Challenging times ahead
Central Bank Governor Dr. Nandalal Weerasinghe, alongside Senior Deputy Governor Ms. Yvette Fernando, making the annual policy statement for 2024 on Wednesday in Colombo. Pic by Indika Handuwala
Singapore’s Surbana Jurong consultancy revived for mega development plans
The government has rehired Singapore-based consulting firm Surbana Jurong Pvt Ltd towards providing one-stop consultancy solutions across the entire value chain of urbanisation, industrialisation and infrastructure domains in Sri Lanka. In a reactivation initiative of ongoing and stalled development projects launched since 2017, Surbana Jurong is now reviewing its previous three key development plans – [...]
Bunkering, TS volumes surge in Colombo
As shipping giant Maersk has reportedly stated that the crisis on the Red Sea is expected to continue for months Sri Lanka sees a surge in volumes at the Colombo Port and an increased demand in bunkering as more than 80 per cent of global vessels are diverting traffic from the Suez Canal around the [...]
Casino regulatory authority on the cards with the increase in gambling
Sri Lankan authorities have officially taken a decision for the establishment of a gaming regulatory authority in the wake of ever increasing tax evasion by a handful of local casino owners, Finance Ministry sources disclosed. The new authority would oversee casino tax collection, counter criminal activity and negative societal impacts from gaming, State Minister of [...]
Sri Lanka wants the blue flag on its beaches
Sri Lanka is readying to obtain the Blue Flag Certification that will showcase the coastal line of the island as a sustainable beachfront to the world as part of the Marine Conservation Master Plan. The international certification for safety and security for sustainability of the beach front would need to ensure that the inland water [...]
International Trade Bill to facilitate new trade agency
The International Trade Bill, the precursor to Sri Lanka setting up an International Trade Office, is currently being drafted by the President’s Office and will be completed in first quarter 2024, officials said. This independent agency, to be established through an Act of Parliament, will interconnect all relevant institutions, and will be headed by an [...]
No more happy hours for banks this year from G-Secs
Banks will not be able to enjoy the happy hours as last year from the large interest spreads from government securities and adding to this, the Value Added Tax (VAT) from this year will see unprecedented challenges in the sector, analysts say. Analysts noting that the VAT, an indirect form of taxation, was exempted for [...]
ECT cranes due next month
Colombo Port’s East Container Terminal (ECT) is scheduled to receive three cranes from China by early February that will ensure it becomes operational by June this year. Sri Lanka Ports Authority (SLPA) Chairman Keith Bernard said the three cranes were delayed in loading from China and the shipment that was expected on January 25 will [...]
Tourism power play in the region
“Biting the hand that feeds you.” This was a bitter lesson learnt when three junior ministers in the Maldives sought to offend and criticise Indian Prime Minister Narendra Modi after the latter promoted an Indian island as a tourist destination. The issue surfaced after Modi’s tweet following a visit to Lakshadweep, an archipelago of 36 [...]
Sri Lanka’s ‘over-burdened’ generation
Minister of Transport and Highways, Dr. Bandula Gunawardana launched his 54th economics book a few days ago at the Sri Lanka Foundation Institute (SLFI). The book is basically a collection of documents that he has tabled with his Parliamentary speeches. He asked me if I could also speak at the book launch along with two [...]
Central Bank to adapt monetary, forex control and financial sector reforms
Sri Lanka is committed to continue reforms that have helped turnaround the negative effects seen in the wake of the economic crisis while taking credible measures to improve fiscal sector performance, Central Bank Governor Nandalal Weerasinghe elucidated. Delivering the statement on monetary and financial sector policies for 2024 and beyond at a conference in Colombo [...]
IMF staff team continues fact finding mission on economic reforms
An International Monetary Fund (IMF) staff team is now in Sri Lanka for a crucial assessment of the country’s economic situation. The IMF staff mission will continue discussions and assessments for a period of one week on the country’s fulfillment of commitments under the economic reforms programme approved by the IMF, State Minister of Finance [...]
Keeri Samba shortage, low cultivation trends
Sri Lanka is currently experiencing a shortage in keeri samba a key rice variety as a result of low cultivation of the crop despite the increased demand for it at high prices in the local market. At present authorities are looking at importing at least 50,000 metric tonnes of rice of similar varieties from other [...]
Union Bank appoints Dilshan Rodrigo as Deputy CEO
Union Bank has appointed Dilshan Rodrigo as the Deputy Chief Executive Officer with effect from January 15. Mr. Rodrigo is a top banking professional with an impressive track record with over two decades of banking experience. He last served as the Executive Director/Chief Operating Officer at Hatton National Bank (HNB), where he has played a [...]
President to attend the Davos Forum
President Ranil Wickremesinghe is slated to attend the World Economic Forum in Davos from 15-19 January, presidential sources said. He is also slated to meet business leaders such as Gautam Adani, Al Gore and Richard Branson. The Swiss – Asian Chamber of Commerce in collaboration with the Board of Investment of Sri Lanka has organised [...]
Princess Anne visits MAS Holdings factory
Princess Anne, the Princess Royal on her official visit to the island, marking 75 years of diplomatic ties between the United Kingdom and Sri Lanka, visited the MAS Holdings facility in Katunayake on Wednesday accompanied by her husband Vice Admiral Sir Timothy Laurence. MAS Holdings is Sri Lanka’s largest exporter and the country’s largest private [...]
Hambantota Port fastest growing RO-RO transshipment port
The Hambantota International Port (HIP) on December 30, 2023 proved itself as the fastest growing RO-RO transshipment port in the region. With 700,000 transshipment vehicles handled, the port marked a significant 26 per cent increase from 2022 figures. The milestone figure was achieved with Glovis vessel MV. HAE SHIN V.003B handling 3626 units for transshipment [...]