Courtesy Adaderana President Ranil Wickremesinghe has instructed the relevant officers to formulate a report jointly engaging all government agencies on the resolution of land problems within the Nuwara Eliya district. Wickremesinghe noted that in the event the said report is not presented to him before 04 February 2023, he will take necessary action in this […]

By Oneindia Copy Writer Sri Lanka is also mulling to trade with countries like Tajikistan, Cuba, Luxembourg and Sudan in Indian rupee. Being a leading economy in the world, India is offering the much-needed respite to the countries that are short of US dollars. New Delhi, Dec 21: Although this is being done in the […]

Courtesy Adaderana President Ranil Wickremesinghe said that an environment will be created for small and medium-scale industrialists to become successful using modern technology and the government is ready to empower the industrialists as the main stakeholders in earning foreign exchange for Sri Lanka. President Wickremesinghe made these remarks at the 21st ‘Achiever Awards 2022’ which […]

Courtesy Business Insider Representational imageUnsplashSri Lanka and India  will start a passenger ferry service next month between Kankesanthurai port in Jaffna district and Pondicherry, according to media reports. Ports, Shipping, and Civil Aviation Minister Nimal Siripala de Silva  said arrangements were made to start the ferry service in mid-January next year, Colombo Page reported. The minister said the […]

Courtesy Adaderana Sri Lanka is to sell four plots of land in Colombo Port City for an investor to establish a facility for bunkering, a Minister told journalists. Minister of Ports, Shipping and Aviation, Nimal Siripala de Silva said that they have also called for expression of interest to start an aviation fuel storage facility. […]

by Neville Ladduwahetty Courtesy The Island The headlines in the front page of the Daily News of December 7, 2022 states: GOVT. WILL FORMULATE LAWS TO REPATRIATE USD 53 BILLION”. Quoting Minister Dr. Wijedasa Rajapakse, the report states: Exporters who earn Dollars do not bring that earnings back to Sri Lanka but they deposit it in foreign banks. […]

Courtesy Adaderana Earnings from merchandise exports declined in October 2022 – on a year-on-year basis – for the first time since March 2022 due to lower earnings from garments exports, the Central Bank of Sri Lanka (CBSL) says. The decline in import expenditure continued in October 2022, (y-o-y), for the eighth consecutive month, despite recording […]

Ada Derana  

Courtesy The Hindu FitsAir — a Sri Lankan based private airline — is looking at possibilities to operate services from Colombo to key destinations in south India by the end of 2023, the airlines vice-president (Passenger) Peter Murray Hill said here on Friday. The airline has narrowed down on five destinations – Thiruvananthapuram, Chennai, Coimbatore, […]

Courtesy Adaderana The United Kingdom, through the Food and Agriculture Organization (FAO) of the United Nations is providing GBP 880,000 (USD 1,043,395) to strengthen the food and nutrition security of marginal fishers in Tangalle, Negombo, Colombo, Kalutara, Galle, Matara, Puttalam, Chilaw, and Mannar of Sri Lanka. In light of World Fisheries Day (November 21) being […]

Courtesy Bloomberg (Bloomberg) — Sri Lankan dollar bonds advanced to a two-month high as the fiscal reforms announced in this month’s budget spurred hopes of securing an International Monetary Fund bailout. The 7.55% 2030 dollar bond was indicated up about 0.7 cents to 27.9 cents on the dollar on Wednesday, the highest since mid-September. The […]

Courtesy Adaderana Sri Lanka is in talks for a debt-for-nature” swap deal of up to USD 1 billion in climate-focused finance, a kind of agreement discussed at the United Nations COP27 summit in Egypt, Reuters reported citing people familiar with the matter. According to the news report, such agreements are part of efforts to address an intractable quandary […]

Courtesy Adaderana Singapore-based renovation and interior design company, Kreate Design Pte. Ltd. today (Nov. 18) signed a USD 1 billion investment agreement with the Colombo Lotus Tower Management Company (Pvt) Ltd. This investment agreement will see the development of water sports and an entertainment zone at the Lotus Tower in Colombo within the next six […]

Courtesy The Island A top Chinese envoy has said that Sri Lanka should introduce legal reforms to attract foreign investments. Prime Minister Dinesh Gunawardena’s Office quoted President of the Chinese People’s Association for Friendship with Foreign Countries (CPAFFC) Ambassador Lin Songtian as having told the Premier as Sri Lanka’s infrastructure facilities, human resources and other […]

Courtesy The Daily Mirror The Embassy of Sri Lanka in Moscow initiated a banking cooperation between People’s Bank in Sri Lanka and National Investment Industrial Bank in Russia (NIIB) to devising a platform for Russian tourists to make payments in Sri Lanka seamlessly in Sri Lankan Rupees (LKR) with effect from  November 22,  2022. According […]

Courtesy Adaderana The governor of Central Bank of Sri Lanka (CBSL) says the construction sector is unlikely to see growth until the economy recovers. Dr. Nandalal Weerasinghe made these remarks during an event held at the Sri Lanka Foundation Institute with the representatives of the construction sector. Speaking further, he said the relative cost of […]

By Ishara Gamage Courtesy Ceylon Today The newly appointed Chairman of the Sri Lanka Ports Authority (SLPA), Dr. Sarath Obeysekera has called for immediate liberalisation of the shipping and logistics sectors in Sri Lanka. In a letter to President Ranil Wickremesinghe, he stated that there is a general consensus among the majority of stakeholders in […]

Courtesy Business Insider The Adani Group will become the first Indian port operator in Sri Lanka as construction of the Colombo Port’s Western Container Terminal (WCT) is set to start on Wednesday. The group will have the majority stake in the West Container International Terminal Joint Venture (JV) which is valued at $700 million. The build-operate-transfer (BOT) agreement which […]

Monetary Institute The Monetary Institute’s “Our Money, Our Banks, Our Country – Money Creation in the Modern Economy” conference was held in Zurich, Switzerland on February 5, 2018. Professor Richard Werner, Chair in International Banking, University of Southampton, England provided this overview of how money is created in nations throughout the world and the impacts […]

Courtesy Adaderana China will allow greater market access and share opportunities with all countries, President Xi Jinping said on Friday, following a sharp slowdown of external trade and ongoing tensions with major economies. In an address via video to open the China International Import Expo in Shanghai, Xi called on the world to commit to […]

Courtesy The Daily Mirror While privatisation of SriLankan is high on the agenda of the new government in the island nation, the airline’s CEO says there is a strong future for the country’s national carrier supporting the growth of the Sri Lankan economy in general and tourism in particular. We are open to the proposal […]

Courtesy Adaderana The government has decided to facilitate working capital loans up to Rs. 10 million for small- and medium-scale entrepreneurs from 08 state-owned and private banks, the Ministry of Finance, Economic Stabilization & National Policies says. These entrepreneurs can obtain working capital loans on 11% – 12% interest with a grace period of 06 […]

By P.K.Balachandran/Ceylon Today Colombo, October 24: Whenever Ranil Wickremesinghe occupies a seat of power, there is talk of developing Trincomalee harbor and its environs to serve the Eastern and North Central Provinces that had been hard-hit by the 30-year war. Whenever he was in power as Prime Minister he would initiate some moves to develop […]

Courtesy The Daily Mirror State Minister of Tourism Diana Gamage today reconfirmed that she will leave for US soon to initiate talks on inviting Walt Disney to invest in a theme park in Sri Lanka.  Responding to social media claims that the Disneyland project was false, she said that she was in touch with the […]

Courtesy Adaderana A discussion on the challenges faced by the construction sector and proposed plans to address these issues was held at the Presidential Secretariat under the patronage of President Ranil Wickremesinghe on Thursday (Oct. 20). The problems faced by the construction sector under the current economic situation were discussed at length and special attention […]

Nadir Mumtaz Courtesy The Maritime Executive The Port of Colombo is located near the route between the Strait of Malacca and the Suez Canal, which is one of the busiest shipping lanes in the world. Around 36,000 vessels pass annually on this key corridor between Asia and Europe, including about 4,500 tankers. As the Port of Colombo […]

Courtesy Adaderana A Gazette Extraordinary has been published specifying the regulations pertaining to the Colombo Port City Economic Commission. The regulations, issued by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilization & National Policies, are made under Section 71(1) read with Section 27(1), 41(3)(f), 41)9) of the Colombo Port City Economic Commission […]

By P.K.Balachandran/Daily Mirror Colombo, September 28: Reporting on the meeting between the Sri Lankan Foreign Minister Ali Sabry and his Chinese counterpart, Wang Yi, last Friday on the sidelines of the 71st UN General Assembly session in New York, the Chinese embassy in Colombo said that the two sides had agreed to speed up the negotiation […]

By P.K.Balachandran Courtesy NewsIn.Asia Colombo, September 28 (Counterpoint):  Sri Lankan President Ranil Wickremesinghe told Singapore’s Prime Minister Lee Hsien Loong in Tokyo on Tuesday, that Sri Lanka would give priority to reviving the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) of 2018. The SLSFTA, which was signed when Wickremesinghe was Prime Minister, became operational on May […]

Courtesy The Daily Mirror August merchandise exports income tops US$ 1.2bn Apparel & textile exports up 15% to US$ 565mn Jan-Aug. cumulative exports up 12% to US$ 8.85bn Cumulative apparel & textile up 19% to US$ 4.08bn Sri Lanka recorded its highest merchandise export income so far for this year in the month of August […]