IMF-Sri Lanka discussions
The International Monetary Fund’s (IMF) first review of the Extended Fund Facility (EFF) programme got underway on Thursday at the Presidential Secretariat. Picture shows IMF officials at the briefing with government officials and State Finance Minister Shehan Semasinghe.
CPC to adjust fuel prices daily from next year
If the Ceylon Petroleum Corporation (CPC) has its way and the government concurs, prices at the pump next year would be subject to daily changes instead of the current monthly changes. The daily automated fuel price revision system will be enforced next year with a view of resolving debt overhangs and low efficiency CPC petrol [...]
ChEXIM to consider Sri Lanka’s debt restructuring based on economic interests
The Chinese Exim Bank (ChEXIM) is to consider the restructuring loans based on its economic interests but it is still to take a decision on the extension of the two-year moratorium granted to Sri Lanka till the end of this year. This was revealed during closely guarded discussions held between Sri Lanka top level fiscal [...]
Cargo volumes decline, pax, aircrafts up
Sri Lanka’s airport statistics in the first 8 months indicate a significant increase in passengers and aircrafts and a drop in cargo. International passenger movements has seen a 35.78 per cent increase in the first eight months this year at 4,894,740 passengers compared to the same period last year, officials said. An increase of 19.34 [...]
Treasury to approve funds for urea plant
Sri Lanka is to re-establish a urea manufacturing plant in the country for which Treasury approval is likely to be granted soon. The Paranthan Chemicals Company, a fully state owned entity, is involved in establishing this plant for which a feasibility study is to be carried out on request from the Sri Lanka Institute of [...]
Independent agency to manage ever increasing public debt
The government will establish an independent debt management agency by end December 2023 and implement measures to control ever increasing public debt running up to over Rs. 5 trillion at present. Currently, public debt is managed by the Central Bank’s Public Debt Department, the Finance Ministry’s External Resources Department and Treasury Operation Department. It has [...]
Ranil to meet top biz heads in US
President Ranil Wickremesinghe is slated to meet some big guns when he addresses a major business forum in New York next week, according to political sources. Mr. Wickremesinghe’s official visit to Cuba where he participated at the “G77 Group and China” Heads of State Summit from September 15 to 16 concluded successfully and he will [...]
SriLankan Airlines to hire 80 new pilots
National carrier SriLankan Airlines CEO Richard Nuttal said this week they will be recruiting 80 new foreign pilots as they face a dearth of required personnel to man their aircraft. The airline will be looking at recruiting 30 pilots this year and another 50 by mid next year, the CEO said when talking to journalists [...]
Responding to a crisis
Who says the authorities are not listening to Sri Lanka’s powerful business community? It did – this week with the Simplified VAT (SVAT) system implementation being postponed or deferred to a date in April 2025 against an implementation date of January 2024 following strong objections from exporters. In fact, the business community is appealing to [...]
Sustainable tourism and business competitiveness
Why do some people pay so much to spend a day at your hotel?” I asked one day from the manager of a luxury hotel. He said: “They are excited about different experiences of living and over-consumption of luxuries for which they pay. And after all, they can also get away leaving the mess behind [...]
Govt. hospitals’ management to be revisited, says President
While highlighting that government hospitals need proper management systems and designed accordingly, people in the government must look at the Durdans Hospital in Colombo as an example to learn how a hospital is properly managed, President Ranil Wickremesinghe stressed. Last Tuesday, Durdans Hospital unveiled its newly built Alfred Place wing and launched ‘The Journey of [...]
International ADR Centre mediation symposium 2023
The International ADR Centre will hold its annual Mediation Symposium for the second consecutive year on September 26. The event under the theme “Mediation – The smart option for Commercial Dispute Resolution” will feature discussions on the value of mediation for dispute resolution and the global developments to support the use of mediation for many [...]
Private hospitals outcry over doctors’ migration
Private hospitals have joined the criticism over the migration of medical consultants and practitioners. Soon there is going to be a dearth of doctors and it’s already happening in the country, one official noted. “Many medical consultants and practitioners are leaving the country and we need to bring down more doctors from overseas. The Sri [...]
99X investors
99X CEO Mano Sekeram (third from right) and his foreign investors pose for a picture at a reception in Colombo this week for the visitors. Mr. Sekeram is also Norway’s new Honorary Consul General to Sri Lanka. Pic by M.A. Pushpa Kumara
Awareness seminar for AL students
The 1999-year batch of former students of St. Joseph’s College recently conducted a career guidance seminar for AL students of the college. It was an awareness programme to cover opportunities in areas such as entrepreneurship, banking and finance, vocational training, ICT, tourism, digital media marketing and logistics. More than 350 students took part in the [...]
CSE launches RSS and SBL
The CSE (Colombo Stock Exchange) has introduced RSS (Regulated Short Selling) through SBL (Stock Borrowing and Lending), All investors who hold CDS (Central Depository System) accounts can now do SBL transactions as lenders and borrowers via the CDS through their corresponding trading participants and custodian banks (CDS participants), officials said. SBL connects the two parties [...]
Gold Route pumps in Rs.42m
The BIA’s premier service facility for VIP arrivals has seen a surge in volume and an increase in its revenue since it opened in August last year. The VIP service has seen around 700 persons using the Gold Route facility and generating revenue of over Rs.42 million. Passengers using this exclusive facility are charged $206. [...]
BOC, OUSL kickoff ‘Less Plastic Movement’
In fulfilling its commitment as a corporate sustainability citizen towards advancing the sustainable development agenda, the Bank of Ceylon (BOC) recently partnered with the Open University of Sri Lanka (OUSL) to commence the national campaign ‘Less Plastic Movement’. This national campaign was kicked off and a collective effort was organised to collect plastic and polythene [...]
Excise Department goes for digital information system
The 103 year-old Excise Department will be modernised to enhance revenue collection by installing digital information system while improving efficiency of employees, curtailing irregularities and tax evasion by large scale liquor manufacturers, The department has functioned without a computer-based information system and details of the productions in several liquor manufacturing plants cannot be traced due [...]
Sri Lanka participates at Bangkok gem and jewellery fair
Considering the importance of strengthening the gem and jewellery industry and increasing the sector’s contribution to the economy, the Export Development Board (EDB) in collaboration with the Sri Lanka Embassy in Thailand organised a Sri Lanka pavilion at the 68th Bangkok Gems and Jewellery Fair (BGJF) 2023 held last week. Thailand is considered as the [...]
LAUGFS Gas, Lanka IOC reshape Sri Lanka’s energy sector
LAUGFS Gas PLC, a leading energy solutions provider, and Lanka IOC, a prominent petroleum company, have forged a strategic partnership. This collaboration marks a pivotal moment in the industry as these two giants unite to drive innovation, enhance operational efficiency, and elevate customer service standards for the local LPG customer base, LAUGFS said in a [...]
Aesculap Academy awarded UK RCS accreditation
The Aesculap Academy education portfolio has been awarded global accreditation by the Royal College of Surgeons of England (RCS England) for three years until March 2026. The global accreditation is an award of excellence from the RCS England that recognises the outstanding surgery-related education provided by the Aesculap Academy around the world. The Royal College [...]