Tourism Minister to fix new visa system issues by May 7

Tourism Minister Harin Fernando has pledged to address technical issues of the new visa system by May 7. This comes amid concerns of potential losses of 230,000 tourist arrivals and US$ 425 million in tourism earnings for the year.

Sri Lankans rich in financial knowledge but poor in practice: CB

The financial knowledge of Sri Lankans is at satisfactory levels when compared with the other countries but the island nation is lagging behind financial behaviour, the financial sector regulator, the Central Bank said.

CB optimistic of stability amidst ongoing economic reforms

The Central Bank of Sri Lanka sounded optimistic about Sri Lanka witnessing stability on multiple fronts, provided that the ongoing ambitious reforms and economic adjustments underpinned by the Extended Fund Facility (EFF) programme of the International Monetary Fund (IMF) continue without any interruptions.

Government delays decision on future of oil palm cultivation

The government has been sitting on an expert committee report on how to permit oil palm cultivation in identified Mahaweli areas and other areas, without deciding for nearly five months. According to the Agriculture and Plantation Industries Ministry, the ministry forwarded the report to the secretary to the Cabinet of Ministers on January 12. In November 2022, the Cabinet of Ministers decided to appoint an expert committee to explore the possibi

Colombo skyline redefined with India's ITC Ratnadipa

As a testament to Sri Lanka’s comeback in tourism and returning investor confidence, India’s luxury hotel giant yesterday launched its first ever international venture, US$ 500 million investment ITC Ratnadipa in the iconic Colombo

CB releases its inaugural Annual Economic Review for 2023

Central Bank Governor Dr. P Nandalal Weerasinghe yesterday presented its Annual  Economic Review 2023 and Financial Statements and Operations to President Ranil Wickremesinghe, who’s also the Minister of Finance, Economic Stabilisation and National Policies.

Improved interest in SL as brands rethink strategies: JAAF

Sri Lanka’s apparel sector is witnessing a resurgence of interest, as brands reassess their purchasing strategies and are on the lookout for safe and secure homes to place their orders. The Joint Apparel Association Forum (JAAF) shared that the apparel manufacturers have had several high-profile visits from brands, as buyers are returning to the country to meet with the suppliers and to work on long-range plans with their suppliers. “This augurs

Loosening fiscal squeeze could derail IMF programme commitments: Economist

A top economist yesterday raised concerns over the “loosening of fiscal squeeze” by authorities to stimulate economic growth. Since doing so could lead to potential risks of jeopardising Sri Lanka’s agreements with the International Monetary Fund (IMF).

National consumer prices soften in March

The consumer prices measured by the broader National Consumer Price Index (NCPI) continued to soften in March, as the non-food prices cooled sharply while the food prices remained unchanged from a year ago.

Market lending rate falls to two-year low as economy readies to take off

The often watched market lending rate, which guides the rest of the rates on loans to small businesses to mortgages to consumers, touched a two-year low last week continuing its descent.

IMF gives thumbs up for SL’s progress but cautions road ahead still difficult

The International Monetary Fund (IMF) this week commended Sri Lanka for going forward and being successful to a great extent to implement the “ambitious” programme; however, it cautioned that the road ahead is till bumpy. IMF Director Asia and Pacific Department Krishna Srinivasan asserted that the programme is bearing fruit. When Sri Lanka embarked on this adjustment programme, it had its back to the wall but now signs of early recovery are see

Bondholders’ agreement delay won’t hinder IMF third tranche payout:  Dr. Coomaraswamy

Possible delays in reaching an agreement (in principle) with private bondholders is unlikely to impact the disbursement of the third tranche under IMF’s US$ 3billion bailout package, given negotiations are moving ahead in good faith, Former Governor of Central Bank (CB) and renowned economist, Dr. Indrajit Coomaraswamy said.

Tensions in Gulf could hurt Ceylon Tea cuppa: Industry

The mounting tensions in the Middle East that are becoming increasingly unpredictable are likely to impact the Ceylon Tea cuppa, the industry stakeholders said, especially since over 50 percent of the island nation’s tea is exported to that region.

Recovery at stake as deal with bondholders delays: Economists

Economists yesterday cautioned that Sri Lanka failing to reach an agreement with its bondholders on restructuring terms within the set deadline....

Global expansion of single-origin Sri Lankan chocolate a major struggle: Mendis

Sri Lanka’s celebrity chocolatier, chef and agriculture enthusiast Gerard Mendis faces an uphill battle in his bid to take single-origin Sri Lankan chocolates global. This is primarily due to the shortage of cocoa beans and absence of active cooperation of authorities.

Tourist arrivals cross 50,000 mark in first 9 days of April

Extending the growth momentum, the international tourist arrivals to Sri Lanka crossed the 50,000 mark during the first nine days of April.

Sri Lanka’s labour force participation rate hits new low in 2023

Sri Lanka’s labour force participation rate hit a new low in 2023, the recently published Labour Force Survey (LFS) annual bulletin highlighted.

Small Medium Modern Trade outlets gaining traction with SL’s middle class: Study

The Small Medium Modern Trade (SMMT) outlets are rapidly capturing the attention of Sri Lanka’s middle class, with the traditional retailers swiftly adapting to this shifting retail landscape.

UK’s revised travel advisory boosts confidence in Sri Lankan tourism

Sri Lanka’s tourism sector is expecting a multiplier effect across all key source markets following United Kingdom’s recent update on the travel advisory for Sri Lanka, which will immediately result in a significant boost in tourist arrivals in the upcoming summer season.

Sri Lanka becomes 22nd best connected country in the world

Sri Lanka climbed two spots in the latest United Nations Conference on Trade and Development’s (UNCATD) Liner Shipping Connectivity Index (LSCI), becoming the 22nd best connected country in the world.

SOE reforms must move ahead without disruptions: Shah

It is essential for the reforms planned for the government owned entities to go ahead without further disruptions, else it is the general public that will continue to take on the burden, State Owned Enterprises Restructuring Unit (SOERU) Head Suresh Shah said.

ADB urges SL to adopt realistic expectations for reform efforts

The Asian Development Bank (ADB) yesterday pledged its support to help Sri Lanka steer through the ongoing reform process; however, it noted that there needs to be “realistic expectations”. Acknowledging that Sri Lanka is at the initial stages of implementing challenging reforms within a tight time-frame, the ADB emphasised the need for a more sustainable approach to their implementation. “There needs to be a realistic expect

World Bank stresses need for sustained reform implementation

As Sri Lanka is looking to leave behind the effects of the crisis and move towards development, sustained reform implementation is essential for Sri Lanka to have a stronger and more resilient economy, the World Bank said yesterday.

Exporters call for urgent action on rupee appreciation

Five leading export associations have called on the authorities to tackle the pressing challenges posed by the Sri Lankan rupee’s appreciation against the US dollar.

Trade account reflects normalising economy

The deficit in the trade account of the Balance of Payment (BoP) widened in February from a year ago on higher imports as the economy normalises.

March headline inflation drops substantially to 0.9%

Headline Inflation, as measured by the Colombo Consumer Price Index (CCPI), dropped to 0.9 percent in March 2024 from 5.9 percent in February, data from the Department of Census and Statistics (DCS) showed.

Jan. credit dip linked to strong rupee, post-festive settlements

The Central Bank has been caught off guard by the break in the months-long expansion seen in the private sector credit in January and considered it to be a one-off development and attributed it to the appreciation of the rupee and after-season settlement of facilities by the borrowers.

Central Bank delivers 50bps policy rates cut

The Central Bank yesterday resumed cuts by further reducing key policy rates by 50 basis points as inflation remains anchored.

Tax burden likely to remain longer than expected

Sri Lanka, coming out of the economic crisis, has significantly taxed businesses and individuals alike and according to the International Monetary Fund (IMF), this burden is here to stay, at least for now.

February export performance shows marginal YoY growth

Sri Lanka’s merchandise exports in February increased marginally by 0.17 percent Year-on-Year (YoY) and 1.3 percent from....