Category: Economy

colombo

Sri Lanka economy contracted by 1.6-pct in 1Q 2022

The year-on-year GDP growth rate for the first quarter of 2022 has been estimated as negative 1.6 percent which indicated a considerable contraction of the economy compared to the first quarter of 2021, the Department of Census and Statistics revealed. The three major economic activities of the economy; ‘Agriculture’, ‘Industry’ and ‘Services’ have contributed their […]

fuel bowser

Fuel to be supplied only for essential services from midnight: Cabinet

The remaining fuel stocks will be distributed only for essential services with effect from midnight today (June 27) until the 10th of July, Cabinet spokesman Minister Bandula Gunawardena said. Accordingly, essential services include ports, the health sector, distribution of essential food items, and transportation of agricultural products. Inter-provincial transport services will also be temporarily halted […]

Export-Import

Sri Lanka exports recorded 5-billion-dollar mark in five months

Earnings from the merchandise exports increased by 9.9 % y-o-y to US$ 980.2 Mn in May 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in earnings from export of Apparel & Textiles, Coconut based products and Electrical & Electronic Components. Table 1: Merchandise Export Performance […]

‘s Cauvery and Mannar Basins from FTG and aeromagnetic data

‘s Cauvery and Mannar Basins from FTG and aeromagnetic data

Bell Geospace, the world leaders in gravity gradiometry, has conducted the first aerial mapping of petroleum resources in Sri Lanka in Q4 of 2021, and will be presenting these insights – together with Wintermoon Geophysics- at the prestigious SEAPEX (South East Asia Petroleum Exploration Society) Asia Pacific Conference in London on Thursday the 30th of […]

Zero chance for illegal migrants, says Australia’s new Minister for Home Affairs

Minister of Foreign Affairs of Sri Lanka Prof. G. L. Peiris held a meeting with Australia’s Minister for Home Affairs, Clare O’Neil MP during her visit to Colombo, Sri Lanka, from 19 to 21 June 2022. This is the first overseas visit Minister O’Neil has undertaken as the Home Affairs Minister reflecting the importance Australia places […]

tax

Tax reforms at a glance: To be introduced in the immediate & near term

Cabinet nod has been received to instruct the legal draftsmen to prepare necessary bills to amend the following Acts with a view to increasing government revenue.  Inland Revenue Act, No. 24 of 2017 Value Added Tax Act, No. 14 of 2002 Telecommunication Levy Act No21 of 2011 Betting and Gaming Levy Act, No.40 of […]

money

World Bank Country Director for Sri Lanka rejects numbers

The World Bank Country Director for Sri Lanka, Faris H. Hadad-Zervos in a tweet has rejected the numbers mentioned in a statement issued by the Ministry of Foreign Affairs. According to the Ministry of Foreign Affairs, the World Bank Country Manager in Colombo, Chiyo Kanda, had said that the World Bank will disburse approximately USD […]

World Bank to disburse around USD 700Mn to Sri Lanka within next few months

The World Bank Country Manager in Colombo, Chiyo Kanda, called on the Minister of Foreign Affairs Prof. G.L. Peiris at the Ministry of Foreign Affairs on 27 May, 2022. Minister Peiris sought assistance from the World Bank until long term assistance materializes through the IMF, other international institutions and donor countries. The Minister highlighted the […]

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