Telecom giants Reliance Industries and Lycamobile are among three potential buyers vying for a stake in Sri Lanka’s state-owned Sri Lanka Telecom (SLT), setting the stage for a high-stakes bidding war. The island nation’s State-Owned Enterprises Restructuring Unit confirmed initial interest from Jio Platforms, a subsidiary of Reliance, and Pettigo Comercio International, linked to the…
Sri Lanka’s financial landscape is clouded by a rising storm of non-performing loans, a grim reality gripping over 13% of the banking sector after a recent currency crisis. This has fueled a fervent debate surrounding Parate execution, a controversial but powerful tool in the hands of banks battling loan defaults. This law, unique to Sri…
Get ready for breathtaking hikes, pristine beaches, and elephant encounters – all at a fraction of the price! Sri Lanka has grabbed the spotlight, landing a coveted spot among the top 13 most affordable vacation destinations globally, as recognized by Fox News. This prestigious recognition isn’t just a feather in Sri Lanka’s cap; it’s a…
India Drives Tourism Boom, While Russia Takes Second Place Sri Lanka’s tourism industry celebrated a strong 2023, welcoming 1,487,303 tourists despite falling just short of the ambitious 1.5 million target. This impressive figure marks a 106.6% increase compared to 2022, showcasing a significant rebound for the island nation. India emerged as the undisputed leader, sending…
A glimmer of hope shines on Sri Lanka’s horizon as the island nation gears up to finalize a historic free trade agreement (FTA) with Thailand. After the successful conclusion of the 9th round of negotiations in December 2023, Thai Prime Minister Srettha Thavisin is set to visit Sri Lanka in February 2024 to officially sign…
Japanese Finance Minister Shunichi Suzuki announced on Tuesday that he will embark on visits to Cambodia and Sri Lanka in January. During these visits, Suzuki aims to address economic challenges and strengthen financial cooperation between Tokyo and the two nations. The finance minister is set to emphasize the critical need to advance debt restructuring efforts…
Ethiopia failed to make an interest payment on Bond making it the latest defaulter in Africa. 11th of December was the deadline for the Horn of Africa country to pay a $33 million coupon with a grace period ending on Monday. Ethiopia now joins a growing list of countries including Zambia, Ghana and Sri Lanka…
Colombo, December 21, 2023: The Sri Lankan government’s commitment to social welfare continues, with over 51.9 billion rupees (approximately 160 million USD) disbursed to 1.4 million needy families under the Aswesuma program in the past six months. State Minister of Finance Shehan Semasinghe announced this significant milestone today, highlighting the ongoing support for vulnerable populations….
Colombo, December 21, 2023 (Daily Reporter): Sri Lanka’s economic horizons are brightening as a much-needed international aid package of $787 million bolsters its foreign exchange reserves and fuels optimism for a sustained recovery. This month alone, the island nation received disbursements of $337 million from the International Monetary Fund (IMF), $200 million from the World…
Exemption of goods and services under the Value Added Tax Act, No. 14 of 2002 [as last amended by the Value Added Tax (Amendment) Act, No. 32 of 2023]: (a) The supply or import of: (i) Wheat and Wheat Flour (ii) Infant Milk Powder (iii) Pharmaceutical Products and Drugs (other than cosmetics), prescribed for therapeutic…
