IMF releases US$334mn to Sri Lanka

The International Monetary Fund (IMF) announced its Executive Board has ​completed the third review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about US$334 million).

No price revision for LAUGFS gas in March

There will be no price revision for LAUGFS Gas domestic cylinder refills in March, LAUGFS Gas Director and Cluster CEO Dr. Niroshan J. Pieries said.

Sri Lanka’s budget likely to lead to slower fiscal consolidation: Moody’s

Sri Lanka’s budgeted expenditure for 2025 will likely lead to a wider fiscal deficit and slower-than-expected fiscal consolidation, Moody’s Ratings said on Tuesday, a day after the island nation unveiled its budget.

Govt to invest Rs. 3,000 Mn to fund digital economy

The government has allocated Rs. 3,000 million for digital development as part of its strategy to achieve its ambitious goal of generating US$ 15 billion through the digital economy by 2030.

Government to lease underutilized state-owned land to SMEs for productive economic activities

The Government is proposing to lease underutilized state-owned land to SMEs for productive economic activities under the budget 2025.

SriLankan Airlines allocated Rs. 20 billion

The budget 2025 has allocated Rs. 20 billion for national carrier SriLankan Airlines, for the repayment of the principal and interest of its loan.

Government to establish a state Development Bank to support SMEs

President Anura Kumara Dissanayake announced plans to establish a state-owned development Bank under 2025 budget proposals to support the country’s small and medium-scale enterprises (SMEs).

Senior Citizens to receive higher FD interest rates

The Budget 2025 allocates Rs. 15 billion for higher interest rates to senior citizens.

2025 export target raised to US$ 19bn

President Dissayanake, in his budget speech today announced that the government expects to achieve an export revenue of US$19 billion in 2025.

SL expects 5% economic growth

Sri Lanka is aiming for an economic growth of 5 percent in the medium terms President Anura Kumara Dissanayake said presenting the Budget 2025.

SL to focus on promoting untapped destinations to promote tourism

Sri Lanka will focus on promoting untapped destinations across the island nation for tourism, President Anura Kumara Dissanayaka said while presenting the budget 2025.

Hasitha Jayawardena appointed as Melstacorp Chairman

Hasitha Jayawardena, son of late business tycoon Harry Jayawardena, has been redesignated as the Executive Chairman of Melstacorp and Distillaries Company effective 6 February.

Stasshani Jayawardena appointed as Aitken Spence Chairman

Stasshani Jayawardena, daughter of late business tycoon Harry Jayawardena, has been appointed as the new Chairman of Aitken Spence PLC.

Cabinet approves Lufthansa Technik for SriLankan Airlines engine repairs

The Cabinet has approved awarding the contract for repairing CFM 56-5B engines of SriLankan Airlines to Lufthansa Technik (LHT)/Hamburg for four years.

Sri Lankan corporate leader Deshamanya Ken Balendra passes away

Sri Lankan corporate leader and executive Deshamanya Kandiah (’’Ken’’) Balendra passed away at the age of 85 today, his family confirmed.

Harry Jayawardena passes away at 82

Sri Lankan industrialist and businessman Don Harold Stassen Jayawardena, popularly known as Harry Jayawardena, has passed away at the age of 82.

Rapid growth recorded in passenger, aircraft, cargo movements in 2024: AASL

The country’s airports, including the main gateway Bandaranaike International Airport (BIA), the International Airport (JIA) and the Mattala Rajapaksa International Airport (MRIA), recorded an increase in passenger arrivals and departures in 2024, surpassing the 8.8 million mark, the Airport and Aviation Services (Sri Lanka) (Private) Limited (AASL) said.

Vehicle prices will rise initially, then gradually decrease: President

President Anura Kumara Dissanayaka said yesterday that though there will be a price increase upon resuming vehicle imports in February, after a five-year pause, the prices will gradually decrease depending on market behaviour.

Netflix to raise prices as new subscribers soar

Netflix will raise prices across a number of countries after adding nearly 19 million subscribers in the final months of 2024.

CBSL identifies 21 companies engaged in prohibited schemes

The Central Bank of Sri Lanka (CBSL) said today that it has completed investigations into various companies suspected of engaging in activities prohibited under Section 83(C) of the Banking Act, No. 30 of 1988 (as amended).

Trump launches cryptocurrency with price rocketing

US President-elect Donald Trump has launched his own cryptocurrency, which quickly soared in market capitalisation to several billion dollars.

SEC extends deadline for corporate finance advisor licensing

The Securities and Exchange Commission of Sri Lanka (SEC) has extended the deadline for individuals and entities engaged in corporate finance advisory activities to obtain a licence until March 31, 2025.

ICFS to host University Spot Admission Day on January 18

ICFS Education Centre will host its University Spot Admission Day on 18th January 2025 at the ICFS Education Centre in Nugegoda.

Vehicle taxes may rise up to 600 percent in some cases, by 400 - 500 percent in others: Importers

The taxes on vehicles may increase by up to 600 in some cases and some vehicles being subject to taxes as high as 400% or 500%, the Vehicle Importers Association of Sri Lanka (VIASL) said.

6% increase in liquor prices

The Finance Ministry announced a 6% increase in Excise Duty on liquor, effective from tomorrow, as per a Gazette notification.

Cigarette prices increased

The Ceylon Tobacco Company (CTC) has announced that, following the increase in Excise Duty, cigarette prices will be raised under four categories starting from January 11, 2025.

Port City Colombo celebrates milestone with Marina Development groundbreaking

Port City Colombo celebrated a milestone today with the groundbreaking of the Marina Development, a joint venture between Browns Investments PLC, the strategic investment arm of LOLC Group and China Harbour Engineering Company.

Public consultation on Western Province tariff revision today at BMICH

The public consultation session on the Western Province electricity tariff revision will be held at 9 a.m. today at the Bandaranaike Memorial International Conference Hall (BMICH), the Public Utilities Commission of Sri Lanka (PUCSL) announced.

SLTB launches luxury bus service between BIA and Makumbura

The Sri Lanka Transport Board (SLTB) luxury bus service is now available between Bandaranaike International Airport (BIA) and the Makumbura Multimodal Center (MMC) in Kottawa, providing greater convenience for travellers, the Civil Aviation Authority of Sri Lanka announced.

Total expenditure for construction of MRIA not utilised effectively: National Audit Office

The National Audit Office has revealed that the total expenditure of USD 247.7 million (equivalent to Rs. 36,564 million), including price increases and variances, for the construction of the Mattala Rajapaksa International Airport (MRIA) has not been utilised effectively.