Sri Lanka’s economic growth has come down 6.4 per cent in first quarter 2015 from 7.4 per cent in same period last year. The Ceylon Petroleum Corporation is reporting billions of rupees in losses which in turn will be a burden on the people. The stock market is virtually dead. During the last one month [...]

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The Sunday Times Sri Lanka

Plight of SL’s economy

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Sri Lanka’s economic growth has come down 6.4 per cent in first quarter 2015 from 7.4 per cent in same period last year. The Ceylon Petroleum Corporation is reporting billions of rupees in losses which in turn will be a burden on the people. The stock market is virtually dead. During the last one month alone the net foreign outflow at the Colombo Stock Exchange was Rs. 4.8 billion.

Government borrowings have almost surpassed a whole year borrowings previously. The super gain tax, according to many which was ill conceived, has not been given legal effect so far. It was proclaimed that this tax was to capture ill gotten money. Have Dialog, John Keells and some other top companies in Sri Lanka ill gotten money? This retrospective tax has shattered business confidence in Sri Lanka. Can the new economic pundits explain the above matters without putting all the blame on the previous regime?

M.A. Salih
Financial Consultant
Colombo 3

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