SriLankan Airlines, Kuwait Airways launch codeshare partnership

National carrier SriLankan Airlines, and Kuwait Airways has launched a new codeshare partnership that came into effect on 20 June 2022.

Two finance companies fined Rs.1.5mn for violating FTRA

Two finance companies have been slapped with administrative penalties amounting to Rs.1.5 million during the final quarter of 2021 for the violation of the provisions of Financial Transactions Reporting Act, No. 6 of 2006 (FTRA).

Five failed finance companies not viable: CBSL

The CBSL announced today that actions will be taken to liquidate the five failed finance companies in accordance with applicable legal provisions.

Discussions held to settle outstanding fuel payments

Discussions were held by President Gotabaya Rajapaksa today with the CBSL and other key stakeholders to settle the outstanding payments that are due to relevant companies for fuel supply.

Steve Hanke measures SL’ inflation at 130.14%/year

Economist Steve Hanke shared today that according to his accurate measure, Sri Lanka’s inflation stands at 130.14 percent.

Central and Southern Asia falls back in achieving gender equality

Overall, Central and Southern Asia as a region is not on track to achieve gender equality by 2030, the latest assessment by UN Women revealed. Across the region, out of 18 indicators for the SDGs, only one has met the target.

US extends fresh funding of US$ 5.75 mil

The U.S. government announced a third tranche of new funding today to address the immediate needs of people hardest hit by the economic crisis in Sri Lanka.

Australia’s Commonwealth Bank announces ‘Support for SL’

The Commonwealth Bank of Australia has kicked off a support initiative for Sri Lanka to encourage those in that country to transfer money to the crisis hot economy.

Australia pledges support to overcome economic crisis

Australia pledges support to overcome economic crisis

SL embassy in Brazil steps up to promote tourism

The Embassy of Sri Lanka in Brazil in collaboration with the Brazilian Association for Travel Agencies (ABAV- DF), stepped up to promote Sri Lanka as a destination for Brazilian and South American tourists.

SL among nations with slowest roads in the world: IMF

Sri Lanka is among the nations in the world that has the slowest roads, which indicates the economy is facing obstacles in its development effort, an IMF analysis revealed.

National Policy for Tourism final draft unveiled

The final draft of the National Policy for Tourism (NPT) was presented to the sector stakeholders for their input before moving the strategy set towards the implementation phase.

Global air cargo market continues to contract

As economic challenges continue to rise for countries across the world even as many have braved through the challenges stemming from the pandemic, air cargo demand dropped by 11.2 percent year-on-year (YoY) in April, while cargo load factors dipped by 5.2 percent 51.6 percent and capacity by 2 percent.

UN calls for over US$47 million for life-saving assistance

The United Nations team in Sri Lanka and non-governmental organisations launched a joint Humanitarian Needs and Priorities (HNP) Plan today.

Hope interim budget will lay foundation for recovery, stabilisation: Ranil

Prime Minister Ranil Wickremesinghe said he will present the interim budget to the parliament on the basis of the future economic plan and road map drawn up for the country.

SL needs to return to 2019 tax system: PM

Prime Minister Ranil Wickremesinghe asserted the need for Sri Lanka to return to the tax system of 2019 so that the ongoing strain on the economy eases.

CB says Governor Weerasinghe has cordial relationship with PM

The Central Bank (CBSL) today dismissed claims circulating on social media regarding disputes between Governor Dr. Nandalal Weerasinghe and Prime Minister Ranil Wickremesinghe.

Capital expenditure from 2022 budget to be reallocated for welfare

In a bid to support the needy communities whose conditions have worsened with the ongoing crisis, the Cabinet of Ministers has decided to increase the welfare extended to such groups.

Special tax incentives for foreign investors in Port City

Foreign investments in the Port City will receive massive tax concessions, a move by the government to lure investors into the country.

Mega surfing carnival coming up in July

Sri Lanka is gearing up to host a mega surfing carnival by the end of July, an effort to promote the destination and lure international travelers to uplift the struggling tourism sector.

SL seeking $3 bn under IMF Extended Fund Facility

Sri Lanka is in talks with the International Monetary Fund (IMF) to borrow at least $3 billion via the lender’s extended fund facility (EFF), sources familiar with the matter told Reuters.

SL kicks off tax reform process to boost revenue

The Prime Minister’s Office announced today a series of tax reforms that will be implemented within the year.

Rs. 695 bn Supplementary Budget receives cabinet nod

The proposal to submit a supplementary estimate for the provision of Rs. 695 billion under the ‘Budget Assistance Services and Emergency Responsibilities’ project of the National Budget Department received the Cabinet nod on Monday.

CBSL affirms availability of forex for essential imports

The Central Bank today reassured its commitment to ensuring the availability of foreign exchange within the banking system for the importation of essential goods, including the food items, in the ensuing period.

IMF concludes virtual mission in SL

The International Monetary Fund (IMF) concluded the virtual mission to Sri Lanka today following technical discussions with the economic team led by Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe and Secretary to the Treasury Mahinda Siriwardena.

Port City invites Indian media to witness project progress

Port City Colombo has facilitated a familiarization tour for selected journalists from India to experience firsthand the development of the project.

Export bans could worsen global food insecurity: IMF

The IMF cautioned this week that the ongoing food insecurity across the world could worsen if countries go forward with their export bans.

SL Tourism Chief steps down

Sri Lanka Tourism Chief Kimarli Fernando announced she has stepped down from the post following a request from newly appointed Tourism Minister Harin Fernando.

SL picks Lazard, Clifford Chance as advisers for landmark debt restructuring

Sri Lanka has hired heavyweight financial and legal advisers Lazard and Clifford Chance as it prepares for the difficult task of renegotiating its debts, a trio of sources told Reuters on Monday (May 23).

CBSL maintains monetary policy stance at latest review

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 18 May 2022, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at the current levels of 13.50 per cent and 14.50 per cent, respectively.