Mangala promises SME support package in his “designer budget”

The 2018 budget will feature significant support for small and medium enterprises (SMEs) to compete in global markets, according to Finance and Mass Media Minister Mangala Samaraweera, whose ministry in an earlier occasion said Samaraweera would

Let market forces to modernize agriculture, industry: PM

Sri Lanka’s top policy markers recently outlined the need to open the country’s agriculture and industry sectors to market forces in order to enhance the economy’s competitiveness and reorganize labour markets.

Oil markets tighten; Brent approaches US $ 60 per barrel

Oil prices held steady yesterday, with Brent crude hovering near US $ 60 a barrel, buoyed by comments from Saudi Arabia’s Crown Prince backing the extension of OPEC-led output cuts. International benchmark Brent crude futures LCOc1 were up 3 cents, or 0.05 percent, at US $ 59.33 a barrel at 0648 GMT.

Harsha slams CEB

The top management of the Ceylon Electricity Board (CEB) will be dealt with appropriately for not facing the public and explaining why it is not responsibly discharging its duties to ensure energy security in Sri Lanka in an efficient manner, a visibly-irate National Policies and Economic Affairs Minister Dr. Harsha de Silva told a forum in Colombo, yesterday.

Port City steaming ahead!

The 269-hectare sea reclamation project by China Harbour Engineering Corporation extending Galle Face sea front has reached the halfway mark. The project is expected to be completed by mid-2019. The picture shows two dredgers at work

CB pushes for severing link between fiscal policy and elections

Sri Lanka’s Central Bank is currently working towards breaking the trend of the country’s economic agenda being hijacked by electionsor other such political developments, by making an attempt to institutionalize the various frameworks for macroeconomic policy formulation. 

Hoteliers say attracting right talent becoming increasingly challenging

On the eve before the staging of the first edition of the ‘Rising Star Awards’ to recognize outstanding young talent in the hospitality industry, the head of The Hotels Association of Sri Lanka (THASL) urged the government to take a closer look at the challenges faced by the hotel industry in attracting talent.

Govt. needs to grow a backbone: tea exporters

An increasing number of Sri Lankan tea exporters are setting up tea processing facilities outside Sri Lanka, as the government doesn’t have a “backbone” to implement its own policy of creating a tea hub in the country due to influence from protectionist lobbies, the country’s tea exporters said.

Colombo’s inaugural international shopping festival opens to public

The Colombo International Shopping Festival 2017, organized by the Tourism Development and Christian Religious Affairs Ministry in collaboration with the Sri Lanka Tourism Promotion Bureau and Sri Lanka Retailer’s Association opened its doors to the public yesterday.

SL’s remittance woes heighten in August

Workers’ remittances, the key foreign exchange earner of the dollar-hungry nation, suffered a major setback this August, delivering a severe blow to the US $ 81 billion economy already grappling with massive debt load and outstretched current account deficit.  

Sagala says FDIs will cross US $ 1bn mark this year

  Law and Order and Southern Development Minister Sagala Ratnayaka this week said the government had strengthened the brand – Sri Lanka by establishing freedom, democracy and good governance and is seeing an upswing in the foreign direct investment (FDI) flows into the country.

JBIC assures support for SL’s economic programme

Japan Bank for International Cooperation (JBIC) reiterated their support for Sri Lanka’s economic programme during a meeting with Minister of Finance and Media Mangala Samaraweera.

SriLankan, a hopeless case even with a management change: Eran

Finance State Minister Eran Wickramaratne lashed out at the national carrier, SriLankan Airlines, at a recent forum in Colombo, saying that the airline has no business proposition even with a change in the management.  

SL reviews progress of US$ 700mn grant with Millennium Challenge Corporation

Finance and Mass Media Minister Mangala Samaraweera met with Millennium Challenge Corporation’s (MCC) Regional Deputy Vice President for Europe, Asia, Pacific and Latin America, Fatema. Z. Sumar to review the progress of its 5-year ‘Grant Compact’ to Sri Lanka.

Sri Lanka returns to MRPs, confirms international orders to steer rice supply

Sri Lanka has confirmed the purchase of 500000 metric tons of rice from four global suppliers to face pressure from its domestic markets distressed by paddy shortfall for three straight seasons.  Shipments from one country are already being offloaded at Colombo Port. Sri Lanka is also returning back to its scrapped rice MRPs in the next two weeks.

Govt. mulls removing barriers to allow Lankan firms to hire foreign labour

The Sri Lankan government will look to streamline the regulatory process which has so far handicapped the ability of local companies to hire foreign labour by providing greater powers to the Immigration and Emigration Controller, according to Finance State Minister Eran Wickramaratne.

Mangala meets US Under Secretary in Washington

Finance and Mass Media Minister Mangala Samaraweera, who is currently in Washington to attend the World Bank/International Monetary Fund annual meeting, met with US Under Secretary for Political Affairs Ambassador Thomas Shannon at the US State Department.  

This govt. best bet towards sustainable growth: WAW

One of the harshest critics of government economic policies, former Central Bank Deputy Governor W.A. Wijewardena,  

Sri Lanka speeds up SME support work

No sooner the first-ever national small and medium enterprise (SME) policy of the country has been unveiled, Sri Lanka is moving to implement it without delay, the country’s Industry and Commerce Ministry said.

Filmfare selects Sri Lanka for November issue cover shoot

Sri Lanka once again proved that it was becoming a favourite hotspot to provide picturesque locations for the Bollywood film industry when it selected Sri Lanka to do the cover shoot of the November issue of Filmfare magazine with Deepika Padukone, one of Bollywood’s successful actresses. 

World must ‘seize opportunity’ of global recovery: IMF’s Lagarde

International Monetary Fund (IMF) Chief Christine Lagarde said Thursday a worldwide economic recovery is taking hold, opening a window for countries to enact reforms aimed at attaining broader, lasting prosperity.

The Big Bad Wolf in town!

The Big Bad Wolf book sale, which is considered the world’s biggest, was opened to Sri Lankan public yesterday at the Sri Lank Exhibition and Convention Centre (SLECC).

SL gets US $ 75mn WB loan to modernize financial sector

Sri Lanka yesterday signed an agreement to modernize and improve the efficiency of its financial sector, which in turn will help small businesses and entrepreneurs compete in the markets and create better jobs.

Govt. begins drafting separate legal framework for Financial City

Amid the controversy surrounding the draft new constitution, the government behind closed doors is drafting a new legal framework to administer the China-backed Colombo International Financial City (CIFC), the 500-acre Colombo sea front reclaimed for a special economic zone, Mirror Business learns. 

Sri Lanka announces free medical and personal accident cover for schoolchildren

Creating a landmark in the history of education in Sri Lanka, the Government of Sri Lanka has launched a free medical and personal accident cover for all schoolchildren of the nation.

Sri Lanka gets cautious thumps up from IMF

The International Monetary Fund last week said Sri Lanka is so far doing well in its economic reforms to reach the targets to remain eligible for the US$ 1.5 billion Extended Fund Facility (EFF), despite the challenges posed by the recent climate shocks, which has slowed economic growth below 4.5 percent.

SL should be ready to change monetary policy if private credit accelerates: IMF

The International Monetary Fund (IMF) yesterday warned Sri Lanka should be ready to change its monetary policy if any unexpected shocks lead to increased credit growth in already sensitive sectors of the economy, despite a clear decline in private credit growth. 

SL to retender ex-Cairn block for development

The Petroleum Resources Development Ministry has reopened the ex-Cairn M2 block in the Mannar Basin for development and commercialization through a limited tender offer under a strategic plan to expedite oil and gas exploration and development,

Hilton Colombo reaches 30-year mark (VIDEO)

Hilton Colombo yesterday reached the three-decade milestone in serving Sri Lanka’s tourism landscape.

Policy rates kept steady as price pressure seen easing

Sri Lanka’s Central Bank yesterday left its key policy rates unchanged as the short-term rates eased and the pressures on medium term prices in the economy appeared less of a concern. But the credit to the private sector remained stubbornly at elevated levels.   The 5–member