Great times for tourism
Tourists enjoy a game of volleyball at Hiriketiya beach in the south. Tourism is booming in the country and set to reach record levels this year. Pic by M.A. Pushpa Kumara
Sri Lanka’s microfinance bill under fire from community groups
Sri Lanka’s microfinance and credit regulatory authority bill tabled in parliament last month to regulate mushrooming rural credit institutions is now under fire following concerns of civil society activists on its inadequacy in addressing exploitative practices at the grassroots level. The provisions of the new bill have failed to restraint exploitation and exorbitant interest rates [...]
Disbursing Rs 1.2 trillion for public investment projects
The Government’s massive public investment of Rs.1.2 trillion this year remains confined to seven key sectors along with projects which were halted or delayed due to the pandemic or economic crisis, official sources divulged. At least 200 foreign-funded development projects suspended in 2022 due to holding of loans by foreign funding agencies, would most probably [...]
Exporters in quandary as rupee appreciates, freight rates high
Freight rates have to some extent stabilised if only marginally with the coming of the Chinese New Year however, Sri Lankan exporters are still facing issues with the rupee appreciating as a result of which there could be a drop in export volumes. National Chamber of Exporters President Jayantha Karunaratne told the Business Times that [...]
SLINTEC’s coconut husk natural dye to restyle textile industry
The Sri Lanka Institute of Nanotechnology (SLINTEC) is set to revolutionise the textile industry with its latest breakthrough – a natural dye from coconut husks, with an estimated value of nearly US$50 million after commercialisation. This innovative development comes on the heels of SLINTEC’s successful creation of a natural dye from king coconut husks, known [...]
IMF concludes fiscal authority capacity development mission
The International Monetary Fund (IMF) on Thursday concluded a mission to extend capacity development assistance and training for relevant high officials in handling fiscal issues in response to a government request. The mission has specially focused attention on improving tax collection specially the introduction of property tax in 2025, tax administration and bolster public finances. [...]
State lands to increase forex income
Sri Lanka will now lease out state lands to private entrepreneurs in a bid to generate increased income through agricultural exports. The cabinet this week has stated that underutilised and unproductive state lands will be released held under the Janatha Estate Development Board (JEDB) and Sri Lanka State Plantations Corporation (SLSPC) on lease to private [...]
Big banks to float green bonds for RE projects
At least two big banks have shown interest in floating the newly introduced green bonds of the Colombo Stock Exchange (CSE), to fund the plethora of renewable energy projects, officials said. In a pioneering move, the Sri Lankan stock market introduced the listing and trading of Green Bonds 10 months ago, unlocking a new era [...]
Mixed bag of results
It is the season for reporting of third quarter (2023-24) results of companies, banks and other financial services, particularly those listed at the Colombo Stock Exchange (CSE). The public has access to these results through the CSE website. The results released cover the 3-month period October-December 2023 and the 9-month period April-December 2023. The flavour [...]
Worn out hoe blades
One day Lakshman and I had made arrangements to visit Deeptha’s Sancta Maria Hybrid Vehicle Repair Centre in Marawila. As agreed, on the way there I had to pick up Lakshman at the Kelani bridge. He advised me to exit Colombo city as early as possible in order to avoid incoming morning traffic flow to [...]
Quality of service dropping, despite soaring tourist arrivals
Though Sri Lanka is witnessing a record number of tourist arrivals since the beginning of 2024, the country was not prepared to face the soaring number of tourists. Sri Lanka is facing a shortage of well trained and groomed staff at hotels to accommodate the tourists. A tourist who would spend US$ 100 on average [...]
SL to enact comprehensive competition law facilitating foreign trade
The government is evaluating the existing legal framework relating to market competition in Sri Lanka with the aim of introducing a comprehensive competition law. The main aim is for the promotion of transparent and competitive business climate, Finance Ministry sources confirmed. Although there were legislations relating to the concept of completion including the Fair Trading [...]
Agri modernisation to make accurate predictions, increase productivity
The agriculture sector’s modernisation plans will help to ensure more accurate predictions on cultivation and yields and how productivity could be increased as part of addressing Sri Lanka’s food security concerns. In this respect the first meeting of the Agriculture Modernisation Secretariat at the Presidential Secretariat was held on Monday with presentations delivered by a [...]
Government implements a single window system to ease cross-border trade
The government is to curtail bureaucratic red tape and cumbersome paper work in cross-border trade making import and export procedure easier for businesses, with the establishment of a Single Window (SW) for trade as a national priority, the Finance Ministry announced. This new system will be implemented as a single entry point for submission of [...]
Customers inconvenienced by new rule of BOC
I am a retired Govt. Servant aged 75 years. On February 13, I called over at the BOC Polgahawela branch to get the passbook of my wife updated. This was a usual practice to find out whether the pension has been credited to her account. The clerk at the counter cited a new safety rule [...]
Sampath Bank achieves stable results amidst economic headwinds
While the country was showing signs of a broader economic upturn in 2023, Sampath Bank remained strong in supporting customers who continued to experience stress due to pressures accumulated over the past few years. Spearheaded by its Credit Nursing Unit, the bank offered a variety of relief measures, including tailor-made repayment plans, restructures, and rescheduling [...]
Dialog hosts first UPI transaction in Sri Lanka
India’s Unified Payment Interface (UPI) made its official debut in Sri Lanka in partnership with LankaPay, where Dialog’s Fintech solution, genie business conducted the inaugural UPI transaction in the presence of President Ranil Wickremesinghe, Prime Minister of India Narendra Modi, and Prime Minister of Mauritius Pravind Jugnauth. India’s UPI is a real-time payment system that [...]