Sri Lanka’s Central Bank Governor Nandalal Weerasinghe cautioned against deviating from current IMF-subscribed economic policies and reforms, warning of a return to the 2022 crisis if such changes occur. Weerasinghe emphasized the need to maintain the ongoing economic trajectory, citing the country’s recovery path under the IMF deal, which includes reforms like higher taxes and
Deputy Governor Yvette Fernando announced that Sri Lanka’s Employment Provident Fund (EPF) contributions returned to a positive trend in 2024, reversing the previous year’s outflows that exceeded inflows. Fernando attributed the 2023 outflows partly to delayed fund withdrawals by retirees, resulting in a higher net outflow. However, in 2024, contributions have rebounded, indicating a positive
Sri Lankan President Ranil Wickremesinghe made a significant announcement during the May Day rally of the Ceylon Workers’ Congress (CWC) in Kotagala, revealing a 70 percent increase in the daily wage of plantation workers to Rs. 1700. This unprecedented move comes amidst the President’s anticipated run for presidency later this year and aims to address
Samsung Electronics, a prominent South Korean tech giant and a subsidiary of the Samsung Group, has recently announced a substantial jump in its first-quarter operating profit, reaching 6.61 trillion won ($4.85 billion). This remarkable increase, nearly tenfold, is attributed to the recovery of its vital memory chip business, fueled by robust sales of its flagship
Low-cost airline Bonza has ceased all flights, citing concerns over its business’s ongoing viability, leaving numerous passengers stranded. Chief executive Tim Jordan expressed regret for the inconvenience caused to customers and stated that discussions are underway to ensure continued competition in Australia’s domestic aviation sector. The airline, known for its affordable tickets and regional connectivity,
A Sri Lankan fisherman, who fell ill while at sea, was rescued and brought ashore last Saturday (27) following an urgent call for assistance from a Multi-day fishing boat operating in the Southern ocean. The Maritime Rescue Coordination Centre (MRCC) Colombo, in collaboration with the Sri Lanka Navy and with the help of a nearby
The Ceylon Chamber of Commerce has emphasized the crucial importance of implementing the National Digital Economy Strategy 2030 with active involvement from the government and collaboration with industry stakeholders. In a press release, the Chamber highlighted the significance of the Digital Economy as a pivotal driver for Sri Lanka’s economic growth acceleration. The recently unveiled
Official data reveals a consistent decline in Sri Lanka’s foreign employment departures over the past five months, accompanied by a decrease in new passport issues for seven consecutive months. According to the Foreign Employment Bureau data quoted by the central bank, departures for foreign employment have steadily decreased from 26,394 in August 2022 to 23,259