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Business News (242)

LOLC Divi Saviya has successfully completed Phase 03 of its education initiative, impacting 4,100 schools across Sri Lanka.

The Finance Ministry has issued a strong warning about the significant risks associated with challenging the country’s current debt sustainability assessment (DSA). Such actions could endanger Sri Lanka’s ongoing International Monetary Fund (IMF) bailout programme, potentially delaying vital financial support for months or even years.

The government has approved two local and foreign joint ventures to establish casinos, out of 10 applications submitted to the Ministry of Finance as part of the country’s efforts to boost the gaming industry, according to the Board of Investment (BOI).

Sri Lanka’s economy grew by 4.7% year-on-year (YoY) in the second quarter of 2024, continuing the upward momentum seen since September 2023.However quarter-on-quarter 2Q performance was lower than 5.3% growth achieved in 1Q.

Chinese Ambassador Qi Zhenhong said both China and Sri Lanka are entering significant five-year periods and at a new turning point, which heralds greater opportunities for cooperation.

Sri Lanka has recorded nearly 1.4 million tourist arrivals during the period elapsed this year.The Sri Lanka Tourism Development Authority (SLTDA) stated that the total number of tourist arrivals from January 01 and September 08, stands at approximately 1,395,773.

Sri Lanka’s public sector wage bill will rise to 0.2 percent to 3.8 percent in 2025, under increments proposed by a committee, the Finance Ministry has said.

The International Monetary Fund (IMF) would not agree to changes in key parameters of Sri Lanka’s programme such as primary surplus and debt-to-GDP ratio, as proposed by opposition presidential candidates, Bloomberg Intelligence said.

Jaya Container Terminals Ltd. (JCT Ltd.), a fully owned subsidiary of the Sri Lanka Ports Authority (SLPA), recently commemorated its 16th anniversary.

The Sri Lanka Export Development Board (EDB) remains optimistic about achieving its ambitious export target of over US $ 16 billion for 2024.

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