Encouraging female entrepreneurs
Hatch, Sri Lanka’s leading start-up hub recently partnered with the US Department of State to implement AccelerateHer, a bespoke accelerator programme for budding female entrepreneurs. Applications are now open for its second cycle. Here are AccelerateHer participants with the Hatch Team.
IMF cash on its way, tough road ahead for CB
The freshly secured International Monetary Fund (IMF) bailout package by Sri Lanka has given the country some breathing space to put its house in order but the Central Bank is bracing for a tough balancing act in the ensuing months. The bailout granted on Monday comes with a structured 4-year programme that demands Sri Lanka [...]
Tea industry wants more hands on the estates
Plantations workers are becoming rarity on the estates as a result of which the authorities are drawing plans to provide technical skills training to youth seeking jobs as an additional income. The Plantation Ministry and the National Youth Services Council (NYSC) are working together to attract more youth to be trained to work on the [...]
SMEs drown in moratorium repayment plans with compound interest
COVID-19 and economic crisis-affected small and medium enterprises (SMEs) are now faced with a double shock of the Central Bank’s interest rate hike of around 30 per cent imposed by banks in their debt recovery action and the interest on interest levied by them under re -payment plans, SME associations complained. SME’s and some hotels [...]
Sri Lanka targets food security amidst struggling agri sector
Authorities are attempting to increase the paddy yield starting from the next Maha season aimed at achieving 4.8 metric tonnes (MT) per hectare in two years and overcome losses incurred due to adverse impacts of the ban on fertiliser and establish food security in Sri Lanka. This has been put forward in a report submitted [...]
Packed, sealed and delivered
Packed, sealed and delivered. That’s one description of the nearly US$3 billion bailout package of the International Monetary Fund (IMF) to alleviate Sri Lanka’s economic ills. There was a lot of euphoria over this deal with firecrackers being lit on Tuesday by residents in some parts of the country, prompted probably by the ruling political [...]
IMF and Sri Lanka’s yo-yo economy
This week the IMF Board approved its long-awaited programme for crisis-ridden Sri Lanka with an Extended Fund Facility (EFF) of about US$3 billion to support Sri Lanka’s economic policies and reforms. While the IMF will disburse its first tranche of US$ 330 million immediately, the balance of the EFF will be issued over a period [...]
Businesses hopeful of lower interest rates following IMF loan
While the talk of the town is all about the US$3 billion International Monetary Fund (IMF) bailout package Sri Lanka received this week, businesses are hopeful of lower interest rates for bank loans. As small and medium enterprises (SMEs) were hit hard due to the economic crisis and banks increasing interest rates, borrowing became a [...]
Colombo Port City Economic Commission’s semi-annual progress report for July-Dec 2022
The Colombo Port City Economic Commission (the Commission), the Single Window Investment Facilitator authorised to assist investors, businesses, and residents in conducting their activities seamlessly and efficiently in Port City Colombo, this week released its semi-annual progress report for July to December 2022, it said in an announcement. Banking – The Minister of Finance issued [...]
The great solar hoax of the CEB
An associate of mine who owns a medium sized coastal resort invested Rs. 15 million in solar panels to generate electricity for the national grid, trusting the Ceylon Electricity Board (CEB) to pay him for the electricity generated, as promised by the Board. The solar panels have been working well and are generating close to [...]
Several provisions in the Central Bank Bill need to be re-examined
The Government has gazetted a Bill to repeal the existing Monetary Law Act, which is presently governing the Central Bank of Sri Lanka (CB), and to replace it with a new Central Bank of Sri Lanka Act. The purpose of this new Bill is to make the CB an autonomous entity, as per the Clause [...]
Female achievers in Sri Lanka at Vanithabhimana awards
The third year of the Sri Lanka Vanithabhimana awards ceremony, organised by NDB Bank along with Sirasa News 1st, was held on March 16th to honour and empower Sri Lankan women. Sri Lanka Vanithabhimana 2022 took place nationwide, with 2384 entries from the provincial competition and 367 from the corporate competition, with the grand award [...]
Ceylinco Life pays Rs. 19 bn in net claims and benefits to policyholders in 2022
Ceylinco Life policyholders received a mammoth Rs. 18.9 billion in net claims and benefits in 2022, as the company achieved its 19th consecutive year of market leadership in Sri Lanka’s life insurance sector with gross written premium income of Rs. 29.16 billion for the 12 months ending 31st December. Premium income grew by a healthy [...]
Raid Amazones 2023 adventure in Sri Lanka
Participants of the adventure trail ‘Raid Amazones 2023′ arrived at Bandaranaike International Airport on Monday on SriLankan Airlines’ flight UL 564 from Paris to take part in the exciting adventure. SriLankan Airlines is the Presenting Partner of Raid Amazones and extended a warm welcome with a traditional flare to the arriving group, the airline said. [...]
Ekva LLC start-up accelerator launched
Ekva LLC, a US company with Sri Lankan roots on the hunt for entrepreneurs committed to building game-changing businesses, launched its accelerator on Wednesday and Thursday where 15 start-ups pitched for initial seed capital. Carbon Engen by Gihan Mendis, Cinnamon Toothbrushes by Dilari Peiris, the independent project manager by Kalpana Fernando, an innovative online examination [...]
Hard days ahead for Sri Lankans to rejoice under IMF programme
The International Monetary Fund (IMF) has prescribed some bitter medicine for Sri Lanka’s economic ailment making it very difficult to the government to swallow as it has to abide by 48 commitments during a 48-month period. The IMF Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about [...]
DPL unveils automated central warehouse facility
Dipped Products PLC (DPL), a member of the Hayleys Group, recently commissioned an automated central warehouse facility at the Biyagama Export Processing Zone, to enhance its service delivery excellence to meet the critical global export demand. The state-of-the-art new warehouse facility will enable DPL to consolidate storage facilities across its Hanwella, Kottawa and Biyagama factories, [...]
New SEC chairman wants strengthened infrastructure, compliance for brokers
Chairman, Securities and Exchange Commission (SEC), Faizal Salieh encouraged the stock brokers to develop in-house research capabilities which is now a requirement under the new SEC Act, review risk mitigation policies and processes, ensure succession planning and strengthen the compliance function. At a meeting with the stockbrokers on Monday, for the first time since taking [...]
LankaPay Technnovation Awards recognises payment technology innovators
LankaPay, the operator of the Country’s National Payment Network recently organised LankaPay Technnovation Awards 2023 at the Shangri-la, Hotel Colombo for the fifth consecutive year. This is Sri Lanka’s first and the only Payment Technology Innovation Awards. Initiated with the objective of recognising the trailblazers of the country’s payment technology innovations, steadfast to the cause [...]
Govt. to enact Banking (Special Provisions) Act by December
The Government is to enact the Banking (Special Provisions) Act by December this year following the approval of the cabinet of Ministers in June, Finance Ministry sources confirmed. The introduction of this new Act is deemed necessary as there is an urgent need to strengthen financial sector supervision and safety nets as well as enhance [...]