Development and Economic News

The National Savings Bank (NSB) said yesterday it demonstrated its mettle amidst challenges by recording a Profit after Tax (PAT) of Rs. 7.2 billion for the fiscal year ended December 31, 2023.

The government is considering the lifting of the ban on the importation of vehicles if the country's economy improves by next year, Finance State Minister Ranjith Siyambalapitiya said.

Despite the winter season coming to a close, Sri Lanka Tourism experienced an impressive surge in arrivals, with over 39,000 visitors recorded during the first week of April.

The government is venturing into public private partnership with suitable foreign investors for the manufacture of phosphate fertiliser making use of the Eppawala rock phosphate deposit in the North Central Province, Agriculture Minister Mahinda Amaraweera said.

Softlogic Life has launched ‘Annual Report Analyser’, Sri Lanka’s first AI-powered tool that analyses and interprets information from its annual report titled ‘Bigger, Better, Bolder’.

Sri Lanka’s tourism sector is expecting a multiplier effect across all key source markets following United Kingdom’s recent update on the travel advisory for Sri Lanka, which will immediately result in a significant boost in tourist arrivals in the upcoming summer season.

The US has expressed support for Sri Lanka's security and sovereignty and its ongoing efforts to complete the fiscal, monetary, and governance elements of its IMF bailout programme.

Power and Energy Minister Kanchana Wijesekera spearheaded a high-level discussion with the visiting South Asia Regional Director of the International Finance Corporation (IFC) to explore avenues for advancing renewable energy projects and electricity sector reforms in Sri Lanka.

The soft pedalling by the Government to carry out crucial reforms of State Owned Enterprises is forcing taxpayer’s wallets to take the brunt of the hit, Advocata Institute said yesterday.

Sri Lanka's State Finance Minister Shehan Semasinghe called on US Ambassador to Sri Lanka Julie Chung in Colombo, ahead of his trip to Washington for the IMF Spring Meeting.

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