The Sri Lankan government has set aside US $10 million (3 billion Sri Lankan rupees) for digital transformation strategies this year, aspiring to generate US $15 billion in revenue through the digital economy in five years with a unique digital ID and new legislation for digital services after the launch of a governing digital body. […]
Read MoreSri Lanka’s budgeted expenditure for 2025 will likely lead to a wider fiscal deficit and slower-than-expected fiscal consolidation, Moody’s Ratings said on Tuesday, a day after the island nation unveiled its budget. Sri Lanka aims to transform its crisis-hit economy to prepare to resume debt repayments from 2028, President Anura Kumara Dissanayake said on Monday […]
Read MoreSri Lanka’s inflation is expected to increase “sizeably” in the third quarter this year (3Q25), with the possibility of it hovering around 2 percentage points above the inflation target in mid-2026, the Central Bank of Sri Lanka (CBSL) said in its monetary policy report that was released yesterday. “Nonetheless, headline inflation is forecast to converge […]
Read MoreSri Lanka’s new President Anura Kumara Dissanayake will outline the government’s revenue and policy goals in his first full-year budget on Monday, seeking to extend the country’s recovery from a financial crisis and signal its alignment with a $2.9 billion IMF bailout program. A severe drain in dollar reserves plunged the island nation into turmoil […]
Read MoreSri Lanka could potentially see a unique fiscal year in 2025, with the possibility of two national budgets being presented, according to KPMG Sri Lanka. The situation could likely arise due to the delay in presenting the 2025 budget, noted KPMG Principal Tax and Regulatory Rifka Ziyad, elaborating on the Vote on Account, which was […]
Read MoreSinopec Fuel Oil Lanka (Pvt) Ltd. (SFOL) has announced the introduction of High Sulphur Fuel Oil (HSFO) to the Sri Lankan market for bunkering, a move that is set to transform the country’s maritime fuel sector. This strategic initiative underscores Sinopec’s commitment to customer-centric solutions, addressing a significant supply gap in Sri Lanka’s bunkering industry. […]
Read MoreA monkey has caused a nationwide power outage. The incident took place in the South Asian country of Sri Lanka. A monkey has entered the power grid, causing a nationwide blackout. The disturbance began around 11:30 am local time on Sunday. After about 3 hours of efforts, the problem was not resolved. As a result, […]
Read MoreRemittances from Sri Lankans working abroad have continued to be strong providing much needed heft for the country’s strengthening external sector and thereby the broader economy. According to the data available through January 2025, Sri Lankans working abroad had sent back US$ 573.0 million via official channels, up sharply from the US$ 487.6 million recorded […]
Read MorePresident Anura Kumara Dissanayake stressed that Sri Lanka’s only viable path for recovery is to continue on the current International Monetary Fund (IMF)-backed path and to build up the economy on this foundation. He shared these remarks at the 26th Presidential Export Awards Ceremony held in Colombo yesterday. “Either we can collapse with this foundation […]
Read MoreThe Government of Japan has extended a grant of 300 million Japanese Yen (approximately LKR 565 million) to Sri Lanka to enhance waste management infrastructure facilities under the ‘Clean Sri Lanka’ programme, the President’s Media Division (PMD) said. A Memorandum of Understanding (MoU) for the grant was signed today at the Presidential Secretariat in the […]
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