State Minister for Rural Roads Development, Mr. Sivanesathurai Chandrakanthan, voiced confidence in President Ranil Wickremesinghe’s leadership to navigate Sri Lanka out of its economic challenges. Chandrakanthan, speaking at a press briefing titled “Collective Path to a Stable Country,” emphasized the President’s commitment to rebuilding the economy with the support of the people. Highlighting the government’s
The Maldives has overtaken the United Kingdom as the second-largest source of tourists for Sri Lanka in May, despite an ongoing controversy surrounding a new visa system implemented by Sri Lanka. This development comes amid concerns that a bilateral visa exemption agreement between the two countries may have been violated. The controversy centers around VFS
Sri Lanka’s recent decision to outsource visa processing and introduce “processing” and “convenience” fees has ruffled feathers in the Maldives, a close neighbor. Maldives Considers Reciprocal Action The new system, implemented through VFS Global, requires a $26 payment despite the Sri Lankan government itself not collecting any fees. This has angered Maldivian authorities, who point
Murtaza Jafferjee, Chairman of the Colombo-based think tank Advocata Institute, advocates for opening both traded and non-traded sectors in Sri Lanka to competition. According to Jafferjee, competition is crucial for boosting productivity and reducing prices, addressing the crisis facing the nation. He highlights an unsolicited deal given to India’s Adani group without competition, violating an
A forum titled “Charting the Course: Revitalizing Economic Governance for Prosperity” is scheduled for May 18, featuring a high-level panel representing the public sector, civil society, and legal professions. The event will delve into the findings of an IMF Governance Diagnostics Assessment, engaging in critical discussions on contemporary governance frameworks. Murtaza Jafferjee, Chair of the
The Economic Transformation bill, poised for imminent gazetting, marks a significant stride in Sri Lanka’s economic trajectory, as announced by Cabinet Spokesman Minister Bandula Gunawardena. Crafted by the Legal Draftsmen, with input from the Attorney General, the bill’s formal draft, brimming with revisions, is set to grace the pages of the government gazette. Following this
In a bid to empower small and medium scale enterprises (SMEs) and enhance their participation in the global export arena, People’s Bank and the Sri Lanka Export Development Board (EDB) have forged a strategic alliance. Under this partnership, People’s Bank will extend financial advisory services, funding facilities, and trade finance options to exporters. EDB, tasked
Sri Lanka’s remittances through official channels have exceeded 2 billion dollars in the first four months of this year, marking a notable increase. This surge is attributed to more expatriates utilizing official banking channels, following the central bank’s abandonment of a parallel exchange rate regime. Official data reveals that remittances during this period amounted to
Sri Lanka’s Central Bank Governor, Nandalal Weerasinghe, expressed confidence in the stability of the country’s rupee, citing current data. He reassured reporters that future exchange rate fluctuations were unlikely to be significant, pointing to foreign incomes and payments. Governor Weerasinghe emphasized the bank’s commitment to market-driven rates, with intervention capabilities if volatility escalates. With a
Sri Lanka’s gross official reserves experienced a significant increase in April 2024, reaching 5,438 million US dollars, according to official data, as the central bank continued its deflationary policy. This policy, involving net sell-downs of central bank-held domestic securities at market-appropriate interest rates, contributed to the development of a balance of payments surplus. The rupee