet the demands of the job market. He said one of his primary objectives is to create an environment for the future generation to come out from the universities as graduates who can conquer the modern world.


President Rajapaksa noted that Asia is becoming the hub of the world economy.
“Asia is becoming the center of world economy. Many countries in Asia have also improved. We should make good use of this opportunity. It is not a difficult task to bring about change and take country forward. It's a challenge, but it can be done.
That’s why I try to recruit as many professionals as we can from the start. We hope that you will take up this challenge and accomplish it successfully,” the President said.



Secretary to the President, Dr. P. B. Jayasundara and senior adviser to the President Lalith Weeratunga also participated in this meeting.



Last edited by KavinduTM on Fri Feb 07, 2020 12:00 am; edited 1 time in total

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