Underwriting profitability for Sri Lankan non-life insurers will gradually improve as they enhance practices and shift focus to more profitable non-motor segments, Fitch Ratings says in a new report. This shift includes adjusting policy pricing, particularly for motor and medical insurance, to better cope with inflation and rising claim costs. Motor insurance profitability faces challenges…
President Anura Kumara has increased the Aswesuma (Relief) benefits as a Christmas gift, according to a social media post by his Media Director General, MP Najith Indika. Aswesuma refers to a transitional assistance provided to alleviate poverty using the taxes collected from the public, and not a gift distributed by politicians. Welfare benefits should not…
The Gross Domestic Product (GDP) of the country has shown a positive growth of 5.5% in the third quarter of 2024, according to the Department of Census and Statistics. The GDP, which stood at Rs. 2,987,544 million at constant prices (2015) in the third quarter of 2023, increased to Rs. 3,151,941 million in the corresponding…
The present Government will not implement the Galle Harbour Port City project which had been planned and proposed to be implemented by the previous Government, Deputy Minister of Fisheries, Aquatic and Ocean Resources Rathna Gamage said. The Deputy Minister disclosed the Government’s stand on the project when responding to the media, during his inspection tour…
In recent years, South Asia has experienced notable shifts in female labour force participation (FLFP), with significant variations across countries. India, for instance, has seen a remarkable increase in women’s workforce participation, rising from 22% to 40.3% over six years. This growth has been driven by policies promoting diversity and inclusion, alongside economic developments that…
Sri Lanka is advancing its debt restructuring process by issuing new bonds to replace $12.55 billion of defaulted sovereign bonds. This marks a critical step in addressing its $43 billion foreign debt crisis. As announced by the Ministry of Finance, bondholders can swap their holdings for new securities until December 12, 2024. President Anura Kumara…
The Cabinet of Ministers has approved the proposal for the restructuring of international sovereign bonds by way of swapping existing bonds for new bonds in accordance with the parameters indicated in the debt sustainability analysis conducted by the International Monetary Fund (IMF). In June 2024, the Government of Sri Lanka reached a final agreement on…
Ajith Perakum Jayasinghe The Sri Lanka Bureau of Foreign Employment (SLFEB) has raised strong objections to the E-8 visa system, introduced for seasonal employment in South Korea, alleging irregularities and significant risks to Sri Lankan workers. SLFEB Chairman Kosala Wickramasinghe disclosed that the E-8 visa agreement was unlawfully signed by a former minister without Cabinet…
Sri Lanka’s entrepreneurship rate stands at just 3% of the working population, significantly trailing regional counterparts, according to Dhanuka Liyanagamage, Director of the National Enterprise Development Authority (NEDA). He addressed the issue at the Global Entrepreneurship Week (GEW) 2024 launch event held at the Ceylon Chamber of Commerce. “Only about 3% of the working population…
Mastercard Country Manager for Sri Lanka and Maldives, Sandun Hapugoda, emphasized the critical role of digital transformation for micro, small, and medium-scale enterprises (MSMEs) in Sri Lanka, which make up 19% of the country’s establishments. Speaking at the launch event of Global Entrepreneurship Week (GEW) 2024, organized by the Ceylon Chamber of Commerce, Hapugoda underlined…
