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Thu, 02 May 2024 Today's Paper
16 Feb 2024 - 0 - 143
Sri Lanka’s economic recovery is gaining momentum, with the continuation of the International Monetary Fund (IMF) Extended Fund Facility (EFF) arrangement and progress on structural reforms being key factors, the Central Bank announced. However, the financial sector regulator warned that any disruption to this programme would incur significant economic costs, including growth setbacks, loss of confidence, and prolonged negative investor sentiment
16 Feb 2024 - 14 - 1271
Sri Lanka’s tourism sector is gearing up for a major transformation, as the authorities unveil an ambitious plan to make the country one of the world’s most dynamic and sought-after destinations.
15 Feb 2024 - 69 - 6430
14 Feb 2024 - 14 - 2174
Leasing and debt installment payers voiced concerns over Central Bank’s silence regarding the questionable practices of unregulated online loan providers in Sri Lanka.
13 Feb 2024 - 3 - 825
Sri Lanka’s dairy stakeholders urged the government to reconsider the decision to increase the Value Added Tax (VAT).
12 Feb 2024 - 5 - 1939
In a promising sign for Sri Lanka’s economy, tourism earnings soared to a pre-pandemic peak of US$ 341.8 million in January....
10 Feb 2024 - 0 - 99
The Sri Lankan Micro Small and Medium Chamber of Commerce continues to remain irked with the Central Bank for its strong position on parate execution and this time took a step further by alleging the governor is misleading the government and public in this regard. The chamber asserted that Central Bank Governor Dr. Nandalal Weerasinghe is painting the wrong picture regarding the execution data, w
09 Feb 2024 - 0 - 219
Sri Lanka’s banking sector yesterday welcomed the move by the Central Bank to relax the restrictions imposed on Standing Facilities to Licensed Commercial Banks (LCBs) under Open Market Operations (OMOs) as it will help improve liquidity. Sri La
08 Feb 2024 - 0 - 158
As Sri Lanka strives to come out of its debt vulnerability, the government assured efforts are underway to implement a debt restructuring framework within the first half of the year 2024. President Ranil Wickremesinghe, while detailing out the progress achieved in the nation’s economy since he took leadership, noted that the restructuring plan is poised to form the foundational framework for restoring Sri Lanka’s economy to normalcy. “It will ser
07 Feb 2024 - 1 - 721
Sri Lanka’s aspirations to become a maritime hub are facing setbacks due to delays in ratifying crucial maritime conventions and updating national legislation, according to a prominent maritime law expert.
06 Feb 2024 - 10 - 3148
Sri Lanka’s tourism industry marked a resounding start to the new year by receiving more than 200,000 international visitors throughout the month of January.
03 Feb 2024 - 0 - 187
Sri Lanka’s book industry yesterday came on to one platform and asserted that the imposition of an 18 percent Value Added Tax (VAT) on books is no different from slapping a tax on reading. The industry collectively called for an immediate reversal of the decision to tax the sale of books, as it serves as a direct barrier to gaining knowledge. Associations representing local publishers, printers, booksellers, importers, writers and academics highl
02 Feb 2024 - 0 - 185
Marking another milestone in Sri Lanka’ State Owned Enterprises (SOEs) reform journey, plans are afoot to enact the draft SOE Act by the first half of 2024, granting the much needed legislative authority and operational effect to the SOE reform pr
01 Feb 2024 - 0 - 118
Sri Lanka’s merchandise trade deficit widened in December 2023 when compared with the corresponding month in 2022, due to the combined impact of low export earnings and high import expenditure. The data released by the Central Bank showed that the deficit in the merchandise trade expanded to US $ 487 million in December 2023, from US $ 358 million in December 2022. In November 2023, the deficit in the merchandise trade account narrowed to US $ 39
31 Jan 2024 - 9 - 2150
A top free market capitalist this week cautioned that the current International Monetary Fund (IMF)-backed high tax regime could give further rise to informal economy in Sri Lanka, thereby slowing down the economic recovery and ultimately narrowing the tax base.
30 Jan 2024 - 0 - 122
The cumulative merchandise exports during the January to December 2023 period dipped to US $ 11.85 billion when compared to the corresponding period in 2022. The island nation saw its total exports reach US $ 14.94 billion in 2023, including merchandise exports (US $ 11.85 billion) and estimated service exports (US $ 3.08 billion), the Export Development Board (EDB) said. While the monthly exports were showing some signs of momentum gained in No
29 Jan 2024 - 1 - 931
Despite a lackluster start, the Colombo Stock Exchange is on track to become one of the top-performing frontier markets. According....
27 Jan 2024 - 47 - 2227
Sri Lanka cannot simply dismiss its engagement with the International Monetary Fund (IMF), President Ranil Wickremesinghe emphasised while citing the complexities that could arise, if a decision is made to do so.
26 Jan 2024 - 2 - 84
President Ranil Wickremesinghe this week expressed unwavering confidence in Sri Lanka’s potential to play a pivotal role in the global confectionery industry. Emphasising the need for local stakeholders to broaden their horizons, he urged concerted efforts to position Sri Lankan chocolates as world-class products, akin to the distinguished reputation of the country’s tea and cinnamon. Speaking at the 30th Annual General Meeting of the Lanka Confe
25 Jan 2024 - 0 - 705
The container throughput at the Port of Colombo experienced a modest recovery in 2023, rebounding from the effects of the economic crisis and political and social unrest of the preceding year.
24 Jan 2024 - 7 - 826
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.
23 Jan 2024 - 5 - 1241
Sri Lanka’s largest industrial exporter, the apparel sector, saw its performance for the whole of 2023 dip significantly, with its earnings contracting by 19 percent year-on-year (YoY).
22 Jan 2024 - 0 - 146
Sri Lanka’s reform initiatives garnered positive feedback from the visiting International Monetary Fund (IMF) team during their recent routine assessment. However, despite this encouraging development....
20 Jan 2024 - 18 - 710
Leveraging the effectiveness of the Central Bank of Sri Lanka on the control over inflation, the International Monetary Fund (IMF) emphasised the importance of maintaining a prudent approach in future monetary policy decisions.
19 Jan 2024 - 1 - 78
The Committee on Public Finance (COPF) slammed the Ministry of Finance and the Inland Revenue Department for failure to collect foregone taxes from major corporations connected to the sugar scam as outlined in the forensic report by the
18 Jan 2024 - 0 - 168
The Ceylon Tea cuppa is expected to face short-term constraints as it steers through 2024 but the regulatory initiatives and global trends are expected to shape the industry’s outlook, the tea brokers said. The enforcement of the B60 programme, which mandates the tea growers and manufacturers to adhere to enhanced standards for green leaf production, is anticipated to temporarily constrain the availability of tea, according to the insights from
17 Jan 2024 - 15 - 2903
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.
16 Jan 2024 - 2 - 1182
The banks are set to receive guidelines for the establishment of business revival units, aimed at assisting the small and medium enterprises (SMEs) affected by the recent crises.
13 Jan 2024 - 0 - 164
The Central Bank will review the remaining restrictions on the outflows from the capital account and gradually start lifting them by taking into account the domestic market foreign exchange liquidity condition improvement. “With the observed improvements in the liquidity position of the domestic foreign exchange market, the Central Bank would review the existing restrictions on certain capital foreign exchange outflows on a priority basis, with a
12 Jan 2024 - 0 - 88
The government expressed confidence in the International Monetary Fund (IMF) exhibiting flexibility by overturning the elimination of VAT exemption for Destination Management Companies (DMCs)
4 hours ago