Economic

Sri Lanka’s tourism industry has seen significant growth in 2024, with earnings reaching nearly $ 2 billion in the first seven months of the year, boosted by an influx of over 1.25 million visitors year-to-date. 

• Visa India and South Asia Vice President and Product Head Ramakrishnan Gopalan predicts Sri Lanka will drive growth in digital payments, cards and contactless instruments
• Points to significant penetration of debit cards in Sri Lanka with expected growth in credit card usage
• Highlights Sri Lanka’s rapid adoption of new payment trends showing readiness for digital payment adoption
• Visa Country Manager for Sri Lanka and Maldives Avanthi Colombage says over 35% increase in Visa debit card spending in 2023
• Says increased debit card usage in Sri Lanka mirrors trends in developing countries, favouring card payments over cash
• Opines economic recovery boosts opportunities for affluent consumption, tourism, and low inflation
• Cites growing popularity of ‘buy now, pay later’ schemes, literacy in using multiple payment instruments
• Asserts significant industry investment requirement to support the Govt.’s digital economy efforts

රාජ්‍ය සේවය තුළ සියලු විශ්‍රාමිකයන් වෙත දැනට ලබාදෙන රුපියල් 2,500ක දීමනාවට අමතර ව රුපියල් 3,000ක් එක්කොට එළඹෙන සැප්තැම්බර් මාසයේ සිට රුපියල් 5500ක අන්තර්කාලීන දීමනාවක් ලබාදීමට පියවර ගෙන ඇති බව මුදල් රාජ්‍ය අමාත්‍ය ආචාර්ය රංජිත් සියඹලාපිටිය මහතා පවසයි.

The US Embassy yesterday announced an additional commitment of $ 24.5 million (Rs. 7.2 billion) from the American people to further our long-standing investment in the people of Sri Lanka and our partnership. 

Sri Lanka has surpassed a significant milestone for 2024, with visitor numbers exceeding 1.2 million so far this year. 

ජාත්‍යන්තර මූල්‍ය අරමුදලේ (ජා.මූ. අරමුදලේ) විස්තීර්ණ ණය පහසුකමේ සහාය සහිතව ක්‍රියාත්මක කෙරෙන ශ්‍රී ලංකාවේ ආර්ථික ප්‍රතිසංස්කරණ වැඩසටහන යටතේ ආර්ථික හා මූල්‍ය ප්‍රතිපත්ති ක්‍රියාවට නැංවීමේ ප්‍රගතිය සහ මෑත කාලීන සාර්ව ආර්ථික ප්‍රවණතා සාකච්ඡා කිරීම සඳහා ජ්‍යෙෂ්ඨ දූත මණ්ඩල ප්‍රධානී පීටර් බෲවර් මහතාගේ නායකත්වයෙන් යුත් ජා.මූ. අරමුදලේ දූත කණ්ඩායමක් 2024 ජූලි 25 සිට අගෝස්තු 2 දක්වා ශ්‍රී ලංකාවේ සංචාරයක යෙදුණි.

The Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MoU) with the Registrar General of the Registrar General’s Department on 6 August at the Central Bank of Sri Lanka (CBSL) to receive information on Trusts, property registrations, and any suspicious activities relating to Trusts and property registrations in relation to Money Laundering (ML), Terrorist Financing (TF) and related crimes.

• Launches direct flights from Chennai from 1 September
• Jaffna becomes 122nd destination in the larger 6E network

IndiGo has announced Jaffna, Sri Lanka as the newest addition in its international route network.  

The airline will start non-stop daily flights between Chennai and Jaffna, starting 1 September 2024. Jaffna will be the second destination in Sri Lanka after Colombo for IndiGo, making it the 34th international and 122nd overall destination in its extensive 6E network. 

This strategic announcement will further strengthen the strong cultural and trade ties between India and Sri Lanka that have been marked by cooperation in the field of commerce, infrastructure development and air connectivity. Bookings for the flight are open from 1 August 2024. 

India has consistently held the position of the top primary market for international tourist arrivals to Sri Lanka. In June 2024, Indian arrivals accounted for 25.2% of the total, with over 28,631 travellers, compared to a 26.7% share in June 2023, with around 26,830 passengers. There is also an increasing interest for travel to Jaffna. In this context, IndiGo’s latest route announcement to Jaffna will enhance accessibility across the region. Jaffna will complement IndiGo’s existing flights to Colombo, offering travellers a secondary market access point in Sri Lanka. IndiGo Head of Global Sales Vinay Malhotra said, “We are pleased to announce Jaffna as our new destination in Sri Lanka, which will serve as a catalyst in enhancing trade and tourism between our two countries. In addition to these daily flights from Chennai to Jaffna, we also offer 30 weekly frequencies from four points in India to Colombo. This 75-minute flight would significantly reduce travel time, making Jaffna, Sri Lanka even more accessible. We are continuously working towards providing our customers with superior connectivity and enhanced accessibility to explore new horizons with our ever-expanding range of travel options.”

The demand for travel between Chennai and Jaffna is evident, with over 21,000 passengers flying the route in just nine months last year. IndiGo’s new direct flight provides a timely boost to this resurgence, offering seamless connectivity and tapping into a key market for Sri Lanka’s tourism revival. India and Sri Lanka share a rich legacy of intellectual, cultural, religious and trade relations spanning over 2,500 years. 

Jaffna, a city located in the northern province of Sri Lanka, is a destination that boasts a rich history and cultural significance. Its vibrant Tamil heritage is reflected in its traditions, festivals, and historical landmarks, showcasing the resilience and diversity of its people. Visitors can explore iconic sites such as the Jaffna Fort, which serves as an architectural testament to the region’s colonial past, and the Nallur Kandaswamy Kovil, a revered Hindu temple that holds both religious and cultural importance. 

The community’s resilience, combined with its cultural treasures and culinary delights, makes Jaffna a must-visit destination for travellers seeking an authentic and enriching experience.

FT

The Chief Justice has constituted a fuller bench in the Supreme Court to hear the on-going cases against the Indian giant Adani’s wind power projects in Sri Lanka.