Development and Economic News

The High Commission of India recently signed two significant agreements for the construction of 10,000 houses in plantation areas of Sri Lanka under phase IV of the Indian housing project.

SriLankan Airlines has introduced double daily flights between Colombo and Mumbai, multiplying the convenience for passengers travelling to and from India’s financial and entertainment capital.

The Asian Development Bank (ADB) has sanctioned a US$ 200 million concessional loan for Sri Lanka to help stabilize the country’s finance sector following the sovereign debt and economic crises that started in April 2022 after it suspended its external debt payments.

Plans are in place to give all farms owned by the National LiveStock Development Board on lease, for a joint venture between two Indian and Sri Lankan companies.

A total of 900 licenses have been issued for the import of electric vehicles based on the amount of money legally sent to Sri Lanka by expatriate workers, Labour and Foreign Employment Minister Manusha Nanayakkara said.

Sri Lanka is poised to receive approval from the International Monetary Fund (IMF) for the second tranche of the $ 2.9 billion Extended Fund Facility (EFF) next week.

Air Astana today launched four direct charter flights weekly between Kazakhstan and Colombo, Airport and Aviation Sri Lanka said.

In a momentous ceremony held today (Dec.05), the Sri Lanka Air Force (SLAF) marked a significant chapter in the history with the ceremonial induction of two Harbin Y-12 IV aircraft at SLAF Base in Ratmalana.

The Board of Investment of Sri Lanka (BOI) has introduced an online web portal to manage the recruitment process within the BOI.

  • Deficit in the overall budget widens to Rs.1,613.58bn in the nine months from Rs.1,244.41bn YoY
  • Tax revenue up over 50% to Rs.1934bn amid upward revisions to tax rates and introduction of new taxes
  • However, total expenditure up by 38.5% to Rs. 3,732.33bn with recurrent expenditure surging 44.7% to Rs.3,327.68bn
  • Primary balances records a surplus of Rs.123.7bn compared to a deficit of Rs.317.04bn

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