Category: Economy and Markets
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 […]
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 […]
Central Bank requests public to provide information on unauthorized forex dealings
Central Bank requests the public to provide information on unauthorized foreign currency dealings. Accordingly, any person, institution or any other entity is engaged in unauthorized foreign exchange dealings, the public is hereby requested to inform the Foreign Exchange Department of CBSL via the following telephone numbers or the email address. Telephone : 0112398827, 0112477375, 0112398568Email […]
SriLankan Airlines adorns aircraft livery with ‘Raid Amazones 2022’ insignia
SriLankan Airlines adorns one of its aircraft with customized livery to reaffirm its status as the official airline of the much-awaited ‘Raid Amazones 2022.’ Raid Amazones 2022 is an annual sporting event that features a large number of French female athletes competing their way to victory through multiple sports events and activities against the backdrop […]
Sri Lanka needs price formula to avert future energy crisis
Regional fuel prices are significantly higher than Sri Lanka Sri Lanka pitches into darkness and its people form lines at fuel stations due to the ongoing energy crisis. Fuel, which is the single largest import accounting for 18% of the country’s total import expenditure, cost an alarming USD 3.7 billion in 2021. Since the actual […]
Ceylon Chamber launches outlook 2022 report; ‘Road to recovery: Overcoming challenges’
The Ceylon Chamber of Commerce (CCC) recently launched the 7th edition of its flagship annual Outlook Report for 2022 at the Economic Outlook 2022 webinar. Titled ‘Road to Recovery: Overcoming Challenges’, the report covers key fundamentals of the global and local economic outlook, policy outlook, and private sector perspectives for the year 2022. This year’s […]
Sri Lanka’s exports increased by 13-pct in January 2022
Sri Lanka’s merchandise exports increased by 13% to US$ 1,062.63 Million in January 2022 compared to January 2021 as per the data released by the Sri Lanka Customs. Further, it is a 5.7% increase when compared to January 2020. Table 1: Merchandise Export Performance Values in US$ Mns Exports of Goods Jan 2020 […]
”’/Stable
Fitch Ratings has affirmed the National Long-Term Rating of Sri Lanka based telecom company Dialog Axiata PLC at ‘AAA(lka)’. The Outlook is Stable.
Opinion: Role of divestments in overcoming present economic challenges
By Imesha Dissanayake The Government of Sri Lanka (GoSL) has very ambitious plans for the country’s economic transformation including an economic growth expectation of more than 6% during five-year period of 2022-2027. The national budget announced in 2022, forecasts public investments to be at 5.1% of GDP. A similar figure was announced during the last […]
Pan Asia Bank records post tax profit of Rs.3Bn for the year 2021, up by 50-pct; 4Q profits cross Rs.1Bn for first time
Pan Asia Banking Corporation PLC reported a remarkable performance for the year 2021 to report a Pre-Tax Profit of Rs. 4,034 million and a Post-Tax Profit of Rs.3,075 million with growth rates of 42% and 50% respectively, while demonstrating the resilience amidst challenging macroeconomic conditions. The Bank’s performance was characterised by strength and resilience, despite […]
Resus Energy connects 8th mini-hydropower station to national grid : capacity 2.4MW
Resus Energy PLC, a forerunner in renewable energy, operating a number of small hydropower and ground mounted solar PV stations in Sri Lanka, recently connected its eighth small hydropower station to the national grid. Fed by the Madulla Oya, a main tributary of Uma Oya, and built with state-of-the-art equipment at a cost of over […]