As the country’s tax system is undergoing a complete overhaul to ensure that the government raises adequate revenues to ensure its fiscal deficits are kept at a sustainable level, the financial and tax experts are calling for the removal of a wide

Sri Lanka’s manufacturing and services sectors are already seeing widespread layoffs, non-renewal of employment contracts....

In what appears to be another notable development in the space of external sector advances made as of late, the Central Bank had become a net absorber of foreign exchange after being a net seller for eleven consecutive months since the country starte

Sri Lanka’s Balance of Payment (BoP), which was racing past last year’s levels until recently, is slowing down after the Central Bank....

Sri Lanka will receive an emergency assistance loan amounting to US $ 203 million from the Asian Development Bank (ADB) to ensure the poor and vulnerable, especially women and children, have access to food and have their livelihoods protected.

As Sri Lanka is in the midst of securing fund disbursement from the International Monetary Fund (IMF) to bail out the crisis-struck economy, all measures must be taken to avoid a haircut, particularly on the country’s domestic debt, so that long-la

The United States will support Sri Lanka’s debt restructuring effort by extending financing assurances in consistent with the Paris Club principles, President Ranil Wickremesinghe’s media office said.

After recording a trade surplus in two decades in June, the trade deficit in July narrowed significantly year-on-year (YoY) as imports contracted ....

The government has deployed a new welfare benefit information system from next year onwards to provide better targeted social welfare benefits by way of direct cash transfers to the vulnerable groups in society.

Although Sri Lanka last week clinched the much awaited staff-level agreement with the International Monetary Fund (IMF) in its first step towards emerging out of the current economic abyss, the brewing....

The tourist arrivals for the month of August witnessed a 20 percent dip when compared with the previous month, with the numbers totalling to 37,760.

The International Monetary Fund (IMF) yesterday said Sri Lanka should move forward “expeditiously” to secure debt relief from its creditors to ensure debt sustainability as disbursement of any IMF financing is contingent upon that and the reforms

Central Bank Governor Dr. Nandalal Weerasinghe expressed confidence in the overall macro programme and structural reforms on the national economy getting on track going forward, as the interim budget presented on Tuesday (30) is the basis of the foun

President Ranil Wickremesinghe in his capacity as country’s Finance Minister yesterday presented an interim budget for the remainder...

With the aim to rescue SriLankan Airlines (SLA) from a looming collapse due to its heavy debt stock, the government is planning to sell up to a 49 percent stake of two profitable units of the airline, with management transfers, in order to restructur

After reaching a staff-level agreement, the full approval for the envisaged International Monetary Fund (IMF) Extended Fund Facility (EFF) arrangement could take about six months considering challenges in the negotiations process with the country’s

The “devastating” crisis for children in Sri Lanka is a cautionary tale for South Asia, said visiting UNICEF Regional Director for the SA region, urging for urgent action to be taken to help address the grim situation.

Sri Lanka’s Solar Industries Association (SIA) yesterday urged the government to immediately grant a substantial hike in feed-in tariffs (FIT) for rooftop solar producers in line with the recent increase in input costs in order to revitalise roofto

Several nations in Asia and the Pacific would struggle more than before to escape poverty, as the outbreak of the COVID-19 pandemic has created a setback of about two years, a report by the Asian Development Bank (ADB) said.

President Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies Minister, yesterday issued.....

The Sri Lanka tourism authorities, led by Tourism Minister Harin Fernando, are actively contemplating on setting up what is called a ‘bad bank’ to restructure the debt of the crisis-hit tourism sector, Mirror Business learns.

The Central Bank (CB) this week stressed that lifting of the forced conversion rule on service export receipts is subject to service exporters bringing additional export proceeds to the country.

The Central Bank (CB) is optimistic of wrapping up the much-anticipated staff-level agreement with the International Monetary Fund (IMF) for a bailout package during the upcoming staff team visit scheduled for end of this month.

Reigniting fears over a potential local debt restructuring, President Ranil Wickremesinghe this week warned that Sri Lanka’s International Sovereign Bond (ISB) holders may push the government to restructure the domestic debt,

Sri Lankan exporters falling under select categories will be able to further benefit from trading with the United Kingdom as the independent trading nation yesterday announced its decision to cut import taxes on several products from some of the worl

The cumulative losses of 52 key state-owned enterprises (SOEs) during the first four months of 2022 topped the total annual loss recorded in 2021, with Ceylon Petroleum Corporation (CPC) contributing 73 percent of the total SOE losses, driven by fore

Despite various incentive schemes introduced by the authorities to attract more worker remittances to the country via formal channels, such incomes continue to fall,

Tourist arrivals for the first 11 days of August crossed the 16,000 mark, showing signs of a slight improvement in terms of the rate of arrivals....

The free trade zone manufacturers yesterday called out the Public Utilities Commission of Sri Lanka (PUCSL) for being unjust towards industries by imposing a massive electricity tariff hike this week, a move that worsens the financial stress of the b

Transshipment container volumes at the Port of Colombo in June took a blow from the political crisis and social unrest that prevailed in the country, which raised law and order concerns among main shipping lines.