Sri Lanka’s ongoing economic recovery program is showing positive results, according to an International Monetary Fund (IMF) spokesperson. The IMF’s next program review and discussions will take place after the formation of a new government following upcoming elections, spokesperson Julie Kozack stated. Kozack noted key economic improvements, including a revival in growth, declining inflation, better
The ongoing crisis in Sri Lanka’s business visa issuance is jeopardizing the nation’s economic recovery, as foreign buyers, suppliers, and technical experts struggle to obtain the necessary visas to enter the country, according to a statement from the Joint Apparel Association Forum (JAAF). The Department of Immigration has failed to re-activate the online visa system
The Joint Apparel Association Forum (JAAF) has called on the Sri Lankan government to urgently address the challenges surrounding the issuance of short-term business visas, which have been suspended since August 2, 2024. JAAF highlighted that foreign business visitors—including buyers, machinery suppliers, and technical service providers—are encountering significant obstacles when attempting to enter Sri Lanka
The National Savings Bank (NSB) has reported an impressive profit-before-tax (PBT) of Rs. 15 billion for the first half of 2024, surpassing the previous year’s profit-after-tax (PAT) of Rs. 7.21 billion for the same period. NSB Chairperson Dr. Harsha Cabral commented on the strong financial performance, stating, “Our profitability in the first six months reflects
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 has announced a new visa-free entry policy for tourists from 35 countries, effective October 1, 2024. This initiative is part of the country’s strategy to boost tourism and support economic recovery following a currency crisis. The decision was confirmed by Foreign Minister Ali Sabry via a post on Twitter. The cabinet has approved
Sri Lanka’s positive economic growth, seen in early 2024, is likely to continue, supported by low inflation and a stable exchange rate, according to Central Bank Governor Nandalal Weerasinghe. In the first quarter of 2024, the country’s economy expanded by 5.3 percent, as estimated by the state statistics office. Speaking at an international forum organized
Sri Lanka’s remittances surged by 10.3% to $566.8 million in July 2024, marking a significant rise from the previous year, thanks to increased use of official banking channels by expatriates. State Minister of Finance Shehan Semasinghe announced on X (Twitter) that the total remittances for the first seven months of the year have reached $3.71
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.
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