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Today at 12:49 pm by Ethical Trader

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» Dividend Announcement
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» Sri Lankan listed firms told to pay dividends directly to shareholder bank accounts
Yesterday at 2:38 am by pjrngroup

» Sri Lanka's Hayleys group to sell assets to reduce debt
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» අපේ දුම්රිය සේවය තැබු ලෝක වර්තාව; වර්ජනයේ අරමුණ රුපියල් 11605 කින් පඩි වැඩිකර ගැනීම!
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» Elsewhere vs SL : Honesty, Social responsibility , Word twisting and Decency
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» Sri Lanka's Ceylon Tobacco net up 47-pct, volumes grow
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» Sri Lanka's Tokyo Cement in the red, vessel sale adds to loss
Fri Aug 10, 2018 2:27 pm by The Invisible

» Sri Lanka’s Watawala Plantations June net down 57-pct
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» Sri Lanka’s Aitken Spence Hotel June quarter losses rise 22-pct
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» Amazing හෙළ වෙදකම
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Tue Aug 07, 2018 12:22 pm by Ethical Trader

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Tue Aug 07, 2018 12:19 pm by Ethical Trader

» Sri Lanka to miss IMF forex reserve target; seek waiver
Mon Aug 06, 2018 10:45 am by The Invisible

» Sri Lanka targets lower forex reserves for end 2018
Mon Aug 06, 2018 10:43 am by The Invisible

» Sri Lanka economy to grow 4.0-pct in 2018
Mon Aug 06, 2018 10:42 am by The Invisible

» More curbs on cars as Central Bank battles trade gap
Mon Aug 06, 2018 10:40 am by The Invisible

» What Sri Lanka can do to improve the credibility of its dollar soft-peg
Mon Aug 06, 2018 10:39 am by The Invisible

» Sri Lanka's Hayleys Fabric back in profit in June quarter
Sun Aug 05, 2018 12:11 am by spw19721

» Sri Lanka keeps rates unchanged
Fri Aug 03, 2018 6:10 pm by Ethical Trader

» Sri Lankan shares end up 0.1-pct, foreigners buy NTB
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» Sri Lanka sharply raises tax on small hybrid cars
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» Sri Lanka inflation accelerates to 5.4-pct in July
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» India police hunt eight men after sex attack on goat
Wed Aug 01, 2018 1:04 pm by slstock

» Yes, we Khan!
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» Should CSE be like this? Whose FAULT is it?
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Tue Jul 31, 2018 6:08 pm by Ethical Trader

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Tue Jul 31, 2018 5:49 pm by Ethical Trader

» Happy Birthday
Mon Jul 30, 2018 10:27 pm by serene

» Whats ailing Sri Lanka ? Why we are what we are!
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» Lunar Eclipse
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» ගුවන් යානා තුළ මකුණන් සිටීමට හේතුව කාලගුණය බව 'එයාර් ඉන්දියා' සමාගම පවසයි
Sun Jul 29, 2018 10:54 am by Ethical Trader

»  Woman finds frog parts in her packet of 'kottu'
Sun Jul 29, 2018 8:42 am by කිත්සිරි ද සිල්වා

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Thu Jul 26, 2018 5:02 pm by Ethical Trader

» තායිලන්ත ලෙනෙන් මුදවාගත් දරුවන් තාවකාලික පැවිදි දිවියට
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» ආබාධිත තත්වයක් නිසා හොඬයේ ආධාරයෙන් ඇවිදින අලි පැටවෙකු මත්තල දී හමුවෙයි
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» Quick Checklist for Selecting a Stock
Tue Jul 24, 2018 7:46 am by serene

» Chevron Lubricants Lanka appoints new MD/CEO
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Private sector views Mangala’s appointment in positive light

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Private sector views Mangala’s appointment in positive light

Post by Backstage on Tue May 23, 2017 1:56 pm

Private sector views Mangala’s appointment in positive light
2017-05-23 00:00:00


By Chandeepa Wettasinghe
The appointment of Mangala Samaraweera as the country’s Finance Minister yesterday drew positive responses from the private sector, which insisted that he should continue the reform process that has already been set in motion.
“At a time when we were starving for positive news, we view his appointment positively and we wish him very well. Our key expectations are for policy continuity as well as vigour in implementing policies,” Ceylon Chamber of Commerce Chairman Samantha Ranatunga said.
Samaraweera in his Twitter accounts said he was deeply humbled by the trust place on him by President Sirisena and Prime Minister Wickremesinghe in creating “a robust flourishing and modern economy”.
Most investors have been complaining about Sri Lanka’s policy consistency, which has become a victim of party politics in the unity government—a scenario that contributed to foreign direct investments in 2016 slumping by 34.4 percent year-on-year to US $ 445 million.
Meanwhile, Colombo Stockbrokers’ Association President Ravi Abeysuriya too shared sentiments similar to that of Ranatunga.

“We are very hopeful and positive that things will be better. We are looking forward to a consistent policy framework and implementing the policy reforms that have already been announced,” he said.
Abeysuriya noted that some desirable reforms have been communicated by former Finance Minister Ravi Karunanayake recently, including through the 2017 budget. The government is attempting to broad base the income taxation and liberalize the foreign exchange regime—two key reforms Karunanayake was attempting to push through—although his approach to foreign exchange reforms without widespread stakeholder engagement drew criticism last month.
Karunanayake saw some success in improving the government’s revenue to gross domestic product (GDP) ratio up to 14.9 percent from the 11.5 percent level that prevailed when former President Mahinda Rajapaksa was the Finance Minister.
But improved government finances came at a considerable political cost, as the higher indirect taxes slapped on people through the increase of value-added tax drew massive public discontent.
Meanwhile, several political observers noted that the future policy direction from the Finance Ministry would depend on who Samaraweera selects as his deputy, since the minister is believed to have limited experience on the subject.
Ranatunga noted that Samaraweera has able department heads and ministry advisors at his service as well. It is not yet clear which government departments, agencies and enterprises will fall under Samaraweera, who enjoys relatively an untainted reputation. Speculation is rife that several gazette notifications are due over the responsibilities of some of the reshuffled ministers.
Samaraweera was an effective Foreign Minister, who attempted to reconcile the nation and gave Sri Lanka breathing space at the United Nations Human Rights Commission. He was also instrumental in Sri Lanka regaining the GSP Plus trade concession from the European Union. Karunanayake, who held the Finance portfolio till yesterday, brought the country’s budget deficit down to 4.4 percent of GDP in 2016 from 7.4 percent in the previous year though higher taxes, better tax collection and expenditure cuts.
He was recognized as the Best Finance Minister of the Asia Pacific for the year 2016 by the UK-based The Banker magazine.
One of the major criticisms of Karunanayake’s time in the Finance Ministry was his repeated attempts to invade into the spheres of operation and the independence of the Central Bank.



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Re: Private sector views Mangala’s appointment in positive light

Post by Ethical Trader on Tue May 23, 2017 2:26 pm

Thanks Back.

Politician's role is to set policies @ right perspective & facilitate it with required laws, rules & regulations, and not to interfere with day today administrative issues. They should be good listeners/learners to/from administrators/experts and not just meddlers with their work. Hope Mangala would understand the fine difference between policy making and policy implementation. Then he would make a good minister.
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Re: Private sector views Mangala’s appointment in positive light

Post by Backstage on Thu May 25, 2017 11:59 am

Mangala is one of the more competent and less corrupt. Mahinda Samarasinghe too
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Re: Private sector views Mangala’s appointment in positive light

Post by yellow knife on Thu May 25, 2017 1:47 pm

But we are losing the Best Fin of Asia to a fashion designer... Shocked

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