CB relaxes import controls, mandatory conversion of export proceeds
The Central Bank (CB) on Friday relaxed retrograde import controls, enforced last month, but introduced mandatory export proceeds conversion to ensure ‘errant’ exporters bring back their dollars instead of parking it in overseas accounts. “We will strengthen mandatory conversion of export proceeds and request the government to tax profits of exporters at 28 percent instead [...]
Basil’s 2022 Budget with wealth tax included
Sri Lanka’s Budget 2022, to be unveiled in November, is to introduce several measures giving priority to livelihood development and including a long-delayed wealth tax, Finance Ministry sources said. The Ministry is contemplating to introduce a temporary COVID-19 cess at the highest income-tax slab, and the much-delayed wealth tax. Finance Minister Basil Rajapaksa has directed [...]
Adani, JKH sign WCT deal amidst SLPA concerns
A deal to hand over the operations of the West Container Terminal (WCT) to Adani Group (51 percent) and John Keells Holdings (JKH) went ahead on Thursday amidst the Sri Lanka Ports Authority (SLPA) raising concerns that the royalty gains are lower than that obtained from the Colombo International Container Terminals (CICT). The agreement was [...]
Sri Lanka searches globally for organic fertiliser
Sri Lanka’s farmers are facing one of the worst crises, left with only the compost they prepared as state authorities have failed to provide the necessary fertiliser, carrying out experiments just ahead of farming for the largest cultivation season in the country. Authorities are faced with the daunting task of finding fertiliser from suppliers in [...]
GSP+ haunts us again
Despite an independent tracking system showing business confidence has improved (possibly because the number of COVID-19 cases has reduced and the vaccine programme is on schedule), the government is faced with a plethora of issues. Farmers are screaming for fertiliser, consumers are complaining because they have to join queues for milk powder and gas while [...]
Success of export-oriented economies
High-income OECD countries in the world had about 75 percent of the world exports in 1990. Today, about 30 years later, this export share has declined to little more than 50 percent. Looking at it from the other end, the world export share of developing countries was about 25 percent in 1990, and it has [...]
Hambantota Special EPZ to promote coconut-based agro-ecosystem
Aiming to give a push to value addition in the coconut sector the government will set up a specialised Export Processing Zone (EPZ) dedicated to coconut related industries in Hambantota, one of the key areas in the Southern coconut triangle. This triangle would consist of Embilipitiya, Hambantota, and Monaragala under a massive coconut cultivation drive [...]
World Bank: Is doing business (index) really dead?
Recent days have brought me a storm of emails and calls about the collapse of the World Bank’s most widely watched annual report, Doing Business (DB), which ranks countries by how easily and efficiently small businesses can operate in them. On September 16, the bank announced that it would discontinue the report after an independent [...]
Tribute to a banker par excellence
It’s with shock and sadness we came to know about the untimely passing away of Nilanth De Silva, Chairman HNB on Wednesday. Mr. De Silva needs no introduction among the banking fraternity, being a pioneer member of HNB, having joined the bank in 1974 as a Banking Assistant. During his colourful and remarkable career in [...]
SL manufacturers deeply concerned with CB claims of alleged hoarding of export proceeds
The Sri Lanka Manufacturers and Exporters of Rubber Products (SLAMERP) on Wednesday expressed concern over claims by the Central Bank that exporters are hoarding export proceeds amidst an acute shortage of foreign currency. “Our members are deeply disturbed on recent media publications placing all exporters to be hoarding export revenues, following a report and a [...]
Renaissance Sri Lanka, Monlar and Greenfem webinar series on organic farming
Renaissance Sri Lanka, MONLAR and Greenfem are launching a live webinar series on ‘agroecology’. Hosted via Renaissance Sri Lanka’s “Kumbuk” online networking platform, the series will run every Saturday, from October 9 to 30 from 6.00pm to 7.30pm IST (GMT+5:30). It will highlight the importance of organic farming with the aim of contributing to a [...]
Plantation industry believes govt. will change course on fertiliser
Sri Lanka’s plantation industry believes the government will reverse its ban on chemical fertiliser as it is a key revenue generator bringing in the necessary foreign exchange it requires at this critical juncture. “We have not stopped our dialogue with the government and we hope they will take a positive look and consider it wise [...]
Sri Lanka importers forced to purchase black market dollars
While queues for essential food are becoming commonplace, Sri Lanka having embraced the open economy more than 40 years ago simply cannot move out of this system as many entrepreneurs are involved in exports and imports, according to Sujeeve Samaraweera, Past President of the National Chamber of Commerce of Sri Lanka. The foreign exchange crisis [...]
Stringent rules to control pesticide imports amidst smuggling
Stringent regulations are to be enforced to control pesticide and agrochemical imports to stop, among other issues, smuggling, at a time when there is a foreign exchange scarcity in the country, official sources disclosed. The government restricted the imports of chemical fertilisers and agrochemicals (insecticides and herbicides) on May 6, 2021, in accordance with Section [...]
SL elevated risk profile deters suppliers
Sri Lanka’s low credit rating in the world market is restricting the credit exposure of global sourcing suppliers, industry sources say. The main reason for this is the high-risk profile of the country and the inability to service or come up with export insurance premiums that protect an exporter of products and services against the [...]
‘‘Sri Lanka e-ROC becomes defective worrying companies’’
Mr. Ganesh Wijenayake, Consulting Project Manager, eRoC Project has sent in the following response to the article under the above heading published last week in the Business Times: The Registrar of Companies (RoC) took pride in announcing a highly successful e initiative to become the first ever Government paperless office that functioned during COVID-19 restrictions [...]
Indian assistance sought to settle fuel bill payment
Sri Lanka is using every option to find dollars to buy crude oil from West Asia and refined petroleum from other areas including Singapore as the price hike in the international market is unbearable for the Ceylon Petroleum Corporation (CPC), Finance Ministry sources divulged. Negotiations are underway with the Indian government for a US$500 million [...]
“The Other Side of Globalisation by Sriyan de Silva” reviewed by Prof. N. A. de S. Amaratunga
The “Other Side of Globalisation” by Sriyan de Silva is a masterpiece on the negative impacts of globalisation and remedial measures to enable more countries to benefit from a new form of globalisation, and is a treasure trove of relevant information. While many others have concentrated on economic and business-related aspects, he has addressed the [...]