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Thursday June 1st, 2023

Sri Lanka tax payer to bear unemployable graduates burden from March

ECONOMYNEXT- Sri Lanka will start recruiting unemployable graduates to the state service from March 01, though how many will be recruited this year has not been revealed.

“We will start giving these jobs before March 01,” State Minister for Development Banking Shehan Semasinghe said.

“It is the intention of the President and Prime Minister to give state jobs to unemployed graduates.”

Critics say unemployed graduates represent a crisis in the tax-payer funded university education system where degrees are given which have no quality to be useful to productive sectors or the society.

However some state universities including the Moratuwa University, produce graduates that are useful to productive sectors and contribute to society, instead of using tax-payer money to get salaries and pensions.

Sri Lanka’s current administration has also promised 100,000 jobs to those who have weak education qualifications and come from poor families.

They would be paid 30,000 rupees each, officials had said costing about 36 billion rupees a year, when all were employed.

Sri Lanka’s last administration also promised high salaries going up to 600,000 rupees for senior state workers, but that increment has not yet been granted. The hike was expected to cost 50 billion rupees a year.

The last administration while giving a 10,000 rupee salary hike to state workers, also increased their pensionable salary, which had been kept under limits until 2015.

From 2014 to 2018 Sri Lanka increased the taxes collected from the people by 715 billion rupees to 1910 billion rupee and the salary and pension was raised to 820 billion rupees from 567 billion rupees or 44 percent not counting tax free cars and other benefits.

The current administration has slashed value added taxes. (Colombo/Jan21/2020)

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  1. Sandy says:

    The future of the country looks bleak, what with these unemployable graduates becoming future stool warmers in the government sector.

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  1. Sandy says:

    The future of the country looks bleak, what with these unemployable graduates becoming future stool warmers in the government sector.

Sri Lanka exports down in April, trade deficit up from March, rupee stronger

ECONOMYNEXT – Sri Lanka’s exports fell 12.6 percent from a year ago to 849 million US dollars in April 2023, amid weaker external demand, while imports were down 15.8 percent to 1,431 million Us dollars, central bank data showed.

Exports also fell 1,037 million dollars in March 2023, amid seasonal effects.

The trade deficit expanded to 583 million US dollars in April from 412 million US dollars in March 2023. Imports were at 1431 million US dollars in April from 1,450 million dollars in March.

Imports can pick as tourism, worker remittances and net inflows to government go up.

The rupee continued to appreciate.

“Exchange rate showed a notable appreciation during April 2023 with the continued improvement in liquidity in the domestic foreign exchange market, the discontinuation of the daily guidance on exchange rates,” the central bank said.

Up to April exports were down 9 percent to 3.8 billion rupees and imports were down 28 percent to 5.2 billion rupees and the trade deficit was 1.4 billion rupees.

Investment goods imports were down in April amid a contraction in credit.

“Almost all types of goods listed under the three main investment good categories, namely machinery and equipment, building material and transport equipment, recorded a decline,” the central bank said.

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Sri Lanka President discusses debt restructure, program progress with IMF

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has discussed progress of International Monetary Fund program and debt restructuring during a visit of Deputy Managing Director Kenji Okamura, statement said.

“The discussion primarily focused on the progress of the IMF program between Sri Lanka and the IMF,” a statement from President’s office said.

“Attention was also paid to the on-going debt restructuring negotiations.”

State Minister of Finance Shehan Semasinghe, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayake was also in the meeting.

Secretary of the Ministry of Finance Mahinda Siriwardena, Central Bank Governor Nandalal Weerasinghe, Deputy Director of the International Monetary Fund Anne Marie Gulde, and Resident Representative IMF in Sri Lanka Sarwat Jahan, attended this event. (Colombo/June01/2023)

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Sri Lanka cuts petrol to Rs318 a litre, kerosene to Rs245

ECONOMYNEXT – Sri Lanka has cut petrol 92-Octane by 15 rupees to 318 rupees a litre and kerosene by 50 rupees to 245 rupees a litre from midnight May 31, the Ministry of Energy said.

Petrol 95 Octane will be raised by 20 rupees to 385 rupees, and Lanka Super Diesel 4 Star Euro 4 will be raised by 10 rupees to 340 rupees a litre.

Lanka Industrial Kerosene will be cut by 60 rupees a litre to 270 rupees.

Kerosene which is similar to jet fuel is usually the most expensive fuel in international markets followed by diesel and petrol is usually the cheapest.

Kerosene which is substantially cheaper than diesel is also used by buses to cut costs. (Colombo/May31/2023)

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