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Development and Economic News

The Bank of Ceylon said yesterday it reported Rs. 3.3 billion of Profit before Tax (PBT) for the three-month period ended 31 March amidst the unprecedented challenges continued to prevail from previous year.

A Financial Sector Support Fund to ensure macro-stability has been proposed as one of the key solutions for for foreign reserve depletion.

A staff team of the International Monetary Fund (IMF) now in Sri Lanka is currently holding talks with government’s key fiscal and monetary officials directly involved in IMF procedures, Finance Ministry sources confirmed.

Sri Lanka’s remittances from official channels rose to 454 million US dollars in April 2023, up 82.9 percent from a year earlier, as more expatriates use formal banking network to send their earnings, central bank revealed.

Process to begin in two months and be completed by year’s end

The Finance Ministry has identified 430 state institutions, both loss- and profit-making institutions, for the proposed restructuring process.

Cash-strapped Sri Lanka’s national airline announced a staggering US $ 525 million annual loss yesterday.

A new fuel pipeline is to be laid between Colombo Port and the Kolonnawa terminal ahead of the signing agreement with a US company to begin its retail fuel distribution in Sri Lanka.

For the first time in 15 years, SriLankan Airlines has succeeded to post an operating profit of Rs. 1.7 billion in FY22 reflecting improvement as against a loss of Rs. 8.12 billion in the previous year.

The Government has requested the World Bank’s assistance to conduct a full assessment of the recent electricity tariff hikes and the impact it has on both, poor and vulnerable groups.

Friday, 12 May 2023 19:33

Milk powder importers to slash prices

The price of a kilogramme of milk powder will be reduced by Rs. 200 with effect from May 15, Trade Minister Nalin Fernando said.

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