Asia on-track to deliver two-thirds to global growth in 2024: IMF

The year 2024 is expected to be one of prosperity for Asia with the International Monetary Fund (IMF) expecting the region to maintain its momentum in delivering two-thirds to global growth.

Vessel calls at HIP surge 132% YoY

Over 300 oil and gas cargo vessels visited the Hambantota International Port (HIP) in 2023, recording a 132 percent increase in vessel calls compared to 2022.

Resignations at SLT as Board overhaul begins

Sri Lanka Telecom (SLT) yesterday saw its Board members resign after President Ranil Wickremesinghe directed the Treasury Secretary last week to reconstitute the Board with immediate effect.

AHK Sri Lanka Hosts Spectacular New Year’s Reception 2024

The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) recently hosted its New Year’s Reception 2024 at the Taj Samudra Hotel in Colombo, setting the stage for a remarkable convergence of industry leaders and professionals.

Central Bank maintains policy rates at current levels

Policy rates will be maintained at their current levels, the Central Bank of Sri Lanka said today, its is first monetary policy announcement for the year.

Negombo puts Sri Lanka tourism under spotlight

Sri Lanka has come under the international spotlight once again for its unique tourism offering, but drawing attention this time round is the scenic city of Negombo.

EPF to go paperless

The Employees’ Provident Fund (EPF) will be modernised going forward, the Central Bank said, with efforts underway for its operation to go almost paperless.

Persons with no TIN could face penalty up-to Rs. 50,000

With effect from 1 January, persons who have not obtained a Taxpayer Identification Number (TIN) will be subjected to a penalty not exceeding Rs. 50,000, the Department of Inland Revenue cautioned.

Aswesuma application process to kick off by end Jan.

The application process for the welfare scheme ‘Aswesuma’ will kick off towards the end of the month, the Finance Ministry said.

President hopeful of significant economic growth in 2024

Entering the year with positivity, President Ranil Wickremesinghe said the government aims to achieve an economic growth of 3 percent in 2024, with a commitment to advancing even more rapidly.

Dialog alerts consumers of price hike due to VAT increase

With revisions to the Value Added Tax (VAT) coming into effect from 1 January, telecom giant Dialog Axiata has notified its consumers of the increases that will be seen in their monthly bills.

World Bank releases US $ 250mn for Sri Lanka

The World Bank today said it has released the US $ 250 second tranche of the US $ 500 million budget support loan for Sri Lanka that was approved in June 28, 2023.

IMF wants SL to finalize deals with creditors ahead of second review in June

Sri Lanka needs to enter into agreements with its official and private creditors before the second review of the Extended Fund Facility (EFF), which is expected to be concluded by the end of the first half of next year, IMF Senior Mission Chief for Sri Lanka, Peter Breuer said.

Sri Lanka and Paris Club official creditors reach preliminary debt deal

Sri Lanka and the country’s Official Creditor Committee (OCC) co-chaired by India, Japan and France as the Chair of the Paris Club have agreed on a debt restructuring deal, a statement issued by the Paris Club Secretariat said.

CBSL further reduces policy interest rates

The Monetary Policy Board announced its decision to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points (bps) to 9.00 percent and 10.00 percent.

DCSL enters beer business with Heineken Lanka acquisition

Leading local spirits maker Distilleries Company of Sir Lanka PLC (DCSL) has entered into an agreement with Heineken International B.V. to acquire all its shares in Heineken Lanka Limited for an undisclosed price.

TIN will be mandatory to open bank accounts, register motor vehicles

As part of efforts to enhance tax administration and implement revisions to tax policies, the submission of a Tax Identification Number (TIN) will become mandatory for actions such as opening a bank account or obtaining approval for a building plan.

Prez. justifies using historical post office buildings for tourism

President Ranil Wickremesinghe today justified the allocation of the Nuwara Eliya Post Office to the tourism industry.

Budget 2024 allocates Rs.3bn to promote digital economy

Budget 2024 allocates Rs.3 billion to facilitate a digital economy by the year 2030.

Sri Lanka to eliminate CESS, Port and Airport Levy

As a primary step to improving Sri Lanka’s deeper connectivity with foreign trade and global markets, the budget 2024 proposes to eliminate non-tariff import taxes, including import CESS, Port, and Airport Levies.

Debt ceiling to be increased by Rs.3, 3450bn

Budget 2024 proposes to increase Sri Lanka’s debt ceiling by Rs.3, 450 billion to Rs. 7, 350 billion.

Govt. proposes to divest 20% each in two largest state banks

The budget 2024 proposes to divest 20 percent stake in the two largest state banks in the country.

Govt. to launch experimental programme revive construction sector

The government is launching an experimental programme to revitalize the country’s construction sector.

SMEs to receive fresh boost from 2024 budget

Sri Lanka’s Small and Medium Enterprises (SMEs) will receive a fresh boost next year with the Budget 2024 entailing a proposal to help uplift businesses in that sector.

Aitken Spence Shipping welcomes cruise vessel AIDA Bella to Sri Lanka

Super luxury passenger vessel M.V. Aida Bella, operated by Aida Cruises, Germany with 1,900 passengers and 730 crew on board will call at the Port of Colombo on the 9th of November 2023.

SL’s Pekoe Trails bags Best Wider World Tourism Project award

Sri Lanka’s Pekoe Trails won the Best Wider World Tourism Project organized by the British Guild of Travel Writers.

Roof-top solar users to be allowed one-time migration

The Ministry of Power and Energy yesterday announced that solar customers of the Ceylon Electricity Board (CEB) and Lanka Electricity Company (LECO) will be allowed a one-time migration to different schemes.

Nepalese billionaire Chaudhary’s CG Group acquires majority stake in Union Bank

The Colombo Stock Exchange (CSE) was yesterday informed that the Nepalese billionaire Binod Chaudhary’s CG Corp Group has completed the deal to acquire the majority stake of Union Bank of Colombo PLC.

Indigo becomes first Indian airline to offer Hyderabad-Colombo direct flights

IndiGo yesterday announced the introduction of new direct flights between Hyderabad and Colombo from 2 November.

Emirates and SriLankan establish reciprocal interline partnership

Emirates and SriLankan Airlines have signed a reciprocal interline agreement to boost connectivity for passengers of both airlines. The partnership will enable access to new points on each other’s networks via Colombo and Dubai, utilising a single ticket and enjoying the convenience of baggage transfers.`