All Blogs
& electricity tariffs; postpone non-urgent projects
As the Economic and Financial Advisor of the government, the Central Bank advises the Government to diligently consider a number of measures to overcome the challenging economic circumstances faced by the country. a) introducing measures to discourage non-essential and non-urgent imports urgently based on the previous recommendation made by the Central Bank b) increasing fuel […]
Central Bank further tightens Monetary Policy Stance
The Monetary Board of the Central Bank, at its meeting held on 03 March 2022, has decided to reinforce its stance adopted in January 2022. Accordingly, it has been decided to; a) increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points each, […]
Reshuffle in Ministerial portfolios; Wimal, Gammanpila removed from portfolios: PMD
Minister of Industries Wimal Weerawansa and Minister of Energy Udaya Gammanpila, have been removed from their ministerial portfolios today (03) in accordance with the powers vested in President Gotabaya Rajapaksa. Following the removal of Wimal Weerawansa and Udaya Gammanpila from their ministerial portfolios, several ministries have been reshuffled. Gamini Lokuge was sworn in as the […]
President hands over appointment letters to 13 new High Court Judges
President Gotabaya Rajapaksa handed over the appointment letters to 13 new High Court Judges at the Presidential Secretariat this morning (03). List of new High Court Judges Previous Position 01. Mr. A.G. Aluthge – District Court Judge 02. Mr. R.R.J.U.T.K. Rajakaruna – District Court Judge 03. Mr. R.A.D.U.N. Ranatunga – Magistrate 04. […]
No other solution before this economic crisis throws Sri Lanka into social unrest, says Harsha
Sri Lanka will not be able to solve the current crisis by merely going to the IMF and need to engage with a whole range of multilateral, bilateral, and private investors to find a solution, said Opposition Parliamentarian Harsha de Silva. Speaking at a press briefing, de Silva urged the government to pave way for […]
IMF wants Sri Lanka to raise income tax, VAT rates, minimize exemptions & adopt cost-recovery energy pricing
IMF Executive Board encourages Sri Lankan authorities to reform state-owned enterprises and adopt cost-recovery energy pricing while raising income tax and VAT rates and minimizing exemptions, complemented with revenue administration reform. Concluding the 2021 Article IV Consultation with Sri Lanka, the Executive Directors agreed that a tighter monetary policy stance is needed to contain rising […]
Ceylon Chamber seeks urgent action to restore electricity and fuel supply to avoid economic standstill
The Ceylon Chamber of Commerce notes with serious concern the adverse effects brought on its members and all sectors of the economy in general as a result of the ongoing interruptions to the supply of electricity coupled with frequent disruptions to the availability of fuel. The Chamber is of the view that these issues are […]
Towards improved livelihoods and higher revenues from sustainable fisheries in SL :WB report
When managed in an environmentally, socially, and financially sustainable manner, coastal aquaculture holds significant promise for increased export earnings and skilled jobs. Sri Lanka has 1,620 kilometers of coastline and exclusive rights to fish, drill and conduct other economic activities in a 517,000-square-kilometer exclusive economic zone in the Indian Ocean. However, this does not mean […]
Tribute: Senior Corporate Personality Sega Nagendra (1939-2022)
March 1, 2022 (LBO) – They don’t make them like they used to anymore. Senior corporate personality Sega Nagendra passed away suddenly on 28th of February 2022. Sega Nagendra was a fixture on the Sri Lankan corporate circuit. Everyone seemed to know him, and there was always positivity when his name was mentioned.My interactions span […]
Rise in Global Inflation Widespread and Persistent: Fitch Ratings
The pick-up in global inflation has been widespread and persistent and has shown few signs of having peaked, according to Fitch Ratings’ latest ‘20/20 Vision’ chart pack. CPI inflation has increased in virtually every Fitch 20 country in the past three months and is now elevated relative to pre-pandemic rates and inflation targets in many […]