CCEM Archives - Ceylon Independent

President abolishes Cabinet Committee on Economic Management

21Mar

By Faraz ShauketalyNo Comments

Business

President abolishes Cabinet Committee on Economic Management

Sri Lankan President Maithripala Sirisena has decided to abolish the Cabinet Committee on Economic Management (CCEM) headed by the Prime Minister Ranil Wickremesinghe. Local media reported that the President has taken this decision at a special cabinet meeting held on Tuesday (20). The CCEM was established to make recommendations to the Cabinet of Ministers on implementation of laws and related subjects concerning economic affairs, monetary and financial policy, national investment program, facilitating private sector investments, investments and economic development of the country. Following the establishment of the National Economic Council the President on an earlier occasion has advised the cabinet to disband the CCEM. Accordingly the cabinet has discussed the matter and th...

CENTRAL BANK HAS ITS WAY ON NATIONAL PAYMENT PLATFORM

24Feb

By Faraz ShauketalyNo Comments

LOCAL, Main Story

CENTRAL BANK HAS ITS WAY ON NATIONAL PAYMENT PLATFORM

Sri Lanka’s Central Bank led by Governor Dr Indrajith Coomaraswamy has maintained its position that the existing National Payment Platform will remain the sole platform in terms of dealing with all financial data. There had been an attempt to introduce yet another company. Previously Governor Coomaraswamy had written to the Secretary to the Prime Minister in effect taking umbrage that the CCEM had taken a decision on the NPP without having any representation from the Central Bank – when the CCEM had agreed to have another company in addition to Lanka Clear. Subsequently at a meeting at which the Central Bank was represented, it had been agreed that the existing payment platform will remain in terms of the security of financial data and transactions. However Dr Coomaraswamy said th...

Sri Lanka aims to reduce public debt to 70 percent of GDP

11Jan

By Faraz ShauketalyNo Comments

Business

Sri Lanka aims to reduce public debt to 70 percent of GDP

The Sri Lankan government plans to reduce the country's public debt to 70 percent of the Gross Domestic Product (GDP) by the end of year 2020. The government plans to achieve this target by increasing the revenues and decelerating debt accumulation. On a request made by the Cabinet Committee on Economic Management (CCEM), the Governor of the Central Bank on November 1, 2017 has presented the options available to bring down debt to GDP ratio to the CCEM. Various Investment Houses have also presented proposals to manage public debt more favorably. The debt to GDP ratio can mainly be brought down by decelerating debt accumulation and the key for this is to reduce the government budget deficit, informed the Central Bank. The cabinet paper on the Central Bank was submitted to Cabine...

Critical advertising blitz to boost tourism kicks off in Feb.

2Jan

By Faraz ShauketalyNo Comments

Business, Main Story

Critical advertising blitz to boost tourism kicks off in Feb.

SLTPB Chairman Udaya Nanayakkara says $ 3.5 m digital promotion campaign to go live in Germany, the UK, France, India and China in February $ 40 m for three-year global tourism campaign to follow covering eight key markets New dedicated office to run global promotion campaigns, new CEO, staff with higher remunerations Industry pins lack of proper marketing to poor growth in tourist arrivals numbers By Charumini de Silva The long-delayed critical digital promotional campaign of Sri Lanka Tourism will take off next month followed by a global advertising drive in May, to boost sagging arrival numbers. SLTPB Chairman Udaya Nanayakkara told the Daily FT that they were in the process of kicking off the six-month digital promotional campaign covering five of Sri Lanka’s prime ...

Govt. brews Rs. 12 b in loans to boost tea

4Dec

By Faraz ShauketalyNo Comments

Business, Main Story

Govt. brews Rs. 12 b in loans to boost tea

Talks with two Japanese banks on obtaining low-interest loans to modernise tea factories, uplift tea smallholders Rs. 12 billion in first stage, possibility of increasing to Rs. 22.5 billion Tea factories to set up solar panels, contribute 20% to national grid Appoints committee to assess credit worthiness of 250 factories that have expressed interest State banks to disburse loan, beneficiaries to repay, aims to be rolled out in 1H 2018 By Charumini de Silva The Government is in discussions with two Japanese banks to obtain as much as $ 150 million or Rs. 22.5 billion in a low-interest loan facility to modernise about 150 tea factories, which could be done in two tranches, to develop tea smallholders, the Plantations Minister said yesterday. Plantations Industry Mi...