Sri Lanka Lags Behind in Blacklisting Corrupt Contractors: Report
|

Sri Lanka Lags Behind in Blacklisting Corrupt Contractors: Report

Sri Lanka holds the dubious distinction of being the worst performer in South Asia when it comes to blacklisting corrupt contractors in public procurement, a new report reveals. Unlike its neighbors, the island nation neither recognizes fraudulent practices as a reason for disbarment nor actively enforces existing rules against defaulting contractors. Verité Research, the organization…

JICA chief and President Ranil discuss economic reforms, investment projects
| |

JICA chief and President Ranil discuss economic reforms, investment projects

The President of Japan International Cooperation Agency (JICA) has commended President Ranil Wickremesinghe’s commitment to the program aimed at implementing economic reforms in Sri Lanka, acknowledging its challenging nature. Dr. Tanaka Akihiko made these remarks when he called on the Sri Lankan leader on (Feb.14), according to the President’s Media Division (PMD). In response, President…

Implementation of a Loan Scheme to Support Small and Medium-Scale Rice Industry
| |

Implementation of a Loan Scheme to Support Small and Medium-Scale Rice Industry

President Director General (Community Affairs), Rajith Keerthi Thennakoon, announced the initiation of an “Odapana” loan scheme during a meeting held at the President’s Office the day before yesterday (14). This loan scheme, implemented in response to President Ranil Wickremesinghe’s directives, aims to address the financial challenges encountered by small and medium-scale rice mill owners, rice…

Harin says Indian companies likely to acquire major hotel chains in Sri Lanka
| |

Harin says Indian companies likely to acquire major hotel chains in Sri Lanka

Tourism Minister Harin Fernando disclosed that three out of four potential parties are Indian companies that are shortlisted to buy Hotel Developers Lanka Ltd., the owning company of the popular five-star Hilton Colombo. “Most probably it will go to an Indian firm,” he said speaking at the Sri Lanka Tourism Networking Evening held recently in…

Power Purchase Agreement for the 100 MW Ground Mount Solar Power Project in Siyambalanduwa
|

Power Purchase Agreement for the 100 MW Ground Mount Solar Power Project in Siyambalanduwa

Power purchase agreement for the 100 MW Ground Mount Solar power project in Siyambalanduwa was signed by Rividhanavi (Pvt) Limited with CEB today (2024-02-08). The project was advertised by the CEB for a competitive bidding process in September 2022, evaluated in 2023 and was awarded to the lowest & successful bidder at the end of…

Sri Lanka Speeds Up FTAs, Eyes Deals with China and Others by Year-End
| |

Sri Lanka Speeds Up FTAs, Eyes Deals with China and Others by Year-End

Sri Lanka is accelerating its push for free trade agreements (FTAs) with key regional and global partners, aiming to finalize deals with India, Indonesia, Malaysia, Vietnam, and China by the end of 2024. This ambitious plan, announced by Foreign Affairs Minister Ali Sabry, seeks to boost the nation’s economic growth and competitiveness by opening up…

Empowering Farmers: Historic Land Ownership Program Launched in Sri Lanka
|

Empowering Farmers: Historic Land Ownership Program Launched in Sri Lanka

Ajith Perakum Jayasinghe Sri Lanka ushered in a new era for its agricultural sector yesterday with the launch of a groundbreaking program granting freehold deeds to farmers. This initiative, championed by the President Ranil Wickramasinghe, represents a transformative step towards empowering generations of families and revitalizing rural communities. While some political groups have expressed concerns…

What are the barriers to collect the unpaid taxes?
|

What are the barriers to collect the unpaid taxes?

Sri Lankan leftist groups affiliated with the Frontline Socialist Party, People’s Liberation Front (JVP) and Argalaya movement urge the government to prioritize collecting outstanding taxes before resorting to raising existing levies or introducing new ones. The issue was raised in many parliamentary committees as well. Talking about the issue with The Island newspaper, Sri Lanka’s…

Thai PM Visit and FTA Signing Underscore Growing Trade Ties Between Sri Lanka and Thailand
| |

Thai PM Visit and FTA Signing Underscore Growing Trade Ties Between Sri Lanka and Thailand

As Thai Prime Minister Srettha Thavisin prepares to visit Sri Lanka on February 3-4, the recently released trade data sheds light on the burgeoning economic relationship between the two countries. The visit, which will culminate in the signing of a free trade agreement (FTA), further solidifies this promising direction. According to oec.world, in 2021, Thailand…

Sri Lanka becomes first in Asia to tackle growth problems via Growth Diagnostic Framework (GDF)

Sri Lanka becomes first in Asia to tackle growth problems via Growth Diagnostic Framework (GDF)

Imagine a doctor checking up on a country’s economy. That’s kind of what the Growth Diagnostic Framework (GDF) does! It’s a special tool created by the International Monetary Fund (IMF) to help countries figure out what’s holding them back from growing strong. And guess what? Sri Lanka just became the first country in Asia to…