IBM gives thumbs up for Sri Lanka’s digital push

Global technology giant IBM yesterday gave thumbs up for Sri Lanka’s efforts in digital transformation while implying the country has the right foundation to achieve its ambitions under the Digital Economy Strategy 2030.

Hayleys ends FY25 with record Rs.492bn revenue

Diversified conglomerate Hayleys PLC posted a 40 percent year-on-year (YoY) increase in profit before tax (PBT) to Rs.35.37 billion for the financial year ending March 31, 2025, driven by consistent export earnings and solid performances in its consumer, retail and logistics segments.

India, Sri Lanka push for ‘Early Harvest’ investment pact

Top economists are strongly advocating for Sri Lanka and India to conclude an ‘early harvest’ investment agreement within this year, viewing it as a critical first step towards a comprehensive Free Trade Agreement (FTA).

Danish Ambassador foresees stronger SL-Denmark business ties

Denmark’s newly accredited non-resident Ambassador to Sri Lanka Rasmus Abildgaard Kristensen has voiced strong optimism for deepening economic partnerships between the two nations.

Tourist arrivals surge early May reaching 32% of 2025 target

Sri Lanka’s tourism sector showed improved growth in tourist arrivals in the first 13 days of May 2025, with an expansion of 21.53 percent year-on-year (YoY) compared to the same period in 2024.

Credit to private sector accelerates to Rs.173bn

The licensed commercial banks have accelerated their pace of credit to the private sector in recent times, as the borrowing rates stay low while the economy picks up steam, generating demand for fresh credit from individuals and businesses.

Tourism maintains upward momentum with US$ 256.7mn April earnings

Sri Lanka’s tourism sector continues to maintain its recovery momentum as it recorded US$ 256.7 million in earnings for April 2025, a 13.7 percent increase year-on-year (YoY).

Emirates eyes India-SL route

Emirates has expressed its openness to increasing direct flight operations between Sri Lanka and various parts of India while emphasising that the respective governments of India and Sri Lanka need to grant the necessary permissions.

SriLankan Cargo gets e-commerce lift-off with IATA lithium battery certification

SriLankan Cargo, the air freight arm of SriLankan Airlines, has become South Asia’s first airline cargo division to secure the International Air Transport Association’s (IATA) CEIV Lithium Batteries Certification

WB chief’s visit unlocks US $ 1bn support package for Sri Lanka

Sri Lanka is set to gain renewed momentum going forward with the World Bank (WB) announcing it will back the island nation with a support package in excess of US $ 1 billion.

SL human development progress slows as regional peers catch up

Sri Lanka continues to stand tall in the high human development category. However, latest data by the United Nations shows that the momentum is slowing, with regional peers closing in fast.

SL’s financial sector faces over US $ 10bn climate bill

Sri Lanka’s financial sector must gear up to mobilise an estimated US $ 10.85 billion by 2030 to meet the country’s climate commitments, the Central Bank said, while warning that the cost of inaction is rising as climate risks intensify.

Sri Lanka nears 900,000 tourist arrivals

Sri Lanka’s tourism sector is nearing the 900,000 arrival mark for the year, with 896,884 tourists recorded by the end of April 2025.

SL fears socio-economic crisis as US tariff hikes threaten rubber exports: SLAMERP

A proposed increase in US tariff rates on rubber products could devastate Sri Lanka’s export sector, risking 150,000 livelihoods and destabilising rural economies, Sri Lanka Association of Manufacturers and Exporters of Rubber Products (SLAMERP) Chairman Pushpika Jamnadhira cautioned.

Colombo consumer prices decline 2.0% in April

The consumer prices in the Colombo district fell by another 2.0 percent in the 12 months to April 2025, albeit at a slower pace from 2.6 percent seen through March.

SL recovery no “understatement”, says CB Governor

Sri Lanka may still be on the road to recovery, but its steps in correcting long-standing policy failures are now being recognised where it matters most—by key international lenders.

Illegal confectionery floods SL market: Leading confectioner warns

A rise in illegal confectionery products entering Sri Lanka’s local market is posing significant challenges for the legitimate businesses and creating health risks for the consumers, a top industry representative warns.

Illicit cigarette market surges nearly 20% to 1.16 bn sticks in 2024

Illicit cigarettes continued to erode the tobacco monopoly of Ceylon Tobacco Company PLC, with a significant 19.6 percent Year-on-Year (YoY) growth and soaring to 1.16 billion sticks in 2024.

SL reaches IMF staff-level agreement on fourth review

The International Monetary Fund (IMF) and Sri Lankan authorities have reached a staff-level agreement on the fourth review of Sri Lanka’s reform programme supported by the IMF’s 48-month Extended Fund Facility (EFF) arrangement.

Port of Colombo sees transshipment volumes dip in 1Q

Transshipment volumes at the Port of Colombo experienced a decline in the first quarter of 2025 compared to the same period last year.

Economy on the mend but crisis scars still show - WB on Sri Lanka

Sri Lanka has been commended for its quicker-than-expected recovery from the worst economic crisis since independence. However, the World Bank has echoed the growing concerns, cautioning that the island nation is still not entirely out of the woods.

No Russian charter flights to Sri Lanka until October

Sri Lanka will not host Russian charter flights during the off-season due to diminished demand and a lack of summer promotions, according to the Association of Tour Operators of Russia (ATOR).

National prices continue to ease at 1.9% in March

The national consumer prices continued to fall, albeit at a lesser pace in March, on the back of the decline in food prices as well as the slippage in non-food prices, ahead of the traditional new year.

EPF net worth soars to Rs. 4.37 tn as real returns hit decade high

Sri Lanka’s Employees’ Provident Fund (EPF), the nation’s largest retirement fund, reported a record 12.6 percent year-on-year surge in net worth to Rs. 4.37 trillion by the end of 2024, up from Rs. 3.89 trillion in 2023.

BOI initiates industry dialogue on reciprocal US tariffs 

The Board of Investment (BOI) invited all top 50 exporters in key industries to open dialogue to seek alternative strategies to mitigate the consequences due to the new US tariff imposed on Sri Lanka.

ADB sees Sri Lanka’s growth at 3.9% in 2025

Sri Lanka’s recovery is expected to continue at a moderate growth of 3.9 percent in 2025 and 3.4 percent in 2026, following a strong rebound in 2024, the Asian Development Bank (ADB) said in its Asian Development Outlook report released yesterday.

Finance companies record Rs.277bn credit expansion in 2024

Sri Lanka’s banks and finance companies ended 2024 on a strong note, disbursing a substantial volume of loans to the private sector as declining interest rates and a recovering economy reignited credit demand.

Colombo’s first fully automated terminal opens

CWIT brings US $ 800mn boost to South Asia’s trade future

India and Sri Lanka conclude bilateral debt restructuring pact

India and Sri Lanka have solidified a bilateral debt restructuring agreement, with New Delhi extending reduced interest rates to support the island nation’s economic recovery, Prime Minister Narendra Modi announced during his official visit to Colombo on Thursday.

CRTA warns US tariff hike will devastate Sri Lanka’s rubber industry

The Colombo Rubber Traders Association (CRTA) joined the bandwagon in expressing deep concern about the recent imposition of a 44 percent blanket tariff by the United States on all imports from Sri Lanka and said it is particularly worried on the “devastating impact” it would have on Sri Lanka’s natural rubber industry.