Sinopec likely to enter Lankan fuel market

Sinopec, the biggest petrochemical company in China, is likely to enter Sri Lankan market for fuel importing, distribution and selling petroleum products, informed sources said. Cabinet of Ministers....

Social market economy need of the hour for Sri Lanka: President

Sri Lanka as a nation must step up efforts in establishing a social market economy, so that going forward the people can move forward with the assurance of sustainable growth and development, President Ranil Wickremesinghe said.

Govt. told to use household electricity consumption to determine welfare eligibility

The leading economists of the Verite Research Sri Lanka Economic Policy Group (SLEPG) called on the relevant authorities to steer away from using Samurdhi as a determinant of eligibility for welfare benefits and instead, consider electricity consumption for targeting vulnerable groups, as it is a superior method.

Immediate government assistance sought to avoid paralysis of tea exports

The Sri Lanka Tea Board (SLTB) along with industry stakeholders seeks a well-coordinated and synergised mechanism from the government....

Increased Duty-free allowances, EV permits offered to boost worker remittances via official channels

As a part of the incentive package to boost worker remittance inflows, the government has decided to introduce a special duty-free.....

Services of two foreign firms to be obtained to identify scattered Lankan ISB holders

The Cabinet nod has been granted to seek services of two foreign firms to identify Sri Lanka’s International Sovereign Bond (ISB) holders.....

Committee to recommend reforms to restructure power and energy sectors

The Cabinet of Ministers has decided to appoint a committee to propose reforms to restructure the country’s power and energy sectors.....

ComBank liquidates money transfer subsidiary in Italy

Commercial Bank Ceylon PLC yesterday announced the voluntary liquidation of Commex Sri Lanka S.R.L, a wholly owned subsidiary.....

Apparel industry says fully compliant with Central Bank’s export repatriation laws

Joint Apparel Association Forum, the apex body of Sri Lanka’s apparel manufacturing and exporting industry yesterday said.....

Ronald C. Perera appointed Sri Lanka Insurance Chairman

President’s Counsel Ronald Chithranjan Perera is appointed as the Chairman of state-owned Sri Lanka Insurance Corporation with effect.....

Govt. to extend amnesty period for handing over dollars exceeding limit by one month

The Finance Ministry is set to extend the amnesty period granted to sell or deposit excess foreign currency possessions of Sri Lankan....

July sees over 47, 000 tourist arrivals

Tourist arrivals to Sri Lanka edged up to 47, 293 in July compared to 32, 856 arrivals in June, though down from the peak of 106, 500 arrivals.....

Immediate government assistance sought to avoid paralysis of tea exports

The Sri Lanka Tea Board (SLTB) along with industry stakeholders seeks a well-coordinated and synergised mechanism from the government to resolve the fuel and agrochemical shortages threatening Sri Lanka’s tea production and industry sustainability.

Outward labour migration in 1H tops 2021 full-year figure

Sri Lanka’s outward labour migration in the first half of 2022 surpassed the 2021 full-year figure amid the prevailing deep economic and political crisis in the country.

SL records trade surplus in June after two decades

Sri Lanka recorded a rare surplus in the trade account in June after nearly two decades, as merchandise export earnings hit a fresh high while imports continued on the downward spiral reaching new lows.

Merchandise export earnings top US $ 1.2bn in June

The earnings from merchandise exports expanded by 20 percent year-on-year (YoY) in the month of June, fetching foreign exchange earnings amounting to US $ 1,208 million.

China remains key sticking point in debt restructuring: Fitch

China continuously pops up as one of the key sticking points for Sri Lanka to reach the much needed debt sustainability as Fitch Rating this week too weighed in on the matter saying that the world’s second biggest economy could complicate the island nation’s debt talks with its creditors.

JKH defies economic crisis to pull off strong June quarter

John Keells Holdings PLC (JKH) reported some robust top and bottom-line performance in the three months to June (1Q23), despite the multiple vagaries coming from the economic crisis, as the business activity reached its pre-pandemic levels across all segments compared to a year ago when virus-related restrictions dampened the performance.

SL has been on champagne diet with kasippu income, top economist quips

The status of Sri Lanka’s fast-crumbling economy has been attributed to many factors, but the key reason for the downfall of the island nation is that it has been on a ‘champagne diet with a kassipu income’ for a bit too long, according to a top economist in the country.

Sri Lanka asks China for help with trade, investment and tourism

Sri Lanka has asked China to help with trade, investment and tourism to help it grow sustainably, Colombo’s envoy to Beijing....

Dialog secures IFC loan up to US$ 150 mn to expand broadband network capacity

Dialog Axiata PLC (Dialog) is set to expand and improve broadband connectivity across the country with International Finance Corporation’s .....

Crisis-hit Sri Lanka woos foreign oil firms amid fuel shortages

Sri Lanka canvassed oil companies in petroleum-producing nations yesterday to import and sell their products in the Indian Ocean....

Exporters set to face higher freight charges amid acute jet fuel shortage

Sri Lankan exporters are set to experience increased air freight rates amid capacity constraints stemming from reduced frequencies and limits on payloads, caused by the acute jet fuel shortage in the country.

Sri Lanka faces risk of airlines pulling out as jet fuel issue worsens

With no credible solution in sight to resolve the jet fuel shortage and the fund repatriation issues faced by the country’s aviation industry, several airlines are contemplating on suspending their operations to Sri Lanka threatening tourism industry’s recovery, which depends on air connectivity.

CCC submits proposal to PUCSL for effective electricity tariff revision

In order to ensure the implementation of an effective tariff revision, which sustainably addresses Sri Lanka’s energy requirements, the Ceylon Chamber of Commerce (CCC) submitted suggestions and recommendations on the proposed electricity tariffs to the Public Utilities Commission of Sri Lanka (PUCSL) this week.

Crisis-struck SL need not wait for IMF agreement to get fiscal act straight

Crisis-struck Sri Lanka need not wait for support from the International Monetary Fund (IMF) to get its act straight, and must get about rolling out fiscal reforms at the earliest to help ease the ongoing pressures stemming from economic mismanagement, a former Central Bank official said.

Economic hardships could persist as bridge financing remains a long shot

The current economic conditions could grind on till Sri Lanka strikes an agreement with the International Monetary Fund (IMF), which will unlock other sources of funding, as bridge financing, which the authorities were hoping for in the interim, remains hard to come by, according to Central Bank Governor Dr. Nandalal Weerasinghe.

CB explains why no blanket debt moratorium this time

Explaining the reasons why a blanket moratorium could not be deployed to assist the crisis-hit borrowers this time, the Central Bank said its responsibility is to protect the interests of both lenders and depositors and overdoing to protect one’s interests could bring in some unintended consequences to the other and would create imbalances in the banking sector and thereby the overall economy.

IMF directly reaches out to SL’s creditors to find quick resolution

The International Monetary Fund (IMF) yesterday said it is in the creditors’ interest for them to come on board with efforts to restructure Sri Lanka’s debt faster, as it would ensure they recover their money at a future date when they help to fast-track the country’s re-emergence from the current economic malaise.

India eclipses China to become top lender to debt-laden Sri Lanka 

India has surpassed China to become the top lender to Sri Lanka, as the former came to the rescue when Sri Lanka started experiencing some acute shortage of foreign currency from the beginning of the year which reached a breaking point in March causing a complete collapse of the country’s economy.