Economic
Minister Nimal Siripala de Silva to propose to Cabinet the sale of 49% stakes in SriLankan Catering, SriLankan Ground-handling and SriLankan Airlines to pay off $ 1 b foreign, domestic debt and dues of national carrier
Govt. to retain controlling 51% stake in flag carrier to enjoy landing rights in over 25 countries
Subsidiary company to be set-up to transfer ground-handling assets and operations
Minister insists restructuring is the only way but assures transparency will not be compromised for urgency
New owners cum managers mandated to retain staff or offer VRS if needed
EOIs to be called from foreign operators after obtaining Cabinet approval
Despite over Rs. 450 b accumulated losses, Chairman Ashok Pathirage says there is great value in SriLankan but stresses restructuring sooner the better to ensure national carrier keeps flying
Reveals SriLankan achieved $ 90 m turnover last month and reduced net loss to $ 1.5 m
Forecasts airline will make a profit in August; pins staggering Rs. 165 b loss in FY22 to hit from 40% devaluation
Claims SriLankan Group with 6,400 employees is not overstaffed and overpaid
Rs. 200bn invested in improving production standards and capacity likely to go in vain
Says decision by govt. will lead to the importation of eggs
Says by the time authorities fix the issue, SL would have lost export markets
Says e-government need of the hour to successfully achieve people’s call for greater transparency, efficiency and productivity Stresses leapfrogging into digital age an opportunity for Sri Lanka
The government of Switzerland announced this week the relaxation of the travel advice to Sri Lanka, a move that could help the island nation welcome more visitors from that country for the upcoming winter season.
Sri Lanka ended 2021 with a total outstanding Government debt of 17,873 BN (105% of GDP). At the end of the first quarter of 2022, total outstanding Government debt increased to 21,697 billion.
Poor management of public funds has played an indisputable role in Sri Lanka’s economic crisis.
ශ්රී ලංකා මහ බැංකුවේ අධිපති ආචාර්ය නන්දලාල් වීරසිංහ, සියලු පාර්ලිමේන්තු මන්ත්රීවරුන්ට විශේෂ දේශනයක් පැවැත්වීමට නියමිතව තිබෙනවා. ඒ, ලබන 30 වැනිදා පස්වරුවේදීයි. එහිදී අතුරු අයවැය සහ රටේ මූල්ය තත්ත්වය සම්බන්ධයෙන් මහබැංකු අධිපතිවරයා මන්ත්රීවරුන් දැනුවත් කිරීමට නියමිත බවයි වාර්තා වන්නේ.
Fresh rounds of buying at the beginning of the week boosted the Colombo stock market yesterday with both indices up over 1% whilst turnover was strong along with net foreign inflow.
State- revenue reached pre-pandemic levels in the first five months of the year by recording 17.5 percent year-on-year (YoY) growth in the period, according to the Central Bank data.
Another round of discussions with the International Monetary Fund, with the aim of finding solutions to the financial crisis facing Sri Lanka, was held yesterday at the President’s Office under the patronage of President Ranil Wickremesinghe.
The Government will implement an Information and Cyber Security Strategy 2019-2023 in relation to all State institutions.
July shipments valued at $ 522 m, up 22.6% YoY and come hot on the heels of record $ 537 m achieved in June
First seven months’ exports cross $ 3 b mark up 20% YoY
Sri Lanka’s tea exports in value in the first seven months of this year have hit an all-time high on lower volume, industry sources said.
Secures the No. 1 position in the General Insurance Category
Wins title of ‘Most Loved Brand’ in both business categories Life and General insurance by Brand Finance for the 5th consecutive year
Secures ‘Most Valuable General Insurance Brand’ in the country by Brand Finance for the 5th consecutive year
Says Treasury is expected to issue a circular in this regard soon
Points out banking system has enough forex to fund essential imports
Claims recent decline of commodity prices not because of open account imports
Effective date for clearance of essential food commodities under open accounts extended until Aug. 31
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