The International Monetary Fund (IMF) is set to announce the dates for the third review under the Extended Fund Facility (EFF) program for Sri Lanka, as stated by Ms. Julie Kozack, Director of the Communications Department at the IMF, during a recent press briefing. Ms. Kozack noted the progress made since the IMF Executive Board
The Central Bank of Sri Lanka (CBSL) anticipates that deflationary trends will continue in the coming months before inflation gradually aligns with the medium-term target of 5.0 percent. Administratively determined price cuts and improved supply conditions are expected to keep consumer prices under downward pressure. In September, Sri Lanka experienced its first dip in consumer
In 2023, total employment in Sri Lanka’s tourism sector, including indirect jobs, grew by 11.24% year-on-year (YoY), reaching 429,641 employees, according to provisional data from the Sri Lanka Tourism Development Authority (SLTDA). Direct employment within the sector increased by 7.3% YoY, hitting an all-time high of 204,591 workers. Hotels and restaurants dominated, accounting for 80.9%
Sri Lanka’s export community has urged President Anura Kumara Dissanayake to streamline administrative processes and cultivate a more business-friendly environment that empowers entrepreneurs and exporters to drive the nation’s economic growth. The National Chamber of Exporters (NCE) expressed its support for President Dissanayake’s commitment to transparency and accountability, emphasizing their importance in restoring public trust
Sri Lanka’s apparel sector has surpassed the $3 billion mark in earnings, demonstrating impressive growth with a 22% year-on-year increase in August. According to provisional data released by Sri Lanka Customs, the sector’s export earnings for August reached $485.62 million. Exports to all markets have shown positive growth, with the United States seeing a notable
In a landmark decision, Sri Lanka’s Cabinet has approved the National Trade Facilitation Roadmap bill, marking a significant advancement in the country’s efforts to modernize its cross-border trade processes and align with global trade facilitation standards. This roadmap will serve as the official strategy for implementing comprehensive trade reforms aimed at streamlining trade procedures and
Inovartic Investment Lanka Ltd., a new joint venture between Sri Lanka’s Apex Asia Holdings and UAE’s Inovartic Investment LLC, is set to advance the manufacturing of graphene and related products in Sri Lanka and Abu Dhabi. Supported by Abu Dhabi University (ADU) and in collaboration with the Sri Lanka Institute of Nanotechnology (SLINTEC), this partnership
The Chamber of Young Lankan Entrepreneurs (COYLE) has launched an ambitious initiative known as the COYLE Global Platform, aimed at empowering Sri Lankan industries to establish a foothold in international markets. This groundbreaking project is a collaboration between COYLE and its former members, along with international business chambers, to elevate Sri Lankan enterprises to new
Sri Lanka’s tourism sector generated an impressive income of US$ 328.3 million in July 2024, a figure almost matching the country’s half-yearly tranche from the International Monetary Fund (IMF). This significant boost in tourism earnings, which more than doubled the June income of US$ 151.1 million, highlights the sector’s robust recovery following years of disruption
Sri Lanka’s export sector witnessed a notable boost in July 2024, with merchandise exports rising by 6.58% year-on-year to reach 1,087.6 million US dollars, according to official data. Apparel exports, a key contributor, grew by 3.8%, supported by increased demand from the US market. From January to July 2024, total merchandise exports climbed by 4.94%,