Monday, March 9

Tag: Budget2018

Ports Minister against opening shipping services sector to foreign companies
29Nov By Faraz ShauketalyNo Comments
LOCAL

Ports Minister against opening shipping services sector to foreign companies

Sri Lanka's Minister of Ports and Shipping Mahinda Samarasinghe said he is not in agreement with the 2018 budget proposal to open the shipping agency services to foreign companies and it has been included in the budget proposal without discussions with his ministry. Speaking at the Budget 2018 committee stage debate of his ministry on Tuesday, Minister Samarasinghe said he will not allow to open the sector to foreign companies without an investment guarantee since such a move will affect the local shipping agents. "Our policy is not to destroy the local businessman," he said. The Minister suggested to set a condition of at least $100 million investment for foreign companies if they want to enter in to shipping services. He said there has been good progress in the port sector an...
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“Government creates environment for export growth” – Finance Minister
29Nov By Faraz ShauketalyNo Comments
Business

“Government creates environment for export growth” – Finance Minister

“As Sri Lanka needs to build its foreign earnings, the role of the apparel industry is more important than ever. The government has taken steps to create the enabling environment for further export growth – and it is my wish to see numerous other industries breaking into export markets with the same success as the apparel sector”, so said Minister of Finance and Mass Media Mangala Samaraweera at the Annual General Meeting of the Sri Lanka Apparel Exporters Association. Mr. Samraweera further added that he was told that the apparel industry aims to achieve an export earnings target of USD 8 Billion and this is indeed a commendable ambition as well as the government will take the necessary steps to create an enabling environment to facilitate this objective. The industry has prov...
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Fish production will increase due to restoration of lagoons
27Nov By Faraz ShauketalyNo Comments
LOCAL

Fish production will increase due to restoration of lagoons

Minister of Fisheries and Aquatic Resources Development Mahinda Amaraweera said allocation of Rs. 1 billion for de-sedimentation and restoration of lagoons from the next year's budget should be commended. The Minister says the measure will provide a significant assistance to fishermen families as well as increase the annual inland fish production. According to the Minister, there are around 10,000 reservoirs in the island. Many of them are filled up with sediment and hold less rain water now. The reservoirs need to be dredged and de-silted to restore to the old form to help contain a larger volume of water than at present. As a result of the sedimentation, even during light rain the reservoirs overflow and during short drought the reservoirs dry up, the Minister explained. He s...
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Govt announces incentives to promote non-fossil fuel powered vehicle imports
18Nov By Faraz ShauketalyNo Comments
Business

Govt announces incentives to promote non-fossil fuel powered vehicle imports

The government has announced the incentive structure to promote importation of vehicles powered by non-fossil fuel, as announced in the 2018 budget. The new formula for import taxes on vehicles, will be levied based on the engine capacity instead of the ad valorem rate rationalising the tax base on vehicles. In addition, the Loan To Value (LTV) ratio for motor cars which is 50:50 at present will be further relaxed for hybrid vehicles. The LTV ratio will be revised and finance facilities could be provided by banks, up to: – 50% of the value for petrol and diesel motor cars – 70% of the value for hybrid cars – 90% of the value for electric cars
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Sri Lankan government focuses on reconciliation in 2018 budget allocating Rs. 12.75 billion
12Nov By Faraz ShauketalyNo Comments
History

Sri Lankan government focuses on reconciliation in 2018 budget allocating Rs. 12.75 billion

Sri Lanka's budget for next year presented by the Minister of Finance Mangala Samaraweera has focused on the post-war reconciliation proposing a number of measures to develop the war-ravaged North and East and uplift the lives of the people in those area. Presenting the budget in parliament on Thursday, Minister Samaraweera said if Sri Lanka is to achieve its goal of becoming an advanced economy, it is essential that we build our future plans on a strong foundation of democracy and reconciliation. "We must ensure that the tragedies of the past we had to face as a nation, does not ever recur again," he stressed. The Minister said Reconciliation and national unity, based on the diversity of the island, is a must, if Sri Lanka is to achieve the vision 2025 and become a country enrich...
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“Essentially a Good Budget”– Eran Wickremaratne
10Nov By AdminNo Comments
Main Story

“Essentially a Good Budget”– Eran Wickremaratne

“A Budget by the IMF”– Bandula Gunawardena Mangala Samaraweera the Finance Minister presented his maiden and Sri Lanka’s 72nd budget on Thursday and immediately and predictably ran into a storm of protest. Detractors led by the Joint Opposition spokesperson on financial matters, Bandula Gunawardena, maintained that this was a budget proposed at the whim and fancy of the International Monetary Fund. Not to be outdone and springing to the defence of his Ministerial colleague was the former senior banker and now State Minister, Eran Wickremaratne whose claim was that Mangala Samaraweera had done a ‘tremendous’ job by securing macroeconomic fundamentals and raising revenue. “Debt Repayment Levy (DRL) Is Misleading” – Editor However one of the measures to raise revenue, the Debt Repaym...
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University intake to be increased by 20 percent
9Nov By AdminNo Comments
Education

University intake to be increased by 20 percent

Minister Mangala Samaraweera during his parliamentary address today (9), stated that the annual intake of university students will be increased by 20 percent to provide better opportunities to all students of Sri Lanka. He further stated that the 2018 Budget will ensure that all school children will undergo 13 years of schooling. Furthermore, Minister Samarweera stated that medical faculties will be established in the Wayamba, Sabaragamuwa and Moratuwa universities at a cost of Rs.1.2500 million.
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2018 Budget to be presented in Parliament
9Nov By AdminNo Comments
Business

2018 Budget to be presented in Parliament

The third Budget of the consensual government led by President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe will be presented in Parliament this afternoon. The Budget for the fiscal year of 2018 will be presented by Minister of Finance and Mass Media Mangala Samaraweera. Proceedings of the House will commence at 3pm. The Cabinet of Ministers last month approved the 2018 Appropriation Bill with the estimated expenditure of the government for the period beginning from the 1st of January 2018 and ending on the 31st of December 2018 to be presented before Parliament. According to the bill, the government’s estimated expenditure for the 2018 fiscal year was set at 3,982 billion rupees. The expected income for 2018 was reportedly 2,175 billion rupees. The debat...
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