Category: Economy and Markets
Foreign Minister Peiris in Singapore for official visit
At the invitation of the Minister for Foreign Affairs of Singapore, Dr. Vivian Balakrishnan, Minister Foreign Affairs Prof. G. L. Peiris undertook an official visit to Singapore from 8-9 June, 2022. An official visit of a Foreign Minister of Sri Lanka to Singapore is taking place after four years. During the visit, a bilateral meeting was […]
Colombo Port ranked most efficient in South Asia and Indian sub-continent : World Bank and S&P
No. 1 in South Asia/Indian Sub-Continent No. 3 among ports in the Indian Ocean Rim No. 22 among 370 ports Globally The Port of Colombo has been ranked as the most efficient port in South Asia and the Indian Sub-Continent, 3rd in the Indian Ocean rim and 22nd among 370 ports globally, in the second […]
3AxisLabs another welcome entrant to Jaffna’s IT ecosystem
By Jekhan Aruliah The Yarl Geek Challenge (YGC), run by the Yarl IT Hub, has been a launch pad for hundreds of IT careers, and for a number of successful companies. What YGC showcases is not the products brought by the teams, YGC showcases the people the teams are made up of. Often the YGC’s […]
Tax reforms at a glance: To be introduced in the immediate & near term
Cabinet nod has been received to instruct the legal draftsmen to prepare necessary bills to amend the following Acts with a view to increasing government revenue. Inland Revenue Act, No. 24 of 2017 Value Added Tax Act, No. 14 of 2002 Telecommunication Levy Act No21 of 2011 Betting and Gaming Levy Act, No.40 of […]
CCPI based headline inflation increased to 39-pct in May; food inflation at 57-pct: CBSL
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index increased to 39.1% in May 2022 from 29.8% in April 2022 driven by the monthly increases in both Food and Non-Food categories. Subsequently, Food inflation (Y-o-Y) increased to 57.4% in May 2022 from 46.6% in April 2022, while Non-Food inflation […]
SL CB reassures commitment to ensuring the availability of forex banking system for essential foods
The Ministry of Finance issued Import Control Regulations on Payment Terms No.07 of 2022, dated 06 May 2022, and to be effective from 20 May 2022, by restricting the use of Open Account Payment Terms or Consignment Account Terms, subject to conditions, when importing goods to Sri Lanka. This measure complements the various other measures […]
World Bank Country Director for Sri Lanka rejects numbers
The World Bank Country Director for Sri Lanka, Faris H. Hadad-Zervos in a tweet has rejected the numbers mentioned in a statement issued by the Ministry of Foreign Affairs. According to the Ministry of Foreign Affairs, the World Bank Country Manager in Colombo, Chiyo Kanda, had said that the World Bank will disburse approximately USD […]
World Bank to disburse around USD 700Mn to Sri Lanka within next few months
The World Bank Country Manager in Colombo, Chiyo Kanda, called on the Minister of Foreign Affairs Prof. G.L. Peiris at the Ministry of Foreign Affairs on 27 May, 2022. Minister Peiris sought assistance from the World Bank until long term assistance materializes through the IMF, other international institutions and donor countries. The Minister highlighted the […]
Aitken Spence creates history by recording its highest ever profit of Rs 14.2 bn for 2021/2022
The diversified blue-chip Aitken Spence PLC reported a profit before tax of Rs. 14.2 billion for the twelve months ended 31st March 2022 compared to the loss reported before tax of Rs. 2.8 billion last year. This performance was driven by the Group’ diverse presence in eight countries spanning sixteen segments of operation. The diversity […]
Will provide full support to conduct duties independently, President says at meeting with CB Governor
President Gotabaya Rajapaksa had a meeting today (28) with the Governor of the Central Bank, Dr.P. Nandalal Weerasinghe and Monetary Board member Sanjeeva Jayawardena PC and fully assured them that the Governor and the Monetary Board has his fullest and unqualified assurance of freedom to discharge their functions independently and without any extraneous constraints. At […]
IMF staff concludes virtual mission to Sri Lanka
An International Monetary Fund (IMF) team led by Peter Breuer and Masahiro Nozaki conducted a virtual mission with the Sri Lankan authorities during May 9-24 on an economic program that could be supported by an IMF lending arrangement. The IMF team met with Prime Minister Ranil Wickremesinghe at the concluding meeting, following technical discussions with […]
We hope that the negotiations on bridging funds from Japan will conclude soon: President
President Gotabaya Rajapaksa expects that the negotiations now underway regarding bridging funds from Japan will conclude soon. The President made these remarks addressing the 27th International Conference on the Future of Asia (Nikkei) held in Tokyo, Japan, via video call, today (26). Japan’s Nikkei newspaper has been organizing the conference annually since 1995. The theme […]