Last Updated : 2023-12-09 20:01:00
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Sun, 10 Dec 2023 Today's Paper
06 Nov 2023
Although Sri Lanka’s tax system saw some improvement with the reforms implemented in 2022, the island nation still violates all key principles of tax policy, a senior economist said.
04 Nov 2023
The passage of the Central Bank of Sri Lanka Act is a significant milestone on the path to achieving good governance in the conduct of monetary policy but insulating the conduct of monetary policy from fiscal and political pressures, especially in the upcoming election year, would not be the responsibility of the monetary watchdog alone, asserted a top economist.
Presidential Advisor and former International Monetary Fund Director Dr. Sharmini Co
03 Nov 2023
The escalating cost of operations in the country is making Sri Lanka an unappealing destination for doing business, where now convincing investors to look at the island nation is a fresh challenge, the minister in charge of investment promotions said.
02 Nov 2023
The economic crisis in Sri Lanka may seem to have mellowed from what it was when it erupted in 2022 but the island nation still stands on a knife edge and there’s simply no room for setting off policy reversals, asserted a top economist, yesterday.
01 Nov 2023
The government yesterday announced plans to hike Value-Added Tax (VAT) to 18 percent from the current 15 percent to meet the revenue targets set by the International Monetary....
31 Oct 2023
The local hotel sector is facing another jolt with Sri Lanka announcing another electricity tariff increase, which came into effect on October 21.
30 Oct 2023
Sri Lanka is expected to witness modest growth in the years ahead, but it will have to go the extra mile to not only retain existing investors but harder still, to attract fresh investments in the current....
28 Oct 2023
Sri Lanka has not been entirely open to establishing non-state higher education institutions (HEIs), especially for the medical but facilitating such entities would help the island nation save about Rs.50 billion in foreign exchange annually, the Institute of Policy Studies (IPS) said.
27 Oct 2023
Sri Lanka is looking to enter into more trade agreements with Asian nations to enhance its trade integration across South, Southeast and East Asia, as the country seeks to improve its economic prospects.
The President’s of
26 Oct 2023
As Sri Lanka continues to deal with the outflux of its talent pool, largely owing to the prevailing economic conditions, the Institute of Policy Studies (IPS) stressed the need to look at designing an appropriate mix of policies to address labour and skill shortages at the earliest.
25 Oct 2023
Sri Lanka’s export performance continues to remain overshadowed by declining apparel exports, with merchandise export income in September plummeting by 12 percent year-on-year (YoY) to US$ 951.5 million, marking the first time it has fallen below the US$ 1 billion mark in four months.
24 Oct 2023
Sri Lanka’s proposed power sector reforms may reach the Cabinet of Ministers by next week, as the Attorney General is expected to clear the bill to restructure the Ceylon Electricity Board (CEB) this week, Power and Energy Minister Kanchana Wijesekera said yesterday.
23 Oct 2023
Sri Lanka and China will finally ink the long-awaited Free Trade Agreement (FTA) that has been in the talks for nearly 10 years, paving the way for improved trade between the two nations. In a joint statement....
21 Oct 2023
The Finance Ministry this week said it does not find the statement made by the Ad Hoc Group of Bondholders last week acceptable, which proposed the provision of upfront debt relief, including the issuance of macro-linked bonds (MLBs).
20 Oct 2023
The International Chamber of Commerce (ICC) has pledged its commitment to support Sri Lanka in its domestic reform programme, with the aim of swiftly resolving the current debt crisis while minimising the impact o
19 Oct 2023
While Sri Lanka is in the process of reevaluating its outdated labour laws, which do not align with the current global trends and developments, the Labour Ministry is urging the country’s private sector to actively engage in and support the forthcoming reforms.
18 Oct 2023
Colombo-based economic think tank, the Institute of Policy Studies (IPS), has issued a cautionary note in its latest publication, suggesting that the upcoming elections next year could potentially disrupt the necessary reforms required for the country to achieve a sustainable economic recovery.
As Sri Lanka faces economic difficulties, with presidential elections approaching in 2024, there may be resistance to austerity and reform measures driven
17 Oct 2023
Sri Lanka’s manufacturing activities continued to contract in the month of September, amid sluggish consumer demand and increased availability of imported good in the market at competitive prices, presumably due to the phased lifting of import restrictions by the government. The Manufacturing PMI recorded an index value of 45.7 in September, indicating a contraction in manufacturing activities. An index value below 50 indicates a co
16 Oct 2023
Sri Lanka will not be looking to impose new taxes on people in the upcoming budget to boost government revenue to meet the International Monetary....
14 Oct 2023
Sri Lanka’s private creditors have sent a proposal on how to restructure US $ 12 billion of overseas debt, including a new type of bond designed to ease repayments in case of future economic pressure, said two sources with direct knowledge of the matter.
13 Oct 2023
Dialog Axiata PLC, the first telecommunications service provider in the South Asian region to demonstrate 5G capabilities in 2018, announced the successful completion of the first-ever trial of the Voice over New Radio (VoNR) se
12 Oct 2023
The Ceylon Chamber of Commerce, together with the IT industry stakeholders, yesterday expressed concern over the continued delays in implementing the Digital ID system, which they said could propel the transformation of the Sri Lankan economy.
11 Oct 2023
Colombo-based free market think tank Advocata Institute yesterday asserted that despite being marketed as national assets, Sri Lanka’s State-Owned Enterprises (SOEs) are in fact, vehicles for corruption, akin to a Trojan horse.
Rehana Thowfeek, a Research Associate at the Advocata Institute, highlighted that the primary objective of SOEs is to deliver affordable and fair services. However, in practice, these entities are structured to favour poli
10 Oct 2023
Despite Sri Lanka making the Indian rupee (INR) a designated currency in August and several local banks opening up INR nostro accounts, the demand for INR among Lankan importers and exporters remains tepid, according to Central Bank Governor Dr. Nandalal Weerasinghe.
09 Oct 2023
Sri Lanka may need additional policy support and favourable economic environment to create more job opportunities Sri Lankans ....
07 Oct 2023
Sri Lanka runs at the risk of being designated as a greylisted/blacklisted country, if it fails to implement all the recommendations put forward by the Financial Action Task Force (FATF) before March 2025, the Financial Intelligence Unit (FIU) of the Central Bank said.
06 Oct 2023
The Central Bank yesterday said it will stick to the timelines already announced for the completion of the first review of th
05 Oct 2023
The sharp division within Sri Lanka’s tourism industry on the implementation of the Minimum Room Rate (MRR) became even more apparent yesterday, as the key industry stakeholders voiced their profound discontent about the move, charging that it was implemented to cater to the “vested interests” of certain hoteliers.
Holding a press conference in Colombo, yesterday, they slammed the Sri Lanka Tourism Development Authorities (SLTDA) for not taking
04 Oct 2023
The Central Bank is confident the successful completion of the first review of the Extended Fund Facility (EFF) shortly would ensure ....
04 Oct 2023
While revising Sri Lanka’s growth forecast upwards for next year, the World Bank (WB) yesterday called for improved revenue mobilisation for sustainable fiscal stability, as significant downside....
09 Dec 2023