President Ranil Wickremesinghe, speaking at the Wandala Sri Visuddaramaya in Karawanella, stressed the critical importance of adhering to International Monetary Fund (IMF) agreements to secure the country’s economic stability. He emphasized the need for unity and support for the proposed Economic Transformation Bill during a recent event, warning that breaching these agreements would jeopardize Sri
Public sector unions in Sri Lanka are intensifying their call for a substantial increase in basic salaries rather than relying on ad hoc allowances to address the escalating living costs. At a joint press conference on Monday, representatives from various public sector trade unions emphasized the pressing need for a significant adjustment in basic pay
A panel of experts appointed by the Sri Lankan government is currently scrutinizing lease agreements with Regional Plantation Companies (RPCs), announced Minister of Estate Infrastructure Development Jeevan Thondaman. Thondaman, known for his criticism of RPCs regarding their resistance to paying the latest daily wage of 1,700 rupees per tea plucker, emphasized the need for action
Transport, Highways, and Mass Media Minister Dr. Bandula Gunawardhana has highlighted a concerning financial scenario, revealing a daily expenditure of Rs. 14.67 billion against an income of Rs. 8.42 billion, resulting in a daily deficit of Rs. 6.25 billion. This deficit poses a significant challenge for the government, prompting discussions on effective governance strategies to
Sri Lanka’s Minister of Foreign Affairs, Ali Sabry, announced plans for the government’s ambitious foreign debt restructuring, aiming to finalize the process by June. This effort could potentially reduce the country’s debt burden by approximately US $17 billion, a significant step towards financial stability. The focus is on negotiating with private investors linked to sovereign
Omega Line Ltd, a key player in Sri Lanka’s apparel export industry and part of the Italy-based Calzedonia Group, was honored with the ‘Category Award Winner – Economic Contribution’ at the prestigious Best Corporate Citizen Sustainability Awards hosted by the Ceylon Chamber of Commerce. CEO and Managing Director Felix Fernando attributed this recognition to the
The government has given its approval for the development of 484 Megawatt wind power stations in Mannar and Pooneryn, marking a significant step towards renewable energy expansion. This decision follows a memorandum of understanding (MoU) signed with Adani Green Energy Limited of India, signaling a collaborative effort in sustainable power generation. To facilitate the project,
IFC’s Vice President for Asia Pacific, Riccardo Puliti, concluded a two-day visit to Sri Lanka, expressing IFC’s dedication to supporting the country’s ongoing reforms and growth agenda. Puliti emphasized the pivotal role of the private sector in driving inclusive economic growth during meetings with key stakeholders, including government officials, private sector representatives, and development partners.
Sri Lanka’s apparel exporters are urging the central bank to abolish a mandatory conversion rule for export proceeds as the rupee strengthens with a deflationary monetary policy. The appeal comes amid the removal of restrictions on shifting dollar proceeds between banks, initially imposed during forex shortages under inflationary policies. The Joint Apparel Exporters Association commended
According to recent central bank data, Sri Lanka’s combined earnings from remittances, tourism, and exports reached $2.041 billion, surpassing imports by $514 million, which have also increased since March. Exports accounted for $1.139 billion, resulting in a merchandise trade deficit of $369 million. The country’s ability to sustain imports relies heavily on earning dollars through