IMF bailout will come as budget support this time, says CB chief

As crisis-hit Sri Lanka awaits a lifeline from the International Monetary Fund (IMF), the country’s Central Bank chief said the expected....

President says no plans for reforms; stresses need for new economic model

Sri Lanka has no plans whatsoever for reforms going forward, President Ranil Wickremesinghe told a room full of the country’s top private sector business leaders yesterday but instead would be thinking bigger and bolder in terms of its growth agenda.

Private credit continues to slump; October logs Rs.47bn contraction

Net credit to the private sector fell for the fifth consecutive month in October reflecting the depth and the breath of the economic contraction, which is impacting businesses and individuals alike after the economy....

November tourist arrivals up by 42% from previous month

Tourist arrivals to the country saw a significant increase in the month of November, with the number of international visitors entering the country growing by 42 percent from October.

SL only at the beginning of very arduous and painful journey: Dr. Coomaraswamy

As Sri Lanka awaits with bated breath to experience some sense of relief from the ongoing crisis that has been brought about by severe economic mismanagement, the country is only at the beginning of a very arduous and painful journey, an ex-Central Bank Governor cautioned.

Listen to people, not just to technocrats to resolve issues in economy

Sri Lanka needs to listen more to what its people are saying, instead of paying heed to only technocrats, said senior economist Prof. Shantha Devarajan. By not paying attention to the call of citizens, the real problems of the national economy will not be solved, he cautioned.

Luxury cruise ship ‘Mein Schiff 5’ at Colombo Port

Super luxury cruise Mein Schiff 5 carrying over 2, 000 tourists arrived at the Colombo Port yesterday, and will arrive at Hambantota Port today....

Oct. exports down 8%; Jan-Oct. exports up 9% to US$ 11bn

Sri Lanka’s merchandise export performance for the month of October contracted by 8.18 percent Year-on-Year (YoY), however, cumulative...

CB chief tells foreign investors why they should invest in Sri Lanka now

Central Bank Governor Dr. Nandalal Weerasinghe yesterday made an open call to the foreign investor community to take investment positions pertaining to Sri Lanka, as the country is about to enter the recovery path, leaving behind the worst of the ongoing economic turmoil.

New Central Bank law could finally see the light of day prior to IMF deal 

The new Central Bank Act will soon see passage through the Cabinet and Parliament as the final draft remains ready as part of a broader package of things to be met as prior actions required to unlock the International Monetary Fund (IMF) deal to pull the country out of its current economic mess.

Curtailing inflation critical to avert Zimbabwe-like scenario

Although the prevailing high interest rate regime may discourage investments, Central Bank (CB) Governor Dr. Nandalal Weerasinghe asserted that curtailing inflation is more critical for the survival of businesses over low interest rates and to avert a Zimbabwe-like scenario.

Central Bank threatens with administrative controls to bring market rates down

The Central Bank forewarned that it would be compelled to bring in administrative controls such as deposits and lending rate caps unless the markets adjust their interest rates to reflect the easing inflation and improvement in money market liquidity.

Nandalal cracks the whip on exporters

Amid growing public pressure, the Central Bank (CB) this week said it stands ready to name and shame the exporters who fail to provide adequate reasons within next two weeks for falling behind to convert their export earnings to rupees within the mandated time periods.

CB chief says no going back to old ways; urges politicians to walk the talk

Central Bank Governor Dr. Nandalal Weerasinghe yesterday stressed the need for the country’s political authorities to be consistent....

Budget 2023 aims for stability while laying platform for rebooting growth: Treasury Secy

Outlining the main policy thrust underlying Budget 2023 that was unveiled last week, Finance Ministry Secretary Mahinda Siriwardana said it was designed with the intention of contributing to the economic stabilisation path, which the country had already embarked on, while laying the platform for rebooting growth.

Tax experts say revenue estimates in Budget 2023 overly optimistic

Accounting and tax experts expressed skepticism over the overly optimistic tax revenue estimates in Budget 2023 amid a shrinking....

Estate sector needs more income-generating avenues to keep children in school: IPS

In an effort to prevent the children of the estate sector from falling deeper into the socio-economic crisis faced, the relevant authorities must look at introducing new programmes that expand the earning capacity of adults, so that the school-going age group is kept away from seeking employment, the Institute of Policy Studies (IPS) said.

Minister Semasinghe says no domestic debt restructuring, but markets not convinced

State Finance Minister Shehan Semasinghe yesterday said the government up to now has not taken any decision to restructure the domestic debt, though speculation is rife that ultimately Sri Lanka will be compelled to restructure domestic debt.

CB believes interest rates at peak levels after inflation turned a corner

The Central Bank believes that interest rates may have reached their highest levels after inflation peaked in September and showed a slight deceleration in October amid the ultra-tight monetary policy and higher taxes brought in to reduce demand in the economy.

CB offers strongest defence against calls for lower tax rate on forex earnings

Staging strong defence against those who sought preferential tax treatment on foreign exchange earning companies, Central Bank Governor, Dr. Nandalal Weerasinghe yesterday questioned whether the decades-long practice of taxing the exporters and others who earn in foreign currency lower had delivered the country the desired objectives.

Budget 2023 sticks to reform path with IMF nod pending

With an International Monetary Fund (IMF) deal yet to be sealed, Budget 2023 presented to Parliament yesterday stuck with the reform path....

Budget 2023 sticks to reform path with IMF nod pending

With an International Monetary Fund (IMF) deal yet to be sealed, Budget 2023 presented to Parliament yesterday stuck with the reform path Sri Lanka had embarked upon after the economy crashed in April, as a result of bad economic policies followed for decades.

Worker remittances up for second consecutive month in October

Worker remittances income continued its ascent in October reflecting that the worst may be over for the poor run of the key foreign currency inflow source to Sri Lanka, which is instrumental in helping....

SL looks to lure foreign nationals with long-term residence visa

Sri Lanka launched this week the long-term residence visa scheme for condominium property holders in Sri Lanka, an effort towards luring foreign nationals to invest in the island nation.

Think-tank builds case for increased tobacco taxation in 2023 Budget

The upcoming 2023 national Budget must entail policies, which automatically links tobacco taxation rises with the size of the economy and inflation, the Colombo-based think tank, Institute of Policy Studies (IPS) said.

CB expects economy to enter recovery path by end-2023

Following the progress so far made with the International Monetary Fund (IMF) for programme support and the country’s creditors to restructure debt and the key reforms already undertaken and to be implemented in future,

Productivity-based revenue sharing model gaining traction in estate sector

The Regional Plantation Companies (RPCs) last week said that the much-resisted productivity-based revenue sharing wage model is now gaining traction among the estate sector stakeholders amid....

IFS affirms commitment to Sri Lanka; says not deterred by ongoing economic crisis

At a time when many Sri Lankans are focused on migrating and local businesses relocating their operations to other geographies, having lost their faith in the country beset by the worst economic crisis since its independence, global enterprise software company IFS is determined to stick by Sri Lanka and continue its growth plans in the island nation undeterred.

IFS affirms commitment to Sri Lanka; says not deterred by ongoing economic crisis

At a time when many Sri Lankans are focused on migrating and local businesses relocating their operations to other geographies, having lost their faith in the country beset by the worst economic crisis since its independence, global enterprise software company IFS is determined to stick by Sri Lanka and continue its growth plans in the island nation undeterred.

John Keells Group records strong revenue growth for 2Q

Premier blue chip John Keells Holdings PLC (JKH) recorded a solid growth for the quarter ended on September 30, 2022 (2Q23),