Prime Group is set to invest over Rs. 20 billion in 2024 for two significant real estate projects in Dubai and Kiribathgoda. Co-Chairperson Sandamini Perera announced that the company is embarking on its first venture in the UAE, constructing a 45-key apartment complex in Dubai with an investment of approximately AED 50 million. Construction is
The International Monetary Fund’s (IMF) stringent focus on an arbitrarily set primary balance target in Sri Lanka’s budget is exacerbating the country’s debt situation, warns an economic analyst. IMF Staff Mission Chief Peter Breuer emphasized the importance of achieving a 2.3 percent primary balance target of Gross Domestic Product (GDP) in his recent review statement.
Sri Lanka is poised to achieve close to 4% economic growth by the end of 2024, continuing its positive momentum, according to Central Bank Governor Dr. Nandalal Weerasinghe. Speaking at an event organized by CMA Sri Lanka last week, Weerasinghe highlighted that all leading indicators suggest sustained positive growth in the second quarter and throughout
Melco Resorts and Entertainment is making a significant investment in Colombo with its new $1 billion project, ‘City of Dreams Sri Lanka,’ aiming to tap into the burgeoning Indian tourism market. According to brokerage firm Morgan Stanley, the integrated resort, featuring a casino, could generate around 50% of its EBITDA from gaming operations. The venture,
A delegation from CPA Australia, a leading global accounting body, has visited Sri Lanka to explore potential collaborations with local government bodies, professional organizations, universities, and banking institutions. The visit aimed to strengthen ties and enhance opportunities in the accounting and finance sectors. Professor Dale Pinto (FCPA), Global President and Chair of the Board at
Former Finance Minister and Presidential National Organiser Ravi Karunanayake has underscored that Sri Lanka is on a path to economic recovery and transitioning from brain drain to brain gain. He emphasized the importance of leveraging the potential of the nearly 3 million Sri Lankans living abroad, many of whom are excelling in various fields. To
Sri Lanka’s private sector credit saw a notable expansion of 146 billion rupees during the first half of 2024, according to official data. This growth contrasts with a reduction in credit extended to the government, although government credit continued to surpass private sector lending. In the six months leading up to June 2024, commercial bank
The Central Bank has reduced its key policy rates by 25 basis points, bringing the Standing Lending and Deposit Facility rates to 9.25% and 8.25%, respectively. This adjustment, while largely symbolic, underscores the Bank’s commitment to an easing monetary policy. Since shifting to a more relaxed policy stance in June 2023, the Central Bank has
The Monetary Policy Board of the Central Bank of Sri Lanka has announced a reduction in both the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points each. Effective July 22, 2024, the new rates are 8.25% for the SDFR and 9.25% for the SLFR. This decision follows
Sri Lanka’s Securities and Exchange Commission (SEC) has signed an agreement with the Capital Market Development Authority (CMDA) of Maldives to facilitate the cross-listing of companies in Colombo. This agreement primarily enables secondary listings of Maldivian companies on the Colombo Stock Exchange (CSE) and promotes mutual collaboration, capacity-building assistance, and regulatory information exchanges between the