Foreign investment in Sri Lanka’s government securities surged last week, with Central Bank data revealing a 15.7 percent increase in foreign holdings. The rise, amounting to 6.9 billion rupees ($23.4 million at an exchange rate of 1 US dollar = 295 LKR), brought the total foreign holding in Sri Lanka’s Treasury bills and bonds to
Sri Lanka’s National Transport Commission (NTC) has implemented a 4.24% reduction in bus fares, effective from midnight on October 1, in response to a drop in diesel prices. The minimum bus fare has decreased from 28 rupees to 27 rupees. This fare adjustment applies to all categories of buses, including normal, semi-luxury, luxury, and super-luxury
Sri Lanka’s new government is set to present an interim budget for the first quarter of 2025 in November, according to Prof. Anil Jayanth Fernando, Chief of the National People’s Power (NPP) Economic Council. The full Budget for 2025 is expected to be passed by Parliament in January. The interim budget will introduce policies aligned
President Anura Kumara Dissanayake announced that Japan has reiterated its commitment to resume 11 halted development projects in Sri Lanka, with support for the new government’s initiatives. Although these assurances were first made in July, Japan continues to pledge full backing for these projects. In July, a Japanese delegation discussed with then-president Ranil Wickremesinghe the
In a significant display of investor confidence following the election of President Anura Kumara Dissanayake, the Colombo stock market surged to record its largest daily gain in 2024. The All Share Price Index (ASPI) leapt by 237.31 points (2.14%), and the S&P SL20 followed with a 75-point increase (2.36%). Turnover hit Rs. 2 billion, involving
The United States has reaffirmed its support for the people of Sri Lanka in their efforts to build “an inclusive, just, democratic, and economically sustainable future,” according to Senator Ben Cardin, Chair of the Senate Foreign Relations Committee. This statement comes as Sri Lanka continues to recover from a devastating economic crisis in 2022, which
Sri Lanka’s dollar bonds took a significant hit following the victory of leftist candidate Anura Kumara Dissanayake in the presidential election, raising concerns about the country’s $3 billion International Monetary Fund (IMF) bailout and ongoing debt restructuring deals. Bonds maturing in March 2029 saw a sharp decline of 3.1 cents, their biggest drop in nearly
Sri Lanka recorded over 70,000 tourist arrivals in the first 17 days of September, according to provisional data from the Sri Lanka Tourism Development Authority (SLTDA). From 1 to 17 September, a total of 70,678 international visitors entered the island, pushing the year-to-date arrivals to 1.43 million. However, the average daily arrivals have dropped to
Presidential candidate Anura Kumara Dissanayake has attributed Sri Lanka’s 2022 financial crisis to incumbent President Ranil Wickremesinghe, while largely absolving former President Gotabaya Rajapaksa. Speaking at an election rally, Dissanayake claimed that Wickremesinghe was the architect of the crisis, whereas Rajapaksa’s missteps stemmed from ignorance. “They ended essential supplies like oil, gas, and electricity. Ranil
Sri Lanka’s economy will remain stable under the National People’s Power (NPP) administration, according to party leader Anura Kumara Dissanayake. Addressing the business community, Dissanayake emphasized that while economic changes will be made, they will be carefully assessed to prevent any destabilization. Dissanayake assured that the NPP’s approach is not driven by populist politics, citing