‘Don’t touch EPF/ETF’ protests
Trade unions urging the government not to touch the EPF/ETF in domestic debt restructuring, in a protest outside the Colombo port. Pic by Indika Handuwala
SriLankan Airlines divestment phase 1 ready by end 2023
Divestment of SriLankan Airlines (SLA) and its subsidiaries has been identified as a priority due to its high fiscal risks and its phase 1 restructuring process is to be completed by end 2023, Finance Ministry sources divulged. The Cabinet has approved the divestment of Government-owned shares of SLA and International Finance Corporation has been appointed [...]
Sri Lanka rejects NGO proposal to shift TSS
Sri Lanka has firmly put its foot down to a proposal by international Non-Governmental Organisations (NGOs) to shift the country’s shipping route. The proposal, placed by conservation NGOs at the 80th session of the Maritime Environment Protection Committee (MEPC) of the International Maritime Organisation (IMO) in London on July 6, was rejected by Capt. Upul [...]
Drastic changes in new labour laws
The draft document on labour law reforms have become a bone of contention as the Labour Minister is bestowed with sweeping powers to abolish 13 pieces of legislation in addition to other drastic changes, trade union officials said. According to the draft law reforms it is learnt that a number of laws like the Industrial [...]
Sri Lanka’s aviation industry on recovery mode
Sri Lanka’s recovery rate is above average in Asia with passenger traffic reaching 71 per cent, the International Air Transport Association (IATA) stated on Thursday at the Sri Lanka Aviation Day event held in Katunayake. By April the Sri Lankan passenger numbers reached 71 per cent with expectations that by 2025 it will be able [...]
Five more months for interest rates to reduce
Despite the banking regulator cutting down benchmark interest rates, it will take at least another five months before the banks reduce their rates up to the desired levels, bankers said. Last week, the Central Bank (CB) reduced the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by [...]
Interest-ing times
Lower interest rates would stimulate economic and business activity, generate more borrowing from primarily small and medium scale businesses (SMEs) and create more jobs. This is primarily the reason why the Central Bank for the second time in recent weeks reduced interest rates last week making it a total 4.5 per cent rate cut which [...]
Debt of the rich
“If I become rich, I can be debt-free!” Have you ever thought of that? If someone is having this idea as an opinion or imagination, quite possibly it could be wrong. Today, the world is three-times richer than what it was at the turn of the century – about 22 years ago. World GDP has [...]
Import restrictions implemented without consulting exporters
While Sri Lanka is gradually easing the import restrictions on several essential items which were implemented during the economic crisis, concerns have been raised that restrictions on imports were imposed by the government without consulting the export sector. An official from the Export Development Board (EDB) raised the matter during the publication release and discussion [...]
Domestic, foreign debt soar amidst interest payments
Under the setup of economic revival, the government has paid a massive interest payment for both domestic and foreign debt which is equivalent to state revenue during the first four months of this year, Finance Ministry data divulged. Total government revenue in the first four months of 2023 was Rs. 821.35 billion whereas the total [...]
Foreign financing declines in 1Q 2023 after debt default
Sri Lanka is traversing an unprecedented economic crisis, and according to the Finance Ministry’s latest fiscal situation report, the government‘s foreign fund mobilisation has declined in 1Q this year due to the debt default policy adopted in April 2022. As such, disbursements and new financing commitments received from conventional bilateral creditors have come down significantly [...]
Occidental Eden Beruwala enhances Sri Lanka’s coastal resort scene
Occidental Eden Beruwala is the latest addition to the Barceló Hotel Group portfolio in Sri Lanka. Formerly known as Eden Resort and Spa, Beruwala, Occidental Eden Beruwala is owned by Browns Investments, and managed by the world-renowned Barceló Hotel Group under their Occidental brand. LOLC said a media release said that Occidental Eden Beruwala reopened [...]
CB cancels licences of 15 money changers
The Central Bank has cancelled the permits of 15 (foreign) money changers across Sri Lanka for 2023 owing to violations of the permits issued in 2022. “Accordingly, the public is hereby informed that these companies are no longer permitted to engage in money changing activities, and buying, selling and exchanging foreign currency with such companies [...]
Rockland infuses life back into toddy tapping industry
Rockland Distilleries is Sri Lanka’s first commercial distillery, established in 1924, which has successfully established a programme to collaborate with the Coconut Research Institute (CRI) and NAITA (National Apprentice and Industrial Training Authority) to preserve and develop the art and craft of toddy tapping in the country. Rockland Distilleries together with the CRI and NAITA [...]