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The Executive Board of the International Monetary Fund (IMF) is scheduled to meet on February 28, 2025 to discuss and approve third review of Sri Lanka’s Extended Fund Facility (EFF) programme. The IMF staff and the Sri Lankan authorities reached a staff-level agreement on the Third Review of Sri Lanka’s EFF program on November 23,…
Featured
Nestled amidst the breathtaking landscapes of Uva, Sarnia Estate has stood the test of time, transforming from a coffee plantation in the 19th century into a beacon of the highest quality tea cultivations, while preserving its rich historical essence. Bordering the Randenigala Reservoir and the wild life sanctuary of Randenigala, Sarnia stands on the eastern…
Continues Award-Winning Streak for ‘Books that Keep on Giving’ Campaign Geometry Global, a Strategic Business Unit of the Ogilvy Group Sri Lanka, won two coveted Gold Awards at the recently concluded Effie Awards Sri Lanka 2024. The agency’s “Books that Keep on Giving” campaign for ProMate (Printxcel), a leading stationery manufacturer in Sri Lanka, secured…
HNB FINANCE PLC, Sri Lanka’s leading integrated financial services provider, has announced the relocation of its branch in Mullaitivu on 23 December 2024. This initiative reflects the company’s commitment to enhancing accessibility and addressing the increasing demand for integrated financial services across the island. The new HNB FINANCE Mullaitivu branch is relocated at Main Street,…
Xiaomi, the global technology leader, has officially launched the Redmi Note 14 Series in Sri Lanka at a press conference held at Cinnamon Life Colombo. The series introduces advanced innovations in photography, design, and performance. The launch event highlighted Xiaomi’s commitment to delivering high-quality, accessible technology. Speaking at the launch, Shubham Jangir, Country General Manager…
OREL IT, a global technology company, pushing the boundaries of cybersecurity, cloud solutions, and AI-powered digital innovations, has been honoured with the Most Innovative Service Provider of the Year at the 26th Presidential Export Awards (PEA) 2024. The ceremony, hosted by the Sri Lanka Export Development Board (EDB), took place at the Bandaranaike Memorial International…
Austin House, the brainchild of Shirantha Peries , founder of the Mega Pharma group of companies will be extending his considerably extensive portfolio when he opens the doors of the Austin House Aesthetic Centre to women and men who are looking for a difference in the beauty care and wellness sphere. Peries who has over …
NDB Bank has partnered with Bishop’s College to introduce an exclusive Affinity Credit Card, offering its esteemed alumnae, present parents, teachers and school community a host of financial benefits and privileges. The official signing ceremony commemorating this significant partnership took place on January 29, 2025, in the presence of representatives from NDB Bank and Bishop’s…
TikTok, the global home of creative expression and storytelling, brought the magic of BookTok to life at the prestigious Galle Literary Festival 2025, hosting a workshop on the 9th of February. Designed as an ode to the locally beloved #BookTok community, the session aimed to empower creators and book lovers by exploring how they can…
The Geoffrey Bawa Trust launched its 2025 Curatorial Conversations Series on January 27th, with a presentation by M+ Museum director and Geoffrey Bawa Trustee Suhanya Raffel. Speaking at the new Bawa Space on Horton Place, Raffel drew on extensive experience in the museum and art world to present insights and programming from the M+ Museum…
Sri Lanka’s leading retail bank, Hatton National Bank PLC (HNB), proudly announces the winner of its grand seasonal promotion, awarding an exclusive, fully paid cruise experience for two aboard the luxurious “Anthem of the Seas” to Isuru Amarasekara. The promotion, which ran from November 5 to December 31, 2024, rewarded HNB Credit Cardholders for their…
Top News
The Ceylon Chamber of Commerce welcomes bold proposals in the budget that align with its recommendations, Sri Lanka Economic Summit discussions, and Vision 2030 goals. The 2025 Budget focuses on stability, governance, public relief, tackling corruption, and driving inclusive growth. The Budget emphasises infrastructure expansion through Public-Private Partnerships (PPPs) and digital economy initiatives, providing a…
Reuters – Sri Lanka’s budgeted expenditure for 2025 will likely lead to a wider fiscal deficit and slower-than-expected fiscal consolidation, Moody’s Ratings said on Tuesday, a day after the island nation unveiled its budget. Sri Lanka aims to transform its crisis-hit economy to prepare to resume debt repayments from 2028, President Anura Kumara Dissanayake said on…
Sri Lanka’s banks have welcomed the maiden budget of the new government, describing it as “positive” and one that seeks to maintain policy consistency, especially on the fiscal path. In a statement, the Sri Lanka Banks’ Association (SLBA), which represents all licensed banks in Sri Lanka, commended the budget proposals presented to Parliament by President…
FITIS Welcomes Budget 2025 President Anura Kumara Dissanayake’s 2025 budget marks a transformative step in Sri Lanka’s economic recovery, placing the digital economy at the core of the nation’s growth strategy. The Hon. President, in his budget speech, affirmed that the growth of the digital economy by 2030 will reach a value of $15 billion…
The Sri Lanka Export Development Board (EDB) successfully organized an awareness seminar on the New Exporter Development Programme on 18th February 2025 at the Techno Park of Eastern University, Sri Lanka, in Batticaloa. This event marked a significant milestone in the EDB’s efforts to enhance the export potential of entrepreneurs in the Eastern Province. The…
Bloomberg – SriLankan Airlines should ideally double its fleet over the next five years, but is constrained by debt issues and the government’s poor financial situation, according to Chief Executive Officer Richard Nuttall. The carrier operates an all-Airbus SE fleet of 24 jets, split evenly between long-haul and short-haul routes. “Ideally our fleet should be…
Sri Lanka’s economic recovery in 2024 marked a significant turnaround, with most sectors of the economy showing positivity in renewal and regrowth. This resurgence, fuelled by Sampath Bank’s strategic focus on innovative solutions and customer centricity, enabled the Bank to perform outstandingly compared to the previous year. Financial Performance For the year ended 31st December…
Net Interest Income – Rs. 13 billion, up by 18% Net Fee and Commission Income – 1.90 billion, up by 24% Operating Profit before Taxes on Financial Services – 7.90 billion, up by 137% Profit before Tax – 6.03 billion, up by 159% Profit after Tax – Rs. 13 billion, up by 123% Total Assets…
Analysis
By Dr Manoj Thibbotuwawa and Dr Lakmini Fernando Public expenditure on agriculture as a share of total government spending has decreased from 6.4% to 2% between 2014 and 2023. The irrigation subsector receives most of the agricultural spending (41%), with subsidies accounting for a high 26%. Change to funding priorities necessary to address critical concerns….
By Prof. Samitha Hettige Chinese Astronauts (Taikonauts) in Shenzhou -19 recently simulated natural photosynthesis taking the human race one step forward on board China’s space station ‘Tiangong’. They for the first time produced oxygen & the ingredients for rocket fuel. Scientists believe that these are key steps essential for human survival & space explorations. 12…
The members of Tea Exporters Association (TEA) are concerned over the proposed abolition of SVAT from April 2025 as cashless SVAT system (Suspended VAT) provides exporters with a significant level of relief towards the constraints on their cash flow requirements to fund VAT payments on locally sourced inputs. The SVAT was introduced in April 2011 to…
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