Development and Economic News

January revenue and grants amounted Rs. 283 bn

Credit card ceiling rate due for downward revision as other lending rates descend fast

Sri Lanka welcomed over 46,000 international tourists for the first 12 days of May, a drop in momentum due to the start of the off peak season.

On a positive note, SLT-Mobitel witnessed an increase in Profit after Tax when compared to the previous quarter (Q4 2023), driven by improved EBITDA and operating profit, as well as forex gains and reduced interest costs.

A leading hotel in Derby, in the United Kingdom - Cathedral Quarter Hotel - has been sold to a Sri Lankan company, Derbyshire Live news agency reported.

Startling revelations have surfaced as to how Ceylon Electricity Board (CEB) has offered a solar project tender to the highest bidder and created a loss of several billions of rupees in the process to the national coffers.

Information has been uncovered regarding a large-scale racket of illegally importing shoes manufactured in foreign countries and selling them within Sri Lanka.

Earnings from tourism displayed continued strengthening despite some softening from March. Arrivals eased last month but the momentum persists, projecting robust earnings from the trade which once saw a prolonged decline due to repeated crises from 2019 onwards through 2022.

Sri Lanka’s insolvent companies are to be allowed to continue operating following government’s decision of enabling creditor banks to avoid declaring bankruptcy of such entities, Finance Ministry sources said.

For the first time in Sri Lanka, to promote entrepreneurship (Public/Private), the Industrial Development Board and the Ceylon Federation of MSME signed a memorandum of understanding today (2024.05.09) at the Industrial Development Board head office.

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