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 causi

Fitch Ratings this week warned that Sri Lanka’s export and tourism sectors are likely to take a hit from the possible recession in the eurozone and it could further exacerbate the country’s actuate foreign exchange shortage.

The hotel sector in the country has lost the bulk of its business in a matter of days due to the irrational decision-making of the authorities.

Despite the current leadership vacuum in the country, a reputed economist remains optimistic of the prospects of Sri Lanka securing a rescue package from the International Monetary Fund (IMF) by September-October and following a staff-level agreement

The losses at SriLankan Airlines for the first four months to April topped Rs.248.4 billion in 2022, including one-time exchange loss of Rs.145 billion that came in March due to the collapse of the rupee against the dollar,

Granting a narrow cumulative trade deficit over the last year for the first time this year, Sri Lanka’s import bill fell to an 18-month low in May amid the forex crisis, rupee depreciation and import control measures.

The remittances in June undid even the slightest gains made in May, as the key foreign income earner to the country is continued to be beset by the informal channels, which appear to be still functioning regardless of the actions taken to clamp down

After delivering a much-anticipated rate hike, yet short of the size some expected, the Central Bank said it is ready to take further steps to rein in inflation and bring it to its desired 4 to 6 percent range, which is at least 12 to 18 months away

Amid growing hyperinflation concerns, the Monetary Board of the Central Bank (CB) jacked up the policy interest rates by 100 basis points after a bumper 700 basis point hike in April.

In line with the expectations, the Treasury bill yields jumped the most since April, signalling another bumper rate hike announcement today, as the Central Bank allowed the bill and bond yields to go up since last week amid the worsening economic cri

Prime Minister Ranil Wickremesinghe yesterday told parliament that any deal with the International Monetary Fund (IMF) could only be struck if and when Sri Lanka shows its plans to restore debt sustainability, which he said could happen by August.

As China is in dilemma while the rest of the world has qualms over helping Sri Lanka, India could deepen its role in bailing out its debt-strangled neighbour by giving the leadership for the proposed donor consortium,

In an effort to step up the nation’s game in luring in foreign direct investments (FDI), Sri Lanka’s investment promotion agency, the Board of Investment (BOI), launched yesterday the five-year residence visa programme dedicated to investors.

Concluding its visit to Colombo, the International Monetary Fund (IMF) Staff mission said yesterday that their talks with the Sri Lankan authorities achieved significant progress on the economic reform programme,

Undertaking the first major reform in Sri Lanka’s electricity sector since 2002, the Public Utilities Commission of Sri Lanka (PUCSL) this week announced plans to complete the stalled unbundling of the Ceylon Electricity Board’s (CEB) distributio

Sri Lanka’s tourism industry stakeholders yesterday warned that the industry is likely to further crumble if relevant authorities continue to delay in extending the necessary intervention.

As a partial solution to find the required foreign currency to maintain power generation at the Norochcholai coal power plant, the Public Utilities Commission of Sri Lanka (PUCSL) is asking all exporters, including services exporters, to settle their

Foreign exchange income from tourism, the largest services inflow to Sri Lanka after remittances, more than halved in May as the island nation’s economic crisis and the resultant social unrest appears to be getting worse.

Bell Geospace, the world leaders in gravity gradiometry, is gearing up to present the insights gathered from the first aerial mapping of petroleum resources in Sri Lanka at the prestigious South East Asia Petroleum Exploration Society (SEAPEX) Asia P

Bucking the weeks-long trend, upwards pressure was seen again on Treasury yields this week as primary dealers and bond investors bid higher amid the worsening economic crisis, which has engulfed the entire country, bringing it to its knees.

The soaring interest rates triggered by the jumbo key rate hike on April 8 have prompted the banks to either delay or cancel their corporate bond issuances as part of their Tier II capital enhancement journey, according to the banking industry source

Sri Lankans are in a catch-22 situation as they neither can use their private vehicles nor take public transport after decades of neglect and underinvestment in the latter, which was allowed to decay to its current dilapidated state, according to a t

The early data available on the government’s fiscal performance in the first two months of 2022 indicated signs of yet another year of blowout budget deficit in 2022, after three back-to-back years of gaping budget holes, which was partially respon

Sri Lankan economy comes to a complete standstill from today as the country has run out of fuel, bringing all economic activities to an abrupt halt as the government declared holiday for most State sector services, suspended schools and universities

The World Bank (WB) expects Sri Lanka’s economy to contract by 7.8 percent in the year 2022, a grim outlook, due to the country battling with severe shortages in electricity, food and fuel.

The economic crisis, which precipitated into an all out civil unrest, took massive toll on the country’s manufacturing and services activities in May with factories scaling down operations and people losing jobs in what appears to be a forerunner f

Sri Lanka more than doubled its deficit in the balance of payment (BOP) in the first four months compared to the same period in 2021, as imports raced, remittances sank, direct investments fizzled out and the expected borrowings didn’t come through

April external sector aptly demonstrated Sri Lanka’s over-reliance on imports for basic needs such as food, power and energy, and transport as expenditure on such categories stood out stubbornly high, making a strong case for the country to change

Worker remittances to Sri Lanka recovered from April levels, but still stand significantly below what the country received a year ago, reflecting the lingering challenges facing the authorities in restoring confidence in getting expatriates to use th

Ending weeks of speculation, business tycoon Dhammika Perera yesterday resigned from the director boards of a number of listed companies he controls, where he served in the capacity of Chairman or Co-Chairman, to make way for his entry into politics.