Author: Gayan Chandrasekara
CBSL Orders Forensic Audit into NDB Fraud Case
The Central Bank of Sri Lanka (CBSL) announced that it is closely monitoring developments at National Development Bank PLC (NDB) following the disclosure of an internal fraud. CBSL confirmed that NDB, in consultation with the regulator, is finalizing arrangements to engage a leading international firm to conduct a comprehensive forensic audit. The audit will not […]
Energy Minister and Secretary Resign Amid Coal Supply Investigation
In a significant development for the energy sector, Minister of Energy, Engineer Kumara Jayakody, has tendered his resignation from his ministerial post. Simultaneously, Professor K.T.M. Udayanga Hemapala, Secretary to the Ministry of Energy, has also stepped down. Minister Jayakody stated that his decision was driven by the need to ensure independence and impartiality in upcoming […]
HIP Receives First LPG Vessel of 2026, Discharges 7,000 MT Consigned to Laugfs Gas
Hambantota International Port (HIP) welcomed its first liquefied petroleum gas (LPG) shipment of 2026 with the arrival of the vessel ANDOVER on April 4. The tanker, arriving from Argentina, discharged approximately 7,000 metric tonnes of LPG consigned to Laugfs Gas. The consignment is sufficient to supply an estimated 570,000 domestic households, reinforcing HIP’s role in […]
PUCSL Excludes Coal Quality Costs from Tariff Revisions
The Public Utilities Commission of Sri Lanka (PUCSL) has announced that additional costs arising from coal quality will not be factored into future electricity tariff revisions. In its latest decision, the Commission emphasized that only reasonable costs directly related to the generation, transmission, and distribution of electricity will be considered when revising tariffs. PUCSL clarified […]
NDB continues to operate with capital & liquidity levels well above minimum regulatory requirements: CBSL
The Central Bank of Sri Lanka (CBSL) says it has been closely monitoring developments at National Development Bank PLC (NDB) following the recent disclosure of an internal fraud. According to CBSL, assessments carried out so far show that NDB continues to operate with capital and liquidity levels well above the minimum regulatory requirements. The incident […]
Russian delegation in Sri Lanka for energy talks; signals fuel supply, fertilizer support, refinery interest
The Ministry of Energy said it is taking all necessary measures to ensure uninterrupted and reliable energy supplies amid disruptions linked to the ongoing conflict in the Middle East. As part of efforts to secure petroleum and coal, a high-level delegation from Russia—a major global energy supplier and longstanding ally—arrived in Sri Lanka on Thursday. […]
Rs. 952 Million Recovered from Decades-Old Court Productions in Landmark Cleanup
For decades, Magistrates’ Courts and High Courts across Sri Lanka were overwhelmed with vast quantities of case productions, items seized by the police and other government authorities in connection with legal proceedings. Once taken into custody, these items were invariably handed over to the courts, which were then responsible for their safekeeping. The range of […]
IMF Staff Concludes Sri Lanka Visit; Policy Talks for Next EFF Review Set to Resume ASAP
An International Monetary Fund (IMF) team, led by Evan Papageorgiou, concluded a visit to Colombo conducted from January 22 to 28 to assess the economic impact of Cyclone Ditwah. During the mission, the team engaged with authorities and stakeholders to understand the social and economic damage caused by the storm, specifically regarding infrastructure and livelihoods. […]
Central Bank’s Gross Official Reserves Surpasses USD 6.8 Bn in Dec 2025, Highest Level Since Crisis
The Central Bank has announced that Gross Official Reserves (GOR) surged to over US dollars 6.8 billion by the end of 2025, marking the highest level of reserves recorded since the economic crisis. This was largely supported by US dollars 2.0 billion in net foreign exchange purchases made by the Central Bank (on value date […]
Economic, fiscal &’s Ratings
According to Moody’s Ratings, South and Southeast Asian countries have been severely impacted by several tropical cyclones and unusually heavy monsoon rains since mid-November, leading to widespread flooding and landslides and the tragic loss of hundreds of lives. Moody’s assesses that the economic, fiscal, and credit impact of this disaster is likely to be most […]
IMF Considers USD 200 Mn Emergency Aid for Cyclone-Hit Sri Lanka
International Monetary Fund (IMF) Mission Chief for Sri Lanka, Evan Papageorgiou, issued a statement today addressing the impact of Cyclone Ditwah and the resulting financial request from the Sri Lankan government. He began by extending the IMF’s sympathies to the population profoundly affected by the natural disaster: “In the wake of the devastating impact and […]
Sri Lanka’s Recovery After Cyclone Devastation
The International Monetary Fund (IMF) is actively investigating options to further support Sri Lanka in the recovery process following the devastating cyclone and widespread flooding. This commitment comes as the IMF continues to back Sri Lanka’s reform efforts under the Extended Fund Facility (EFF) arrangement. The IMF’s Director of Communications, Julie Kozack, conveyed the institution’s […]