Enjoying a walk on flooded streets
Tourists walk on a flooded street in the tourist town of Mirissa in southern Weligama. Pic by Tharanga Chanaka
Commercial Bank finalising growth plans in Bangladesh
The Commercial Bank, the first bank from Sri Lanka to start operations in Bangladesh over two decades ago, has ambitious plans to expand horizontally and vertically. “Within our core business, we still have room to grow within our small and medium enterprise and retail businesses. With the help of digitalisation, we are planning to grow [...]
Colombo hotels face a hit from minimum rates
The tourism industry is facing a drop in MICE travellers as most are feeling the pinch from the high rates charged following the imposition of the minimum room rates in Colombo. Tour operators highlighted that in addition to the Israeli war situation that has cost the industry a surge in arrivals from a new market [...]
Govt. to raise around Rs 5 trillion from domestic borrowings in 2024
The government is resorting to domestic borrowing of around Rs. 5 trillion to meet heavy expenditure in the forthcoming budget 2024, Finance Ministry estimates and mathematical projections revealed. This has become necessary to pay interest for accumulated domestic borrowings including the high interest payable for Treasury bonds and the drastic drop in 2023/2024 revenue, ministry [...]
Personal data collection under controversial e-grama nildari project irks public
The Sri Lanka government has resurrected another stalled project of collecting personal data of the people for a digital database at grama niladhari divisional level in addition to similar initiatives of setting up of various databases for e–passport, e–national identity card, e-driving licence etc. This much delayed e-grama niladari project initiated in 2017 has now [...]
Fisheries Corporation to restructure as PPP venture
Loss-making state owned Ceylon Fisheries Corporation (CFC) with the statutory responsibility to guide and promote fisheries production and trade is to be transformed to a profitable public private (PPP) joint venture soon. Fish harvesting, processing, and trade are dominated by the private sector making the entity a white elephant burdening the Treasury as its operations [...]
Alliance Finance Dhaka gearing for IPO, grow sustainable financing
People’s Leasing Company PLC’s Bangladeshi subsidiary, Alliance Finance PLC is eyeing a public listing in the Bangladeshi Dhaka Stock Exchange with midterm plans to expand in sustainable financing. Kanti Kumar Saha, CEO Alliance Finance PLC in an interview with the Business Times in Dhaka recently said that an IPO is mandatory for an entity like [...]
Issues with politically exposed persons (PEP)
Sri Lanka’s Financial Intelligence Unit (FIU) recently instructed Politically Exposed Persons (PEP) to identify themselves when transacting with financial institutions (FI) or Designated Non-Finance Businesses and Professions (DNFBPs). PEP is identified as, an individual who is. entrusted with prominent public functions either domestically or by a foreign country, in an international organisation and includes a [...]
Taglines and tourism destination marketing
Aldoris, the choon- paan karaya, and his tuk-tuk made their way down the lane with the first stop on this rainy Thursday morning being our gate. “Gallei inna magey nedaeyinta harima amarui gan-wathura nisa (My relatives in Galle are having a hard time with the floods),” he said while dishing out maalu-paans and bunis to [...]
SOEs and their “non-existent” owner
A few weeks ago, I had to deliver a special speech on “State-Owned Enterprise (SOE) Reforms” at the Auditorium of the Finance Ministry. The event had been organised by the Trade Union Relations division of the Presidential Secretariat, while the Minister of Power and Energy, Kanchana Wijesekera chaired it. During the speech, I posed two [...]
Government disagrees with bondholders proposal
The Government is not agreeable to the proposal by the Ad-hoc group of bondholders to restructure commercial debt in the shape of new macro-linked bonds generous to investors, the Finance Ministry announced. In a statement issued on Wednesday, the Ministry said that while acknowledging the proposal by the bondholders, the proposal has not received a [...]
Sri Lanka to introduce pension scheme for self-employed
The Government will amend the Sri Lanka Social Security Board Act to introduce a contributory pension scheme for self- employed persons, Finance Ministry sources disclosed. State Minister of Social Empowerment Anupa Pasqual has submitted a proposal to the ministry to amend the Act and devise the scheme in consultation with the Labour Ministry, a high [...]
Unilever initiative to upskill and empower youth in universities
Unilever Sri Lanka is on a transformative journey to upskill 100,000 Sri Lankan youth by 2025, inspiring the launch of its ‘Unilever Around Sri Lanka in 60 Days’ campaign from September 2023. The initiative will reach universities across Sri Lanka over the course of the next 60 days, with a focus on equipping undergraduates with [...]
IMF agrees to unlock EFF second tranche for Sri Lanka after board approval
The International Monetary Fund (IMF) reached an understanding with Sri Lankan authorities over the disbursement of the US$ 330 million second tranche of its $3 billion Extended Fund Facility to the country, the fund announced on Thursday. IMF staff and the Sri Lankan authorities have entered into a staff-level agreement on economic policies to conclude [...]
Sri Lanka’s water resilience strengthened by the Coca-Cola Foundation in Batticaloa
The Coca-Cola Foundation, through a grant to its implementing partner We Effect, has unveiled its latest project via the successful renovation of three vital reservoirs located in the Batticaloa District. The inauguration ceremony of the three rehabilitated reservoirs, Thikkanai Kulam, Manikkam Kulam, and Thamarai Kulam was held recently, and graced by the presence of dignitaries [...]
Sri Lanka incurs massive economic loss by suspending flood control projects
Sri Lanka is facing the disastrous consequences of the previous regime’s failure to continue the implementation of strategic city development projects and river diversion irrigation and flood control schemes initiated during 2015 and 2019 periods. Policy decisions taken to suspend such projects without any valid reasons have resulted in a massive loss of billions of [...]