Sri Lanka’s State Finance Minister Shehan Semasinghe called on US Ambassador to Sri Lanka Julie Chung in Colombo, ahead of his trip to Washington for the IMF Spring Meeting. The Ambassador posted on X, Sri Lanka has made great progress on the IMF program, and the United States of America hopes Sri Lanka can take…
After a four-year hiatus, Thai Airways flight TG 307 arrived at Katunayake Bandaranaike International Airport at 11:55 last night. Originating from Bangkok, Thailand, the flight carried approximately 150 foreign tourists, including Thai nationals. According to Katunayake airport authorities, flights between Thailand and Sri Lanka are now operating daily. The Hon. Minister of Ports, Shipping, and…
In a recent statement, Karu Jayasuriya, Chairman of the National Movement for Social Justice, advocated for the establishment of a development bank as a crucial turning point for the nation’s economy. Highlighting the challenges faced by small and medium-scale enterprises (SMEs) in securing loans due to stringent collateral requirements, Jayasuriya emphasized the government’s commitment to…
An income of Rs. 3,439 million was earned in February this year by exporting coconut water from Sri Lanka, the Coconut Development Authority (CDA) said. According to the data from the CDA, the amount earned by exporting coconut water in February 2023 is Rs. 2,705 million. There has been an increase in export income of…
From November 30th last year, the Sri Lankan Rupee is appreciating against the US Dollar gradually. The Rupee value of a dollar on November 30th was Rs. 329 and the same on March 20th was Rs. 304. Sri Lanka is experiencing an appreciation of the Rupee for a second time. Over decades the value of…
Half of the countries in the region-Afghanistan, Maldives, Pakistan, and Sri Lanka-are either in debt distress or at high risk of it. In 2006, South Asia’s total external debt stock increased by a record 23 percent. In 2022, the ratio of government debt-to-GDP in the region averaged 86 percent, higher than that of any other…
Power and Energy Minister Kanchana Wijesekera revealed yesterday that United Petroleum of Australia has finalised an agreement with the Power and Energy Ministry to venture into petroleum retail operations in Sri Lanka. The announcement comes following last month’s signing of the agreement between the two parties. “They plan to sign the agreement with the BOI…
President Ranil Wickremesinghe on Sunday made a compelling case for the need to introduce a new legal framework to modernise the economy. He revealed that over the past 14 months, the Parliament has enacted 42 new laws to facilitate the country’s economic transformation. Furthermore, the President highlighted the necessity of passing an additional 62 laws…
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…
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…
