Losses of State-owned enterprises (SOEs) spiked to Rs.10.4 billion in the eight months to August, 2020, from a combined loss of Rs.1.1 billion in the whole of 2019, predominantly due to the earnings swoon in key State-run banks and the insurance comp

Headline inflation, as measured by the year-on-year (YoY) change in the Colombo Consumer Price Index (CCPI) increased marginally to 4.2 percent in December 2020 from 4.1 percent in November 2020.

The Sri Lankan stock market ended 2020 on a positive note yesterday, marking a year in which the Colombo Stock Exchange (CSE) has seen indices indicate noteworthy resilience and attract record-breaking levels of trading activity.

Stakeholders of Sri Lanka’s tourism industry yesterday assured that the ongoing pilot project carried out as a first step towards re-opening the country for tourists, is going ahead as planned despite some expected hiccups, for which appropriate co

The Ministry of Tourism on Sunday (27) put out a set of modified protocols that are to be followed and the responsibilities of each stakeholder so that the execution of the ongoing pilot project aiming to review the country’s tourism industry amid

President Gotabhaya Rajapaksa on Saturday (26) visited Pahalagama, Elapattu in Anuradhapura and inspected the damage caused to maize cultivation by the fall armyworm caterpillar.

Sri Lanka’s merchandise export earnings suffered for the second consecutive month in November due to the adverse impact of the second wave of COVID-19 pandemic that began in early October, which slowed down manufacturing and disrupted port related

Taking a cue from the success of the smallholder sector, Sri Lanka’s Regional Plantation Companies (RPCs) have handed over a fresh proposal aimed at radically expanding worker earnings during a recently concluded meeting with the Labour Minister an

The government yesterday reaffirmed its commitment to reach a final decision on the East Container Terminal (ECT) of Colombo Port after scientifically analysing all factors related to the terminal from an international business perspective.

Despite the recent rating downgrades on elevated debt repayment risks, Sri Lanka has significantly cut down its reliance on foreign debt to fund budgets as the government’s balance sheet showed a net repayment of such debt.

The government revenue declined in the nine months to September as the economic toll of COVID-19 took hold on businesses and consumption, which generate tax income, as economic activities contained to a greater degree in the period.

Sluggish economic activity, external and domestic vulnerabilities, muted private credit growth and the sovereign’s weakened credit profile are significant downside risks to the operating environment for Sri Lankan banks, Fitch Ratings said in a new

Despite the doom and gloom forecasts by global rating agencies and the second wave of COVID-19 reaching community level, the government is optimistic that the best is within reach.

Despite the doom and gloom forecasts by global rating agencies and the second wave of COVID-19 reaching community level, the government is optimistic that the best is within reach.

Hit by COVID-19, Sri Lanka’s economic growth contracted by a whopping 16.3 percent in the second quarter (April-June) of this year, recording the largest ever drop recorded in the country’s history but recovered to a growth of 1.5 percent in the

Improvement in Sri Lanka’s external sector performance continued in October as well with the trade deficit narrowing further largely due to restrictions imposed on non-essential imports, and the lower oil bill.

Sri Lanka’s foreign reserves buffer fell over US$ 300 million to US$ 5,549.3 million by the end-November, from US$ 5,855.7 million by end-October, while the Central Bank continues to remain a net buyer of foreign exchange to prop up reserves as wel

The Finance Ministry this week announced the immediate implementation of a range of loan schemes proposed in Budget 2021, targeted at state and private sector employees, small and medium enterprises (SMEs) and dairy farmers.

An International Monetary Fund (IMF)-backed deal is inevitable for Sri Lanka’s government that is in denial of the looming debt crisis, the research arm of Citibank, Citi Research said.

Sri Lanka could manage the upcoming US $ 1 billion international sovereign bond (ISB) settlement in July, next year and current account deficit in the first half of the year, with US $ 500 million in net bilateral or multilateral funding while keepin

The Cabinet of Ministers has cleared tax holidays to the tune of US$300 million for the proposed tyre plant by China’s Shandong Haohua Tire Co. Limited in the industrial park within the Hambantota International Port.

As Sri Lanka is cautiously gearing up to welcome tourists come January, with the government planning to relax the border control measures, the Sri Lanka Tourism Development Authority (SLTDA) yesterday asserted the importance to impose strict health p

The decision to cap mortgage-backed housing loan interest rates at 7.0 percent for salaried employees in both private and public sectors is now given life as the Monetary Board has instructed all licensed banks to disburse such loans from December 10

Severe long-term effects of the COVID-19 pandemic could push an additional 207 million people into extreme poverty on top of the current pandemic trajectory, bringing the total to over 1 billion by 2030, according to United Nations Development Progra

Central Bank Governor Professor W.D. Lakshman this week called out to the doomsayers, who fail to understand the alternative policy platform unleashed by the government and Central Bank, which is already showing some encouraging results.

The local tourism sector yesterday was presented with the harsh reality that it simply isn’t doing enough to reach its aspirations as planned and to make any real progress it is essential for the authorities to smartly relook at the industry’s ma

As Sri Lanka explores avenues for greater economic prosperity amid pressing challenges that stem from the global front, in addition to those locally inherited, President Gotabaya Rajapaksa called for an enabling private sector, one that is bold and h

Moody’s Investors Service, in a report issued on the emerging market banks and insurance companies said yesterday that Sri Lankan banks would experience large capital declines without new capital injections over the next two years, due to asset qua

Fitch Ratings yesterday downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘ with ‘Negative’ outlook.

The Monetary Board of the Central Bank left its key policy rates unchanged yesterday, continuing with its dovish monetary policy stance by slapping interest caps on mortgage-backed housing loans and said lending targets would be introduced to license