Sri Lanka must create a conducive environment for rating upgrade: Semasinghe

08 Jul 2024

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With the completion of three key steps in its debt restructuring— the finalisation of Domestic Debt Optimisation....

Sri Lanka closes US $ 12.5bn bond restructuring deal

04 Jul 2024

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Sri Lanka has successfully concluded its discussions with the bondholders, reaching an agreement on the restructuring terms yesterday. This follows an unsuccessful first round of talks in April.

Japanese businesses eye opportunities in Sri Lanka: Kotaro

28 Jun 2024

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Sri Lanka’s reform agenda continues to garner positive attention globally, highlighted by the recent achievement of finalising long-awaited debt restructuring deals with the Official Creditor Committee (OCC) and China.

Economists see silver lining as SL seals debt deals

27 Jun 2024

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Sri Lanka solidified long-awaited agreements with its lenders yesterday, a move economists believe will foster positivity and help the nation emerge from selective default.

SL-bondholders talks on restructuring terms fail

17 Apr 2024

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Government officials continued to sound upbeat in striking a deal with the bondholders, however, authorities this week failed to reach a consensus regarding the terms of restructuring.

Katunayaka expressway plunged into darkness

13 Apr 2024

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The majority of the Katunayaka expressway section has been plunged into darkness this evening as the lamp posts have failed to function.

SOE reforms must move ahead without disruptions: Shah

05 Apr 2024

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It is essential for the reforms planned for the government owned entities to go ahead without further disruptions, else it is the general public that will continue to take on the burden, State Owned Enterprises Restructuring Unit (SOERU) Head Suresh Shah said.

WB cautions possible slowdown in reform efforts due to elections

03 Apr 2024

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Sri Lanka has recovered faster than expected from the economic crisis it faced two years ago, however, the World Bank yesterday cautioned that this momentum might be lost due to a possible slowdown in the reform efforts as the island nation gears up for election this year.

Salary hike exaggerated to erode independence: Dr. Weerasinghe

07 Mar 2024

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The recent uproar over the Central Bank’s salary increases has caught widespread attention and according to Governor Dr. Nandalal Weerasinghe, this controversy is a deliberate attempt to undermine the institution’s autonomy.

Sri Lanka’s second IMF review kicks off today

07 Mar 2024

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The International Monetary Fund (IMF) will kick off the second review under the Extended Fund Facility (EFF) programme today. According to Finance State Minister Shehan Semasinghe, the outcome of the review will be largely positive. “Nobody should doubt the release of the third tranche. The second review is going to be better than the first. We are confident about that. Sri Lanka has achieved much of the progress required and fulfilled majority

Tourists have no business in doing business

27 Feb 2024

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The tourism sector stakeholders yesterday confirmed that Sri Lanka is witnessing an increasing trend of international visitors engaging in business activities and warned that the industry, in certain parts of the country, is impacted as a result.

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Central Bank maintains key policy rates amidst inflation concerns

24 Jan 2024

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In line with widespread predictions, the Central Bank opted to keep its key policy rates unchanged at 9 and 10 percent during its inaugural Monetary Policy announcement for the year.

Sri Lanka tourism records stellar performance: Over 100,000 visitors flock in first 15 days of January

17 Jan 2024

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Tourist arrivals to Sri Lanka crossed the 100,000 milestone within the first 15 days in January, signaling a remarkable spike in global interest in the island nation.

B2C IT services and solutions to get expensive from Jan. 1: SLASSCOM

28 Dec 2023

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Procuring IT services and solutions is going to get expensive, with the Value Added Tax (VAT) coming into effect from January 1 and could create unfairness within the industry, the Sri Lanka Association for Software and Services Companies (SLASSCOM) cautioned.

Timing of VAT hike raises concerns among tax experts 

22 Dec 2023

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As the government is leaving no stone unturned to increase tax revenue, experts in the field asserted that while doing away with Value Added Tax (VAT) exemptions is necessary, the authorities couldn’t have picked a worse time to implement the policy.

Sri Lanka loses over 51% of its rubber plantations to fast-spreading fungal disease

14 Dec 2023

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Sri Lanka is fast losing its rubber plantations to a fast-spreading airborne fungal disease, which is severely impacting the crop output.

Minimum Room Rate will not remain for long: Harin

08 Dec 2023

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Tourism Minister Harin Fernando this week signaled that the recently reintroduced Minimum Room Rate (MRR) for Colombo city hotels will not remain for long, and the industry is expected to operate based on market forces.

President issues wake-up call to private sector; stresses need to break dependency cycle

29 Nov 2023

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President Ranil Wickremesinghe delivered a stern message to Sri Lanka’s private sector last evening at an event organised by the Ceylon Chamber of Commerce, questioning the nation’s prolonged dependence on seeking assistance from other countries.

Apparel sector eyes US $ 1bn exports to India in next few years

16 Nov 2023

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Sri Lanka’s apparel sector has no major hopes for export earnings reaching the US$6 billion level this year; however, it is striving to bag a bigger market share in its neighbouring giant, a top official of a leading apparel maker in the country said.

Property tax likely to be chosen over comprehensive wealth tax: KPMG

10 Nov 2023

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As Sri Lanka explores various avenues to enhance its tax revenue, it is likely that the country will opt for a property tax instead of implementing a comprehensive wealth tax, according to KPMG Sri Lanka.