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…
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…
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…
