Market sees over 600 million rupees of net foreign inflow

Arrivals down 20 percent in August compared to July.

Electricity subsidies, surcharges, and rooftop solar units: by Dr Tilak Siyambalapitiya The Public Utilities Commission of Sri Lanka (PUCSL) altered the CEB’s proposed prices and price structure, then amended its own proposal, and announced higher electricity prices, to be effective from 10 August 2022. Neither the CEB nor the PUCSL presented, to customers, the actual […]

Imports fall as financial account inflows dry up

Sri Lanka’s High Commissioner in New Delhi, Milinda Moragoda, has declared that the preliminary agreement with the International Monetary Fund (IMF), under which Sri Lanka could receive $2.9 billion to tackle the ongoing economic crisis, is a “first step” in the long haul of economic recovery, but would provide the country and investors “confidence” to […]

The Government of Sri Lanka and UNDP in Sri Lanka announced the launch of the Sri Lanka SDG Investor Map (the Map), a market intelligence tool that seeks to direct private capital where Sri Lanka’s Sustainable Development Goals (SDG) priorities, Government policy and market opportunity intersect, as the country seeks to rebuild its economy sustainably, […]

President Wickremesinghe through interim budget expects 2.5 million tourists in 2023.

By CHANDRA FERNANDO Educational Consultant, USA The last few months of this year have been a time of great anxiety and much hardship for the people of Sri Lanka. No matter on which side of the political divide one stands, common problems converge into a cloud of nervousness, unease and uncertainty. Sri Lankans have not […]

"This is a positive step and I am positive that the winter tourism season will perform well."

Gunasekara said, under the current circumstances, the production cost per egg is 49 rupees which is above retail price.

ECONOMYNEXT – Sri Lanka’s central bank said it was holding its policy rates at 15.50 percent, while data showed market interest rates are close to twice the rate and private credit and imports falling. Monetary Policy Review: No. 06 – August 2022The Central Bank of Sri Lanka maintains policy interest rates at their current levelsThe Monetary Board of the Central Bank of Sri Lanka...

Under the Sri Lanka Tourism Promotion Bureau’s Visiting Journalists & Blogger Programs, a group of high-profile Indian media personnel was invited to Sri Lanka from July 3 to July 11, to re-discover Indo-Sri Lanka historical relationships. Eight media personnel representing several key states & cities of India, including Delhi, Mumbai, Pune, Kolkata, Bangalore and Hyderabad […]

Electricity prices were last hiked in 2013 however were slashed almost by 25% in 2014

"Around 40 percent of the supply comes from the SME sector while around 60 percent comes from large scale suppliers."

Delusion appears to be a national affliction in Sri Lanka.  When confronted with stark realities, the state consistently refuses to take proactive measures to avert dire consequences.  It refers to national liabilities, like the national airline, as national assets.  Despite regular doses of life-saving intravenous injections in the form of hard cash by the Treasury, […]

This will be the first time electricity rates are increased in nine years.

By Hiran H.Senewiratne The government is planning to restructure the national carrier, Sri Lankan Airlines, and privatization is one proposed option due to the current financial crisis, Sri Lankan Airlines Chief Executive Officer (CEO) Richard Nuttall said. “We are now looking at the privatization option as well because the government wants to restructure Sri Lankan […]

After the collapse of the Sri Lankan economy, attention has turned to the state of affairs in other South Asian countries such as Pakistan, Bhutan and Bangladesh. All three countries have either curtailed imports or are planning to do so, to salvage their fast-depleting foreign exchange reserves and avoid a Lanka-like forex crisis. While the […]

Difficulties procuring insurance, as well as logistical and security concerns, were some of the issues raised by sponsors and broadcasters that led to the Asia Cup being shifted from Sri Lanka to the United Arab Emirates, Sri Lanka Cricket has revealed. “They felt that the situation in Sri Lanka was not conducive to garner the […]

by Chandre Dharmawardana, chandre.dharma@yahoo.ca. The forex crisis had forced the government to jettison its initial set of economic managers of the Central bank who looked for home-grown solutions and opposed dealing with the International Monetary Fund (IMF). The President re-instated a set of managers whose ideas were more orthodox and aligned with the neo-liberal bankers […]

By Anupama Rajput Sri Lankan Lawmakers voted in acting President Ranil Wickremsinghe as the new President on July 20. The six-time Prime Minister was able to garner 134 votes in the 225-member parliament, despite public anger with the ruling elite in the hope that his long experience in government could help pull the country out […]