The Ceylon Chamber of Coconut Industries (CCCI), the umbrella organisation for Sri Lanka’s coconut industry, yesterday urged the government to expedite the proposal to import 200 million nuts urgently to avert a looming dual crisis.
The transshipment volumes handled by the Port of Colombo jumped by 9.7 percent year-on-year (YoY) to a record high of 6.31 million 20-foot equivalent units (TEUs) in 2024, with the transshipment volumes accounting for 81 percent of the port’s container throughput during the year.
Sri Lanka’s struggling businesses can find some respite as the Finance Ministry yesterday announced details of a relief package for small and medium-sized enterprises (SMEs) facing difficulties servicing their debt due to the economic crisis following the global health pandemic.
Sri Lanka’s new food regulation, mandating an 80 percent extraction rate for wheat flour has raised serious concerns across the industry, with stakeholders warning that its immediate roll-out could alter consumption patterns, and in turn have adverse effects on key sectors.
On the heels of the Central Bank transitioning to a single policy rate from a dual policy rate structure for implementing and communicating the monetary policy, the Central Bank said it is currently in the process of reviewing the Statutory Reserve Requirement (SRR) framework in line with the Flexible Inflation Targeting framework and the international best practices.
As Sri Lanka has managed to brave through what was the worst economic crisis faced in history and moving towards normalcy, the island nation’s financial sector regulator yesterday said that its focus this year would be on achieving a “transformative acceleration” in the growth trajectory.
The Sri Lanka Ports Authority (SLPA) terminals have reached a historic milestone as of 31 December 2024, handling over 2.4 million Twenty-Foot Equivalent Units (TEUs), which is a 23 percent growth compared to the 1.9 million TEUs handled in 2023.
Sri Lanka is exploring avenues to channel foreign earnings into local investments to boost its economy, with plans underway to empower the returning migrant workers to reinvest their hard-earned savings in the country.
The Sri Lanka Gem and Jewellery Association (SLGJA) has called for urgent policy reforms to accelerate growth and restore global competitiveness within the sector, aiming to once again establish Sri Lanka as ‘Ratnadeepa’ - the Island of Gems – the Jewel of Asia.
Sri Lanka has secured the 33rd spot globally for its ease of obtaining visas, a key element bolstering Colombo’s reputation as a top destination in South Asia and the country’s competitiveness as a tourist destination, according to Brand Finance.
Sri Lanka’s trade deficit widened to US $ 502 million in November 2024, compared to US $ 390 million recorded in November 2023, due to an increase in import expenditure and a marginal decline in export earnings.
As Sri Lanka crossed two million milestone in tourist arrivals in 2024 for the second time in its history, the Sri Lanka Tourism Alliance cautioned the government and industry stakeholders against complacency, emphasising the need for urgent reforms and strategies to ensure sustainable growth in the tourism sector.
Sri Lanka’s micro, small and medium enterprises (MSMEs) have accused the Central Bank of undermining both the government assurances and industry pleas by issuing a controversial circular on loan relief, without adequate consultation.
Sri Lanka’s export performance for the month of November witnessed a Year-on-Year (YoY) contraction of 5.6 percent with revenue reaching US$ 943.1 million. The decrease is primarily attributed to reduced earnings from exports of Rubber-based products, Electrical and Electronic components, Food & Beverages, and Seafood.
Santa appears to have turned a lot more generous this Christmas for Sri Lanka which went through a lot of hardship during the last few years, as the country received another gift by way of its first sovereign credit rating upgrade.
The Western province continued to lead the provincial gross domestic product (GDP) in 2023, albeit slipping from the 2022 levels while the North Western and Central provinces following as the distant second and third in the provincial distribution of Sri Lanka’s total economic output.
The government has reached an agreement with the International Monetary Fund (IMF) to raise the income tax-free threshold to Rs.150,000 per month, from the current Rs.100,000, a move aimed at providing relief to the lower-income groups.
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