New tech on tea plantations
Workers use machines to pick tea at a property of Horana Plantations. New technology is paving the way to overcome the shortage of workers on estates. Pic by Priyanka Samaraweera
CB to strengthen GDP estimates to avoid Argentinian-like disasters
The Department of Census and Statistics (DCS) in Sri Lanka is collaborating with donor agencies to improve the accuracy of its GDP estimates to avoid a situation similar to Argentina’s recent loss in a court case, highly placed sources said. DCS, the authorised agency to compile National Accounts Estimates for Sri Lanka, disseminated by the [...]
Election year a dampener on oil palm promotion
Sri Lanka is unlikely to lift the ban on oil palm cultivation in an election year that has much at stake if this should go ahead. This industry has already lost approximately US$35 million in revenue had the cultivation of proposed 20,000 hectares been carried out into 2024. The Oil Palm Growers Association during meetings [...]
Delay in bond restructure to block IMF board review on Sri Lanka’s reform progress
Having encountered “some setbacks” in the first round of sovereign bond restructuring talks in London last week, the Steering Committee of the Ad Hoc Group of Bondholders and the Sri Lankan official negotiators have pledged to continue the dialogue to arrive at a consensus within a few weeks, Finance Ministry sources confirmed. The delay in [...]
National Digital Strategy to accelerate Sri Lanka’s path to a developed country
While Sri Lanka is poised to be amongst the digital leader in the Asia Pacific with the integration of digital technologies and compete globally in areas such as innovation, entrepreneurship and digital skills, the implementation of a National Digital Strategy for the country will accelerate its path towards becoming a developed nation. The strategy should [...]
Dilemma over debt talks
Inconclusive talks on debt restructuring between the Sri Lankan Government and its private creditors revolving around US$12 billion invested in sovereign bonds have cast a shadow over any final agreement on a scheduled calendar of payments. Into the quagmire also falls the forthcoming elections with a former Treasury Secretary last week expressing concern that if [...]
Integrating with ASEAN-2
There is a path now open for Sri Lanka to realise its 57-year old dream to join the Association of South East Asian Nations (ASEAN), and benefit economically. It is an “indirect path” through a Free Trade Agreement (FTA) with the Regional Comprehensive Economic Partnership (RCEP). As we discussed last week, Sri Lanka had a [...]
IRD back-tracks reforms leading to revenue shortfall in 2024 despite 1Q gains
The Sri Lanka Inland Revenue Department (IRD) has been back-tracking the implementation of reforms leading to a revenue collection shortfall this year although it has exceeded the 2024 first quarter target by 13 per cent. State Finance Minister Ranjith Siyambalapitiya said that the IRD has collected to Rs. 430 billion compared to the target of [...]
Urgency of Sovereign-Debt Restructuring
BOGOTÁ – Since the onset of the COVID-19 pandemic, the developing world has faced growing public-sector debt vulnerabilities. Interest-rate hikes and limited access to international capital markets have only exacerbated the problem – so much so that even solvent countries are now grappling with liquidity challenges. Furthermore, the International Monetary Fund predicts that, in the [...]
Sri Lanka’s economy revives in 2023-CB report
The Sri Lankan economy contracted last year while witnessing a gradual revival from the deepest economic downturn in its post-independence history. Decisive policy adjustments and structural reforms implemented by the Government and the Central Bank helped restore macroeconomic stability to a great extent, despite the short run hardships faced by economic stakeholders. These measures were [...]
Colombo Tea Convention focus on livelihoods
The Colombo Tea Convention scheduled to be held in July 24-26 with a focus on the livelihoods of the people on the estates and its stakeholders aims at achieving US$1.3 billion in revenue this year. The convention has been branded under the theme “Tea: A Lifestyle and A Livelihood” that will generate a dialogue on [...]
Ceylon Chamber presents Sri Lanka Climate Summit next month
The Ceylon Chamber of Commerce presents the inaugural Sri Lanka Climate Summit 2024, themed “Code Red: Climate Risks and Opportunities for Sri Lankan Businesses,” from May 7-9 at the Shangri La Hotel, Colombo. As scientists warn of the potentially devastating consequences of accelerating climate change, the Summit will serve as a platform for a national [...]
LOLC launches third phase of Divi Saviya distribution
LOLC Divi Saviya has announced the continuation of its Phase 03 initiative coinciding with the reopening of schools subsequent to the New Year holidays. As Phase 03 progresses, LOLC Divi Saviya aims to expand its reach to schools nationwide, with a specific focus on those accommodating 101-150 students. This expansion initiative is poised to encompass [...]
Samurdhi banking system to be regularised preventing money scams
Sri Lanka Samurdhi banking system is to be regularised making it difficult for corrupt officials and politicians to pilfer money from the compulsory savings of poor recipients, Finance Ministry sources said. It will be upgraded to guarantee transparency and independence by implementing a credible and a practical empowerment plan to bring it under the purview [...]
Hapag-Lloyd Lanka continues success in customer excellence
Hapag-Lloyd Lanka, a subsidiary of Aitken Spence PLC and the local representation for Hapag-Lloyd-AG- Hamburg, won two Customer Service Awards for the Europe Trade and Mediterranean Trade at the recently held awards ceremony by the Institute of Chartered Shipbrokers (UK) – Sri Lanka Branch. The Institute of Chartered Shipbrokers (ICS) (UK) founded in 1911 and [...]
Mandatory conversion needs to be removed
Apparel exporters want a reversal of the mandatory conversion of the dollars to rupees asserting that this is contributing to the strengthening of the rupee. This conversion of the export proceeds from dollars to rupees is contributing to the appreciation of the rupee that has been evident lately, Joint Apparel Association Forum (JAAF) spokesman Yohan [...]
SEC says stock investors are becoming whistleblowers
The Securities and Exchange Commission of Sri Lanka (SEC) has seen a marked decline in errant social media posts pertaining to the Colombo stock market two months after launching a dedicated webpage to report suspected market related wrongdoing on social media. SEC’s Deputy Director General, Tushara Jayaratne told the Business Times that investors themselves have [...]
ITC Ratnadipa hotel– symbol of Colombo
President Ranil Wickremesinghe on Thursday identified the first ITC Hotel as the symbol of Colombo and its tourism that will help bring in more travellers and investors to Sri Lanka. He noted that “having this background is enormous” which represents the Sri Lankan hotel industry that will become the symbol of Colombo and Colombo’s tourism. [...]
El Toro promoting sustainability and community engagement
El Toro, a brand committed to sustainability, has announced its groundbreaking “Good News Calendar” initiative, launched recently. In an effort to turn bad news into something good and beneficial for both the community and the environment, newspapers that, as of recently, carried bad news due to the nation’s economic collapse, were upcycled into environmentally friendly [...]