Sri Lanka is gearing up for a critical second round of discussions with the United States over steep tariffs imposed on its exports. A high-level delegation led by Deputy Finance Minister Dr. Harshana Suriyapperuma left for Washington, D.C., today for talks scheduled on May 27–28 with the U.S. Trade Representative’s Office. The crisis began on…
The World Bank has pledged US$1 billion to support Sri Lanka’s economic recovery, focusing largely on private-sector-led investments that aim to create jobs and modernize key sectors such as energy, agriculture, tourism, and regional development. The funding package, to be delivered over three years, is expected to unlock significant private capital, especially in renewable energy…
World Bank Group President Ajay Banga will visit Sri Lanka on Wednesday, May 7—the first visit by a World Bank president to the country in nearly two decades. The trip, made at the invitation of President Anura Kumara Dissanayake, comes as Sri Lanka navigates a challenging path toward economic recovery. Banga is expected to meet…
Two major Chinese-backed projects in Sri Lanka — the Sinopec oil refinery in Hambantota and the Colombo Port development — have reportedly been delayed. According to sources, Sinopec has requested to increase the originally agreed local market supply quota of 20% for its oil products. The massive export-oriented refinery project, which involves an investment of…
This Vesak season, Daily Reporter, Impactus and the Right to Life Human Rights Centre are calling on all Sri Lankans to make a small but powerful choice: buy locally made Vesak decorations and help a struggling family earn a living. In recent years, Chinese-made lanterns and LED lights have flooded the Sri Lankan market. They…
The Vehicle Importers’ Association of Sri Lanka has said that nearly 75% of the imported stock of 7000 cars has already been sold. Speaking to the media, the association’s President Prasad Manage refuted media reports suggesting a decline in imported vehicle sales, and said that vehicle imports had resumed steadily. He noted that demand is…
World’s largest motorcycle manufacturer, Hero MotoCorp, has been India’s largest 2W manufacturer for a long time. The company also has a robust international business across multiple continents. Expanding its presence in South Asia, Hero has strengthened its presence in Sri Lanka with the launch of new bikes and scooters. Hero Launched New Bikes Bolstering its…
Vehicle imports to Sri Lanka have resumed following the lifting of the import ban on February 1, but high taxes continue to limit sales, market sources say. New vehicle importers are currently processing orders, and it typically takes about four to six months for a new vehicle to arrive. Importers are required to register imported…
Sri Lanka is ready to tax the digital services supplied by non-Sri Lankans from October 1. This was legalised by the certification of VAT (amendment) Act No. 4 of 2025. Inland Revenue Department said in a press release that procedures for registration, payment and compliance would be specified by the Commissioner General in due course….
China’s trade surplus with Sri Lanka surged to an all-time high of over US$4 billion (Rs. 1.195 trillion) in 2024, nearly doubling from the previous year and highlighting the growing imbalance in bilateral commerce. According to official data, Sri Lanka exported just US$251.91 million worth of goods to China in 2024 — a 2% decline…
