Development and Economic News
Mannar, Madurai identified as Indo-Lanka grid connectivity points
Mannar in north-western Sri Lanka and Madurai in southern India have been identified as the connecting points of the proposed electricity transmission line between the two countries, a source familiar with the process said.
China Exim Bank still to announce its entry into SL debt treatment
The Government says that it has reached an agreement on the key principles and indicative terms of a debt treatment with the Export-Import Bank of China (“China Exim Bank”).
Ceylon Chamber says Digital ID imperative for SL’s digital transformation
The Ceylon Chamber of Commerce, together with industry stakeholders, yesterday stressed the vital importance of implementing a Digital ID system to propel the transformation of the Sri Lankan economy.
Government to regulate micro finance institutions countrywide
In the wake of irregularities and complaints of haressing poor creditors, the government is to regulate 15,000 microfinance institutions that are illegally operating in the country.
Central Bank signs agreement with Govt. to retain 5% inflation target
The Central Bank has inked an agreement with the Government to uphold a 5% inflation rate, with a permissible 2 percent variation.
Sri Lanka Tourism earnings soar to US $ 1.5 b by end of 3Q
Sri Lanka’s tourism sector has surged ahead in 2023, with earnings totalling nearly $ 1.5 billion in the first nine months of the year, alongside a notable influx of over 1.01 million visitors.
Central Bank expresses dismay on restructuring state banks
The Central Bank, the sole regulator of banks and financial institutions, is in the dark relating to a decision taken to restructure six state banks as indicated in a list issued by State Owned Enterprise Restructuring Unit (SRU) to the media, Central Bank (CB) Governor Nandalal Weerasighe proclaimed
Central Bank expresses dismay on restructuring state banks
The Central Bank, the sole regulator of banks and financial institutions, is in the dark relating to a decision taken to restructure six state banks as indicated in a list issued by State Owned Enterprise Restructuring Unit (SRU) to the media, Central Bank (CB) Governor Nandalal Weerasighe proclaimed
Government to impose zero customs tariff for electric vehicle imports
Sri Lanka’s motor traders have raised serious concerns on the government’s decision to impose a zero customs tariff on the CIF value to import electric vehicles with power up to 500 kW or Plugin Hybrid Electric Vehicles (PEHV) up to 3000CC in semi-knockdown (SKD) form for local assembly.
Central Bank Chief anticipates IMF Board approval by November
The Central Bank Governor Nandalal Weerasinghe revealed yesterday that they anticipate the completion of the International Monetary Fund (IMF) first review by the end of this month with approval from its Board in November, with the subsequent process of debt restructuring in tandem with these efforts.