Sri Lanka more than doubled its deficit in the balance of payment (BOP) in the first four months compared to the same period in 2021, as imports raced, remittances sank, direct investments fizzled out and the expected borrowings didn’t come through

April external sector aptly demonstrated Sri Lanka’s over-reliance on imports for basic needs such as food, power and energy, and transport as expenditure on such categories stood out stubbornly high, making a strong case for the country to change

Worker remittances to Sri Lanka recovered from April levels, but still stand significantly below what the country received a year ago, reflecting the lingering challenges facing the authorities in restoring confidence in getting expatriates to use th

Ending weeks of speculation, business tycoon Dhammika Perera yesterday resigned from the director boards of a number of listed companies he controls, where he served in the capacity of Chairman or Co-Chairman, to make way for his entry into politics.

Sri Lanka’s power sector regulator, the Public Utilities Commission of Sri Lanka (PUCSL) stressed that it would not allow the Ceylon Electricity Board (CEB) to enter into power purchase agreements (PPAs) with the private sector developers, includin

Prime Minister Ranil Wickremesinghe in his capacity as the Finance Minister has requested International Monetary Fund (IMF) Managing Director Kristalina Georgieva Tuesday evening to expedite the process of staff-level agreement, which would then pave

Presenting what appears to be a comprehensive reform package, Prime Minister Ranil Wickremesinghe yesterday charted a three-phased path for the country to emerge from the current economic abyss caused by the pandemic, which was then compounded by ext

The Central Bank yesterday said the daily guidance rate released on the exchange rate between the United States dollar and Sri Lankan rupee is delivering the intended results by way of bringing in greater stability to the domestic foreign exchange ma

Taking a swipe at Prime Minister Ranil Wickremesinghe’s repeated comments to the effect of the government having to rely on printed money to pay for essential government bills such as payment of salaries and pensions in the ensuing months, the form

Crisis-struck Sri Lanka will not be able to access a US $ 1.5 billion credit line from China, as the latter is concerned the International Monetary Fund (IMF) could push for delays in repayments.

Sri Lanka’s hard-hit tourism industry is faced with yet another hurdle in catering to its international guests, this time with the non-availability of imported liquor.

The Finance Ministry yesterday implemented two key actions with regard to importation of goods, paving the way for businesses to have access to the required raw materials, so that operations can proceed with minimal hindrance.

The Cabinet nod was granted this week to increase taxes to 2019 levels in three stages to collect an estimated Rs.125 billion additional income during this year and over Rs.292 billion additional income starting from next year.

Shrugging off concerns raised by various parties that the restrictions imposed on Open Account Payment Terms would lead to a large-scale shortage of essential food items, the Central Bank yesterday assured the public that it would ensure availability

The interim results filed by the Ceylon Electricity Board (CEB) for the March quarter showed the dire straits the country’s power monopoly is in and the imminent need to raise tariffs for it to stay afloat at the minimum.

The hard-hit tourism sector has formulated a strategy document, the ‘Revival for Survival’ plan, to help support the industry through the ongoing economic crisis and move towards a positive work trajectory at the earliest.

Following the conclusion of the IMF Staff virtual mission to Sri Lanka, the multilateral lender yesterday said Sri Lanka needs to restore debt sustainability prior to any kind of lending to the crisis-stricken island nation.

Sri Lanka’s new Prime Minister Ranil Wickremesinghe, who was also appointed as the country’s Finance Minister yesterday, said he would present an interim budget within six weeks, slashing infrastructure projects to reroute the funds into a two-ye

With State-owned Ceylon Petroleum Corporation (CPC) struggling to finance fuel imports amid steep losses, Sri Lanka has returned to a cost-reflective fuel pricing formula partially ending an uneven subsidy regime after over two years, resulting in a

Despite the multiple challenges from fuel and power shortages to social unrest, Sri Lanka’s merchandise exports set a new record in April, recording the highest ever export value for the month supported by the floating of rupee exchange rate in the

The Central Bank will soon issue legislation declaring holding any type of foreign currency notes equivalent to the value of more than US$ 10,000, illegal.

The Planters Association of Ceylon yesterday expressed fear in the fate of Ceylon Tea being similar to that of the tourism sector, as the relevant authorities continue to fail to acknowledge, let alone manage the hardships faced.

World’s leading tour company, TUI will stop all tours to Sri Lanka due to the ongoing economic and political turmoil in the island nation.

The Colombo bourse bounced back yesterday strongly on the back of renewed optimism amid prospects for political stability in the country with the appointment of United National Party Leader Ranil Wickremesinghe as the new Prime Minister.

Re-channeling foreign exchange flows into the formal banking sources alone could solve the bulk of the problems in the domestic foreign exchange market liquidity as over 25 percent of foreign currency transactions take place outside the banking syste

The Central Bank yesterday made a fervent appeal from all elected representatives, including Executive President Gotabaya Rajapaksa, to make way to establish political stability, rule of law and civic order immediately, to ensure that people’s econ

Sri Lanka is likely to face complications and delays pertaining to its talks with the International Monetary Fund (IMF) for a rescue package amid the resignation of Prime Minister Mahinda Rajapaksa.

After two years of massive budget deficits, Sri Lanka is on its way to record another blowout budget deficit in the current year, with the deficit estimated for 2022 at 10.2 percent of gross domestic product (GDP), the estimates by the Central Bank s

Sri Lankan’s tourism sector has lost whatever the little prospects it had for recovery and revival as the government has hit the final nail in the coffin for the industry with emergency declaration.