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…
Power purchase agreement for the 100 MW Ground Mount Solar power project in Siyambalanduwa was signed by Rividhanavi (Pvt) Limited with CEB today (2024-02-08). The project was advertised by the CEB for a competitive bidding process in September 2022, evaluated in 2023 and was awarded to the lowest & successful bidder at the end of…
Sri Lanka is accelerating its push for free trade agreements (FTAs) with key regional and global partners, aiming to finalize deals with India, Indonesia, Malaysia, Vietnam, and China by the end of 2024. This ambitious plan, announced by Foreign Affairs Minister Ali Sabry, seeks to boost the nation’s economic growth and competitiveness by opening up…
Ajith Perakum Jayasinghe Sri Lanka ushered in a new era for its agricultural sector yesterday with the launch of a groundbreaking program granting freehold deeds to farmers. This initiative, championed by the President Ranil Wickramasinghe, represents a transformative step towards empowering generations of families and revitalizing rural communities. While some political groups have expressed concerns…
Sri Lankan leftist groups affiliated with the Frontline Socialist Party, People’s Liberation Front (JVP) and Argalaya movement urge the government to prioritize collecting outstanding taxes before resorting to raising existing levies or introducing new ones. The issue was raised in many parliamentary committees as well. Talking about the issue with The Island newspaper, Sri Lanka’s…
As Thai Prime Minister Srettha Thavisin prepares to visit Sri Lanka on February 3-4, the recently released trade data sheds light on the burgeoning economic relationship between the two countries. The visit, which will culminate in the signing of a free trade agreement (FTA), further solidifies this promising direction. According to oec.world, in 2021, Thailand…
Imagine a doctor checking up on a country’s economy. That’s kind of what the Growth Diagnostic Framework (GDF) does! It’s a special tool created by the International Monetary Fund (IMF) to help countries figure out what’s holding them back from growing strong. And guess what? Sri Lanka just became the first country in Asia to…
While hurdles remain, Sri Lanka’s debt restructuring efforts are gaining traction, with official creditors on board and private talks advancing. The next few months will be crucial in determining whether the island nation can finally reach a comprehensive agreement and pave the way for economic stability and growth. Sri Lanka’s debt restructuring efforts are gathering…
Celebrating India’s 75th Republic Day, Indian High Commissioner Santosh Jha unveiled exciting news for Sri Lanka – the imminent finalization of the Economic and Technology Cooperation Agreement (ETCA). This agreement, he declared, “promises to be a game-changer,” paving the way for a significant boost to the island nation’s export potential. Mr. Jha’s optimism echoes past…
