Sri Lanka closes US $ 12.5bn bond restructuring deal

Sri Lanka has successfully concluded its discussions with the bondholders, reaching an agreement on the restructuring terms yesterday. This follows an unsuccessful first round of talks in April.

Reforms and rupee rise ramp up SOE profits

Sri Lanka’s State-Owned Enterprises (SOEs) that come under harsh criticism for their financial inefficiencies have reported “robust performance” in the first four months of 2024, according to the Ministry of Finance.

Experts call for structural reforms to boost Sri Lanka’s trade success

Amid the intensified government efforts to capitalise on trade liberalisation through new preferential agreements, international trade experts stress the need for structural changes in Sri Lanka’s production sector before pursuing new pacts.

May trade deficit contracts 12.1% YoY

Sri Lanka’s trade deficit narrowed in May as the merchandise exports remained resilient from a year ago levels...

Colombo inflation gains pace in June to 1.7%

Inflation in the Colombo district accelerated in June as widely expected, mainly due to the higher food prices, but the prices still remain largely below Central Bank’s medium term target of 5 percent.

Banks slam lawmakers for misleading remarks

The Sri Lanka Banks’ Association (SLBA) strongly refuted recent criticisms from two senior lawmakers, labelling the comments as “misconceived, inaccurate, misleading, and unhelpful.”

Sri Lanka strikes debt deals with bilateral lenders

Sri Lanka yesterday marked a significant milestone in its economic recovery journey as it brought to close more than yearlong talks with the bilateral lenders.

Export price pinch pressures SL apparel

Sri Lanka’s apparel industry is experiencing a downturn, with the export performance in the recent months not being at the expected levels.

Debt stock rises over Rs.4.0tn amid hoopla around restructuring deals

As Sri Lanka is set to ink debt deals with the Paris Club creditors, bringing to close more than a year-long negotiations wi

Crafting Colombo’s digital destiny

President Ranil Wickremesinghe and IFS Global CEO Mark Moffat engaged in a discussion at the DigiEcon conference yesterday.

Govt. stands firm: No tax-free vehicle imports

The government has not decided to grant permission to the state officials or any other individuals to import vehicles tax-free or allocate foreign exchange for them, Cabinet spokesman and Minister Bandula Gunawardana said.

Brown and Company sells knit fabric manufacturing plant

Diversified conglomerate Brown and Company PLC yesterday announced the selling of its subsidiary Browns Fabric Limited.In a filing to the Colombo Stock Exchange, Brown and Company shared the entity was sold to Ceylon Knit Trend (Pri

President pushes for high-tech infrastructure to accelerate growth

As Sri Lanka is looking towards a digital economy to accelerate growth, President Ranil Wickremesinghe stressed the need to establish the necessary infrastructure for high-tech cities.

National consumer prices ease to 1.6% in May

The National Consumer Price Index decelerated sharply to 1.6 percent in May, from 2.7 percent in April, as the food prices eased while the non-food prices remained nearly unchanged, measured from a year ago.

Harin reiterates need for free visas to boost tourist arrivals

Tourism Minister Harin Fernando reiterated the need for Sri Lanka to relax the visa requirements for international....

Sri Lanka’s June tourist arrival rate remains slow

The rate of tourist arrivals to Sri Lanka continues to remain slow in the month of June, which is an off-season of the island nation.

CSE announces change in S&P Sri Lanka 20 index

The Colombo Stock Exchange (CSE) yesterday announced the changes in the S&P Sri Lanka 20 index constituents....

ComBank’s Rs.10bn debenture issue opens on July 2

The Colombo Stock Exchange (CSE) has approved in principle the listing of Commercial Bank of Ceylon PLC’s....

DIMO calls for strict controls on allowing old vehicles into market

As the vehicle sales segment is expected to become active once again, paving the way for the commencement....

Ceylon Chamber of Commerce-Board of Trade of Thailand MoU renewal to help boost trade

Trade between Sri Lanka and Thailand is set to witness a boost as the Ceylon Chamber of Commerce (CCC) renews a memorandum of understanding (MoU) with the Board of Trade of Thailand.

Optimism grows for SL’s bankruptcy exit

The government expressed optimism about the country’s potential to shed its ‘bankrupt nation’ label in the coming weeks as a series of upcoming events are expected...

SOP spurs SL’S domestic automotive sector growth

The introduction of Standard Operating Procedures (SOP) has sparked significant boom in Sri Lanka’s automotive component manu

Sri Lanka plans development bank to boost industries

Sri Lanka is currently exploring the establishment of a development bank, a move that would facilitate the required funding to help improve the competitive capabilities of industries, President Ranil Wickremesinghe said.

Experts warn Economic Transformation Bill may deter foreign investments

The Economic Transformation Bill could create an oasis in an island of bad governance, sparking uncertainty among foreign investors and threatening the flow of crucial investments, warn legal and investment experts.

Construction sector activities accelerate to double digits

The all-important construction sector in Sri Lanka added much more heft in the first three months of the year.....

Tax policy measures last push to get revenue to 15% of GDP: IMF

While businesses and individuals in Sri Lanka are likely to witness more pain as plans are underway to bring in more taxes, the International Monetary Fund...

Economy accelerates in 1Q to 5.3% from 4.5% in 4Q last year

Sri Lanka’s economy grew at a faster pace of 5.3 percent in the first three months of 2024, picking up from 4.5 percent in the final three months of last year, as the economy cooled down from the red-hot inflation back then, while the availability in foreign currency helped improve the access to the inputs in manufacturing and rest of the sectors.

IMF approves second review, but cautions economy still vulnerable

Sri Lanka was able to let out a sigh of relief yesterday with the Internal Monetary Fund (IMF) announcing the approval of the second review under the Extended Fund Facility (EFF) programme which will release US$ 337 million.

SL’s tax revenue targets remain ambitious despite recent success: IMF

Despite the recent achievements in tax revenue, Sri Lanka’s target for the next two years still remains ambitious, with a limited number of tax policy options being available, an International Monetary Fund (IMF) official said.

Corporate earnings show mixed results in 1Q2024

Corporate earnings of Sri Lanka’s public quoted companies showed mix results in the first quarter of this year (1Q24).