Budget highlights Following are the highlights of Budget proposals made by President Ranil Wickremesinghe in Parliament yesterday: New economic and political system The President said in order not to fall back into a crisis, the economic and political system of Sri Lanka must be created anew.  He said that a new social consensus should be […]

* Tax revenue to be raised by 47.1% in 2024 * Rs 10,000 increase for public sector workers * Pensioners to get Rs 2,500 allowance * Rs. 450 bn reserved for bank recapitalization * Four new universities to be established * 20% of state banks to be given off by Saman Indrajith President Ranil Wickremesinghe, […]

In a significant move towards unlocking the potential of its vast maritime resources, Sri Lanka is renewing its focus on marine research and fostering international collaborations, aiming to bolster the nation’s blue economy, a report published by the World University News said yesterday. It said Rear Admiral YN Jayarathna (retired), former chief of staff and […]

A sum of Rs. 3,000 billion has been allocated by the 2024 budget for the implementation of foreign debt restructuring and settlement of International Sovereign Bonds. Under the debt restructuring supported by the International Monetary Fund, Sri Lanka’s public debt as a percentage of GDP is expected to be reduced from 128 percent in 2022 […]

In the budgetary allocations for the fiscal year of 2024, the Sri Lankan government has earmarked Rs. 3 billion for the implementation of foreign debt restructuring and settlement of international sovereign bonds under foreign debt restructuring.

President Ranil Wickremesinghe says a programme will be prepared to attract local and foreign tourists by modernizing the government-owned resorts and tourist bungalows and using them to promote tourism.

Students of Non-State Universities will be able to obtain subsidized student loan scheme through commercial banks in addition, the existing interest-free student loan scheme and will be able to repay the loan after they secure employment. Any recognized educational institution in the world  will be able to establish universities in Sri Lanka once a set […]

Latest sugar tax scam: ‘IMF’s conditions disregard regardless of suspension of bailout package’ By Shamindra Ferdinando Top SJB spokesman Mujibur Rahman yesterday (12) alleged that a section of the Wickremesinghe-Rajapaksa government seemed to be raising funds for the presidential election scheduled for next year.The former SJB MP said that a well-organised operation was underway to raise funds [&...

The Editors’ Guild of Sri Lanka has expressed its profound sorrow at the passing away of one of its founding members, Mr. Gamini Weerakoon, whose funeral took place in Colombo yesterday. Mr. Weerakoon was the former Editor of The Island and the Sunday Island.He joined Associated Newspapers of Ceylon Ltd., as a parliamentary reporter in […]

ECONOMYNEXT –The government is ready to provide the necessary facilities and a comprehensive plan for a revival of the spice industry, President Ranil Wickremesinghe said last week “Sri Lanka once had the world’s best spices, but our neglect of the industry in the past 30-40 years has led to a decline in our income from […]

The World Bank’s Board of Executive Directors on Thursday approved $150 million in financing for Sri Lanka to strengthen the resilience of the financial sector. “Sri Lanka’s economic crisis highlights the need for strong safety nets to support the financial sector. Stable and reliable banking sector is essential for the economy, businesses and individuals, small […]

by Rex Clementine The Cricket administration headed by Shammi Silva is getting roasted these days for the mess they have created and the humiliations the national cricket team has suffered. Together with them the national selection committee and Consultant Coach Mahela Jayawardene, who had a free hand to put cricket right, deserve blame for his […]

The cost of foreign loan interest that the Sri Lanka Ports Authority (SLPA) had to pay in 2022 increased by 200 percent compared to the previous year due to the depreciation of the Sri Lanka rupee, the SLPA’s 2022 Annual Report states. However, the SLPA reported a net after tax profit of 42.3 billion rupees […]

There were at least 50,000 tonnes of sugar in storage units when the tax was increased by 49.75 rupees on 02 November, former Minister and leader of the United Republican Front (URF) Patali Champika Ranawaka said. Ranawaka, who is also the Chairman of the parliamentary Ways and Means Committee, said that there was a massive […]

Delivering the keynote address at the Annual Graduation ceremony of the Bandaranaike Centre for International Studies held at the Bandaranaike Memorial International Conference Hall (BMICH) in Colombo today (10), President Ranil Wickremesinghe outlined Sri Lanka’s strategic focus on expanding economic cooperation with key international partners. President Wickremesinghe highlighted the country’s i...

The Bandaranaike Centre for International Studies (BCIS) will be honouring late Ambassador Dr. Jayantha Dhanapala for his invaluable contribution to diplomacy and his unwavering commitment to the promotion and safeguarding of Sri Lanka’s national interest, at the convocation of its International Relations Programme 2023 to be held at the BMICH, Colombo, today. A BCIS press […]

By Pof.K. Tennakone Today, the world celebrates science. The United Nations proclaimed 10th November as World Science Day to highlight the importance of science for peace and development. The theme this year is building trust in science. The method of science stands unshakably as the only reliable avenue available for understanding nature by solving problems. […]

‘2017 Foreign Exchange Act must be repealed’ By Shamindra Ferdinando President Ranil Wickremesinghe’s Director General on Trade unions Saman Ratnapriya yesterday (08) denied what he called the Opposition’s unsubstantiated claim that sugar importers had benefited from the latest increase in the Special Commodity Levy from 25 cents per kg of sugar to Rs 50 per […]

The US International Development Finance Corporation (DFC) yesterday announced it had committed more than half a billion dollars to support the development of a deep water shipping container terminal in the Port of Colombo, Sri Lanka, that will provide critical infrastructure for the South Asian region. The new terminal reflects DFC’s commitment to financing high-quality […]