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 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…
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…
On 19th November, the Asian Development Bank (ADB) approved a $200 million policy-based loan to further help the Government of Sri Lanka strengthen its financial sector. This second subprogram of ADB’s Financial Sector Stability and Reforms Program builds on the stabilization and crisis management measures put in place under the first subprogram approved in 2023. “Sri…
The new Sri Lankan government has reaffirmed its commitment to the International Monetary Fund (IMF)-supported program, in-terms of achieving fiscal and debt targets, said Krishna Srinivasan, the IMF Director for the Asia Pacific Department. Srinivasan noted that following the new government’s inauguration, an IMF mission visited Sri Lanka and held productive discussions with the president…
The Chinese government has decided to further provide a batch of Emergency Humanitarian materials to Sri Lanka, worth RMB 10 million (approximately LKR 400 million). The donation comes in addition to a recent Emergency Assistance of USD 100,000 (approximately LKR 30 million) in cash handed over to the President of Sri Lanka – Anura Kumara…
The Chinese Ambassador to Sri Lanka, Qi Zhenhong, met with President Anura Kumara Dissanayake this afternoon (22) at the Presidential Secretariat. During their meeting, Ambassador Qi made a donation of LKR 30 million (USD 100,000) as emergency flood relief to assist those affected by the recent flooding in the country. In addition to immediate relief…
The overall rate of inflation, as measured by the National Consumer Price Index (NCPI), has decreased to -0.2% in September 2024 from 1.1% in August 2024, according to the latest data released by the Department of Census and Statistics. Meanwhile, food inflation also decreased to 0.5% in September, down from 2.3% in August. The NCPI…
The price of Nadu rice has exceeded the government-set control price, now retailing at over Rs. 230 per kilogram, while the maximum retail price remains at Rs. 220. This surge, reported by the Maradagahamula Rice Producers’ Association, is attributed to a shortage of Nadu paddy. B.K. Ranjith, Chairman of the association, expressed concerns about the…
