IMF staff and the Sri Lankan authorities have reached staff-level agreement on economic policies to conclude the second review of the 4-year EFF-supported program and the 2024 Article IV Consultation. Once the review is approved by IMF Management and completed by the IMF Executive Board, Sri Lanka will have access to SDR 254 million (about…
The Committee on Public Finance informed the Secretary to the Ministry of the Investment Promotion to intervene with immediate effect to arrive at a decision regarding a duty-free shopping mall to be established in the port city of Colombo, as the opinion of the Attorney General and the opinion of the Commission are contradicting with…
With USD 2.6 Million funding support from the Government of Japan, the International Organisation for Migration (IOM), and the International Labour Organization (ILO) launched 12-month “UPLIFT” project. The initiative will contribute towards the sustainable socioeconomic reintegration, and enhancing of skills and livelihood of returnees, aspirant migrant workers, and victims of human trafficking. This project is…
Latest Mood of the Nation Survey Shows Increase in Negative Outlook The approval rating of the government fell from 9% in October 2023 to 7% in February 2024, according to the latest round of the Gallup style ‘Mood of the Nation’ poll of Verité Research. The survey showed that only 9% rated the current economic…
Mario Gooneratne, CEO of LinearSix, Naleen Edirisinghe, CEO of Pan Asia Bank and Gerald Wanigaratne, Chief Information Officer of Pan Asia Bank 1. How would you define Digital Banking? Mario: Digital banking is a transformative financial approach that leverages technology to provide seamless, accessible, and efficient banking services by automating all or most processing functions…
Bloomberg – Global investors and Sri Lanka officials expect to start negotiations aimed at restructuring $12 billion in defaulted global bonds next week, according to people familiar with the matter. The nation’s dollar bonds rose. A group of bondholders, known as a steering committee, will begin talks as they weigh a proposal from the government to rework…
Having invested in the tech sector for thirty years across frontier markets spanning South America to Asia, Dr Cornelius Boersch maintains that all markets exhibit similar dynamics. With this perspective, he first visited Sri Lanka in October 2021, emerging as one of the earliest global tech investors to commit to post-COVID recovery through Mountain Lion…
New Legislation Heading to Parliament in April. Government Financial Control Law Also on the Agenda. Equal Benefits for All in Emerging Economy -President. President Ranil Wickremesinghe highlighted that if Sri Lanka continues to rely on borrowing to address the imbalance between imports and exports, the nation will inevitably confront another economic crisis within a decade….
BIA records sharp increase, serving 850,000 travellers this year – Chairman of Airport and Aviation Services Sri Lanka Athula Galketiya. Chairman of Airport and Aviation Services (Sri Lanka) Ltd. Athula Galkatiya remarked that the arrival of foreign tourists has risen owing to President Ranil Wickremesinghe’s economic initiatives and the peaceful environment fostered within the country….
The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) for Sri Lanka covering the period 2024–2028. The strategy will focus on restoring the country’s macroeconomic stability, reviving growth, and establishing the foundation for sustainable recovery and resilience. “This new partnership strategy will build on ADB’s ongoing assistance to support the country’s efforts to…
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