In actual fact the foundation for the current economic chaos was laid under the Yahapalana rule when they borrowed as much as USD 12 billion from the international bond market, at high interest rates, with them not even undertaking any developmental works, like the Rajapaksas, or, for that matter, any worthwhile economic activity. We certainly […]

[An article based on the Keynote Address delivered by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, recently at the Annual Research Symposium 2023 of the University of Colombo] Introduction Inflation affects every aspect of our lives; it is a force that shapes our purchasing power, influences our financial decisions, and […]

The Cabinet of Ministers have approved the resolution furnished by the President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to instruct the Legal Draftsman to prepare a draft bill to amend the National Savings Bank Act No. 30 of 1971 with the objective of further extending activities of the […]

By Ifham Nizam The Sri Lankan government might be thinking of Singapore’s Temasek Holdings’ model on State Owned Enterprises (SOE), when it comes to listing individual companies or pooling companies in the future, a stock market expert said. Responding to queries at an Awareness Session on Regulatory Initiatives, New Products, and Sustainability Initiatives, recently at […]

Sri Lanka’s largest private sector bank, the Commercial Bank of Ceylon PLC was recently issued an Authorised Person (AP) license to offer offshore banking services within the Colombo Port City, the 269-hectare special economic zone (SEZ), tasked with establishing a premier multi-currency international business and financial services hub that will transform the country’s economic landscape. […...

People’s Leasing & Finance PLC (PLC) – Sri Lanka’s leading non-banking financial services provider – continues its commitment to social responsibility with a recent project to support the sporting passions and aspirations of rural schoolchildren, leaving a lasting impact on the community. The project involved the donation of spiked running shoes to athletes of the […]

By Kaushalya Perera I walked into a branch of the Sarasavi bookshop recently, looking for Amarakeerthi Liyanage’s Wishwawidyalayak Yanu Kumakda? [What is a university?] and was told that this branch only sold books published in English. Being only mouthpieces of company policy, the staff could not say why. In a way, no rationale is needed. […]

One of the consequences of the war has been a lack of manpower in Israel. The agriculture and construction sectors have been particularly hard-hit since work permits were withdrawn from Palestinians from the West Bank and Gaza.

Too many housemaids, too few skilled workers By APSARA RODRIGO ECONOMYNEXT –There are indications of a growing mismatch between recruitment of Sri Lankan workers (supply) and global job vacancies (demand) in foreign employment, with increasing supply shortages – especially for skilled jobs, a World Bank report shows. “You have overseas workers that are sending remittances to […]

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) celebrated a remarkable showcase of excellence in corporate reporting at the TAGS Awards 2023 last Tuesday (12). Leading corporates, multinationals, SMEs, and non-profit organizations were honored for their commitment to producing outstanding annual corporate reports. With transparency, accountability, governance, and sustainabilit...

… explains how Parliament enacted harmful laws By Shamindra Ferdinando Veteran lawyer Kalyananda Thiranagama said that the ruling Sri Lanka Podujana Peremuna (SLPP) should be held responsible for backing President Ranil Wickremesinghe’s economic strategy meant to privatise the remaining state enterprises. Addressing a public gathering in Colombo, the liberal civil society activist emphasised that ...

China s economy grew at a 5.2% pace in the first three quarters of the year and showed signs of improvement in November, with factory output and retail sales rising, the government said Friday.

By Shamindra Ferdinando Chairman of the Committee on Ways and Means Patali Champika Ranawaka on Tuesday (12) alleged that the Finance Ministry had allowed the operation of a distillery in spite of that company failing to pay taxes. The former minister said that the country lost millions for want of political will to recover what that company owed […]

By Rathindra Kuruwita  IMF’s second review under the 48-month Extended Fund Facility (EFF) arrangement for Sri Lanka is expected to be completed by the end of the first half of 2024, IMF Senior Mission Chief for Sri Lanka, Peter Breuer, told journalists Wednesday morning. Addressing the IMF’s Virtual Press Briefing on the First Review of […]

President Ranil Wickremesinghe told Parliament yesterday that Sri Lanka was set to come out of bankruptcy by securing of the second tranche of the International Monetary Fund’s (IMF’s) Extended Fund Facility. “We will now focus on securing the foreign aid that was suspended after we declared bankruptcy,” the President said, making a special statement to Parliament […]

The Commercial Bank of Ceylon has raised Rs 12 billion in capital with its Debenture issue closing after over subscription on its opening day, Tuesday 12th December 2023. The Bank offered an initial issue of 60 million Basel III Compliant – Tier 2 Listed Rated Unsecured Subordinated Redeemable Debentures with a Non-Viability Conversion feature, at […]

In a special statement to Parliament today (13), President Ranil Wickremesinghe emphasized the critical role of the government’s program, backed by assistance from the International Monetary Fund (IMF) and debt restructuring, in rebuilding the collapsed Sri Lankan economy. The President warned that deviating from this path could lead to another economic collapse, urging caution against […]