IMF backs Sri Lanka’s financial sector stability in potential DDR scenario

The International Monetary Fund (IMF) plans to support the government to come up with a strategyto safeguard financial sector stability in a potential domestic debt restructuring (DDR) scenario, a top official of the Fund said.

CEB to be broken into 14 entities; new regulator in the offing

Public Utilities Commission of Sri Lanka (PUCSL) Chairman Janaka Ratnayake this week charged that the government is attempting to privatise the Ceylon Electricity Board (CEB) by breaking it into 14 entities, through the proposed Electricity Reforms Bill, putting the country’s energy security and national security in grave danger.

Dialog and Airtel to merge operations

Dialog Axiata PLC and its Malaysian parent Axiata Group Berhad and India’s Bharti Airtel Limited have entered into a binding term sheet to combine operations of Bharti Airtel Lanka, Airtel’s wholly-owned subsidiary, with Dialog Axiata.

Banking sector seeks more clarity on proposed Domestic Debt Optimisation

Sri Lanka’s banking sector has sought more clarity and transparency from the government on the recently proposed Domestic Debt....

Colombo inflation falls sharply in April as base effect kicks in

The Colombo district inflation fell sharply in April, as the higher base effects from last year kicked in while the commodities prices are cooling, on the back of easing supply conditions and the relative strength in the rupee, which reduced the prices of imported goods.

CBSL presents Annual Report 2022 to President

In terms of Section 35 of the Monetary Law Act No. 58 of 1949, the seventy third Annual Report of the Monetary Board of the Central Bank of Sri Lanka was presented yesterday to President Ranil Wickremesinghe, who is also the Minister of Finance, Economic Stabilisation and National Policies, by Dr. P Nandalal Weerasinghe, the Governor of Central Bank of Sri Lanka.

Debt talks with Paris Club and India on one platform; China separately

Sri Lanka plans to continue bilateral debt restructuring negotiations with the Paris Club creditors and India on a common platform and with China separately, without any prior conditions, in order to reach debt sustainability by restructuring the country’s unsustainable debt to manageable levels.

Tax revenue doubles to Rs.316bn in first quarter

The tax collections by Inland Revenue Department (IRD) rose by a record 216 percent Year-on-Year (YoY) to Rs.316.62 billion in the first quarter of this year driven by changes in the tax policy and gradual....

Tax revenue doubles to Rs.316bn in first quarter

The tax collections by the Inland Revenue Department (IRD) rose by a record 216 percent year-on-year (YoY) to Rs.316.62 billion in the first quarter of this year, driven by the changes in the tax policy and gradual recovery of economic activities, according to Inland Revenue Department Commissioner General D.R.S. Hapuarachchi.

Government invites private sector to take part in US$ 2bn North Port development

The government is eyeing US$ 2 billion worth of investments to build the proposed North Port of Colombo consisting of three....

Sri Lanka to build South Asia’s largest logistics complex in Port of Colombo

Sri Lanka’s aspiration to become a major logistics hub in the region took a giant leap forward yesterday, with the launch of a project to build the largest commercial and logistics complex in South Asia in the Port of Colombo, with an investment of US $ 392 million.

Tea exports down 22% in March, 15% in first quarter

Sri Lanka’s tea exports dipped 22 percent year-on-year (YoY) to 17.97 MnKgs in March continuing the declining trend seen in both tea production and exports in recent times, the data released by Forbes & Walker Tea Brokers showed.

Employees go before Supreme Court against proposed sale of SLT

The Sri Lanka All Telecommunication Employees Union yesterday filed a fundamental rights (FR) petition in the Supreme Court, seeking an order restraining the Treasury Secretary from taking any steps to divest the shares held by him in Sri Lanka Telecom PLC (SLT).

Govt. plans to spend record Rs.206bn on social welfare

The government plans to spend a record Rs.206 billion per annum in welfare expenditure starting from this July under a new programme prepared in line with Welfare Benefits Board Act to assist the poor and...

Asiri Group plans US $ 100mn hospital in Port City Colombo

Sri Lanka’s largest private sector healthcare provider Asiri Hospital Holdings PLC, a unit of Softlogic Group, in a landmark announcement yesterday disclosed its plans to set up a state-of-the-art hospital within China-backed Port City Colombo (PCC).

Foreign interest in G-Secs increases on hopes of economy’s swift recovery

Foreign interest in Treasury bills and bonds was seen growing steadily in the recent few weeks reflecting their readiness to bet on the future trajectory of the Sri Lanka’s economy. As per the data available....

Int’l Monetary Fund issues growth warning as it lowers 2023 forecast

The International Monetary Fund (IMF) slightly lowered its outlook for the global economy on Tuesday, while predicting that most countries will avoid a recession this year despite economic worries and geopolitical strains.

SL poised to become year-round holiday destination for Russians

Amid high demand, Russia’s outbound tour operators have decided to extend winter flight programmes to Sri Lanka in the upcoming....

Tourist arrivals top 26k in first week of April

The tourist arrivals to Sri Lanka were recorded at 26,912 in the first week of April, the provisional data from the Sri Lanka Tourism Development Authority showed.

Sri Lanka could complete debt restructuring by June - Coomaraswamy

Underscoring what the Central Bank Governor Dr. Nandalal Weerasinghe said on an early finish to the debt restructuring, the former Central Bank Governor....

Tourism earnings in first quarter top US $ 500mn

Earnings from tourism almost touched the US $ 200 million mark in the month of March, while such earnings for the first quarter topped US $ 500 million.

March workers’ remittances record sharp increase to US$ 568mn

Workers’ remittances to Sri Lanka crossed the US$ 500 million mark for the first time since April 2021, data released by the Central Bank last evening showed.

CB confident of sealing debt deal before IMF first review

The Central Bank officials expressed confidence in wrapping up the negotiations with both its bilateral and commercial creditors well prior to the first review of the International Monetary Fund (IMF)-assisted programme, which would come up in six months.

Policy rates on hold as financial conditions ease

The Monetary Board of the Central Bank left the key policy rates unchanged at the current levels as financial conditions continue to ease since the government clinched the US$ 3 billion Extended Fund Facility (EFF) with the International Monetary Fund two weeks ago.

SL records highest monthly tourist arrivals since pandemic

The tourist arrivals to Sri Lanka crossed the 125,000 mark in March, recording the highest influx of international visitors since the Covid-19....

Proposed agency succeeding BOI to be modelled after GCEC

Addressing the ambiguity concerning the future of the Board of Investment (BOI), the government assured that the proposed Agency for External Trade and Investment succeeding the BOI would be established....

Trade deficit narrows significantly in February amid slowing imports

Sri Lanka’s deficit in the merchandise trade account witnessed a significant contraction in February, due to a significant moderation in the import expenditure, arising out of the aggregate demand conditions.

Sri Lanka hopes to finalise debt relief deal in six months

​Sri Lanka expects to conclude the discussions with its creditors-both official and private-and reach a debt relief deal by the first review of the International Monetary Fund (IMF) programme that received Executive Board approval early last week.

Auto industry requests quota system from govt. to resume vehicle imports

Sri Lanka’s automobile industry is requesting the government to consider a quota system for vehicle imports for its survival and the livelihoods of over 100,000 people, who are directly or indirectly employed by it.

Roadmap presented to CB to revive beleaguered construction sector

Stakeholders of the construction sector presented to the Central Bank this week a 30-point action plan that will help improve its contribution to the economy—to levels before the economic crisis severely....