The Government of Japan has officially decided to resume disbursement for Yen Loan Projects in Sri Lanka, which were suspended following the country’s default in 2022. This decision was announced at a joint press conference by the Sri Lankan Finance Ministry, the Embassy of Japan, and the Japan International Cooperation Agency (JICA) Sri Lanka Office.
Sri Lanka’s merchandise export performance for June 2024 reached $1,031.2 million, marking a 2.58% increase compared to June 2023. This growth was driven by higher earnings from apparel & textiles, tea, rubber-based products, coconut-based products, food & beverages, and spices & concentrates. Compared to May 2024, exports in June 2024 rose by 1.97%. Services exports
The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on July 23, 2024, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points (bps) to 8.25 percent and 9.25 percent, respectively. This decision followed a careful assessment of current
Sri Lanka’s foreign exchange earnings from workers’ remittances and tourism have exceeded USD 4.5 billion by mid-2024. Workers’ remittances reached USD 2,822.6 million from January to June 2024, marking an 11.4% year-on-year increase. June alone saw remittances of USD 964.2 million. Tourism revenue hit USD 1,556.6 million, reflecting a 77.9% increase compared to the same
Sri Lanka should explore the production of bran oil from paddy seeds and husks, similar to practices in India, according to Dr. B. V. Mehta, a veteran in the Indian vegetable oil industry. Speaking at a workshop on vegetable oils hosted by the Nucleus Foundation at Cosmic by Citrus, Lotus Tower, Colombo, Dr. Mehta criticized
The Sri Lanka Human Capital Summit 2024, held at Temple Trees in Colombo on Thursday, July 18, aims to address the country’s pressing talent drain issue. Former Australian Prime Minister Scott Morrison and former Maldives President Mohamed Nasheed are scheduled to speak at the event. Key stakeholders will focus on the talent drain threatening Sri
The Export Development Board (EDB) has formed a strategic partnership with Switzerland’s State Secretariat for Economic Affairs (SECO) to implement the second phase of the Global Program on Textile and Clothing (GTEX2), aimed at enhancing Sri Lanka’s apparel sector. This five-year program, running from 2024 to 2027, is funded by the Swiss Government and organized