The Japan Deputy Head of Mission Katsuki Kotaro met with the Minister of Foreign Affairs Prof. G.L. Peiris on 27 May, 2022 to discuss matters pertaining to bilateral engagements, domestic developments and assistance from the international community in overcoming the current economic challenges encountered by Sri Lanka. Whilst appreciating the generous assistance and support extended…
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) increased to 39.1% in May 2022 from 29.8% in April 2022. This increase in Y-o-Y inflation was driven by the monthly increases of both Food and Non-Food categories. Subsequently, Food inflation (Y-o-Y) increased to 57.4% in May 2022…
Sri Lanka introduced a low tax regime in late 2019. The reforms included the reduction of tax rates of Value Added Tax (VAT), Personal Income Tax (PIT) and Corporate Income Tax (CIT), and narrowing tax bases of VAT and PIT, while introducing a plethora of tax incentives, such as tax exemptions for agriculture and Information…
Oil prices rose after EU agreed to slash oil imports from Russia by the end of 2022, fuelling worries of a tighter market already strained for supply amid rising demand Business Standard – Oil prices rose on Tuesday (31) after EU agreed to slash oil imports from Russia by the end of 2022, fuelling worries of…
FY22 Highlights Consolidated revenue of Rs.32.2 billion, up by 32.2% YoY PAT amounted to Rs. 5 billion, up 96.9% YoY backed by Healthcare and Agribusiness performance Healthcare revenue up 37.1% YoY to Rs. 17.5 billion Consumer Goods revenue up 13.2% YoY to Rs. 8.1 billion Agri revenue up 64.6% YoY to Rs. 6.5 billion Fueled…
The group records a steady top-line of LKR 4,393 Mn and Gross Margin of 62% in FY21/22 WindForce PLC is recognized as the largest Independent Power Producer (IPP) of renewable energy in Sri Lanka. Pioneering wind power generation locally, WindForce will hold over 245MW in their portfolio at the end of the current financial year,…
Emirates, SriLankan among carriers forced to fill up overseas Island nation going through shortage of all essential supplies Bloomberg – Sri Lanka is recommending airlines carry enough jet fuel to last return trips or fill up elsewhere, as the island grapples with a shortage of everything from oil to food due to a foreign-exchange crisis….
The Food and Agriculture Organization of the United Nations (FAO) with financial assistance from the Norwegian Agency for Development Cooperation (Norad) is providing technical support to develop the fisheries and aquaculture sector in Sri Lanka. This FAO-Norad global collaboration will work with the Ministry of Fisheries on three focus areas in Sri Lanka; develop capacities…
In view of the recent discussions in several public forums relating to the Non Performing Assets (‘NPA’) portfolio of People’s Bank, the Bank wishes to set out the following matters of fact: NPAs are loans whose interest and/ or principal have not been duly serviced for astipulated time period. A mere classification to NPA does…
The Ministry of Finance issued Import Control Regulations on Payment Terms No.07 of 2022, dated 06 May 2022, and to be effective from 20 May 2022, by restricting the use of Open Account Payment Terms or Consignment Account Terms, subject to conditions, when importing goods to Sri Lanka. This measure complements the various other measures…
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