COLOMBO, Feb 17 (Reuters) – Sri Lanka aims to transform its crisis-hit economy to prepare to resume debt repayments from 2028, President Anura Kumara Dissanayake said on Monday as he unveiled a budget that is seen as a key step towards durable, long-term growth. The left-leaning Dissanayake, who is also finance minister, was elected last year to fix the South Asian island nation’s …
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Gross domestic product (GDP) is an indicator that measures the total value of goods and services generated in a given country over time. Sri Lanka’s Gross Domestic Product (GDP) is a dynamic composite of three primary economic sectors: agriculture, industry, and services. Each sector contributes uniquely to national income, employment generation, and economic stability. Agricultural activities exhibited a notable resurgence, …
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Increased price competition in 2025 is expected to lead to subdued growth in apparel export revenue during the year despite the forecast increase in apparel exports, according to the Joint Apparel Association Forum (JAAF). JAAF Secretary General Yohan Lawrence stated that there was a massive pressure on prices due to the current market conditions, because apparel manufacturers were quoting low …
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Sri Lanka’s banking sector non-performing loans (NPLs) reduced to 12.3% at the end of 2024, indicating a gradual easing of credit risk in the sector, the Central Bank of Sri Lanka (CBSL) said. According to the Monetary Policy Report, the overall default risk of the banking sector, as reflected through the stage 3 loans ratio, reduced to 12.3% at end …
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Can you share some of the key management practices that small and medium-scale dairy farmers should adopt to boost milk production? Effective management is the foundation of a successful dairy farm. Small and medium-scale dairy farmers, who contribute to over 85% of national milk production of Sri Lanka, should focus on implementing practical solutions. First, they should regularly consult with …
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Industries and Entrepreneurship Deputy Minister Chathuranga Abeysinghe states that there is no possibility of reducing taxes within this year, as the government is required to collect 15.1% of the gross domestic product (GDP) in taxes in accordance with agreements reached with the International Monetary Fund (IMF). “A reduction in indirect taxes, in particular, will have to be implemented gradually. We …
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Following the unfortunate loss of Aitken Spence PLC Chairperson D. H. S. Jayawardena (Harry Jayawardena), the company has announced the appointment of D. S. T. Jayawardena (Stasshani Jayawardena) as the new Chairperson with immediate effect. Jayawardena brings a wealth of experience and a strong commitment to continuing the legacy of excellence established by her predecessor. Jayawardena has been an integral …
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Sri Lanka’s third Mutual Evaluation on the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework coordinated by the Asia Pacific Group on Money Laundering (APG) is set to begin in the near future. During this upcoming Mutual Evaluation, Sri Lanka is required to demonstrate Technical Compliance with the 40 Recommendations of the Financial Action Task Force (the global …
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Aimed at accelerating Sri Lanka’s digital transformation, three key digital initiatives were officially launched yesterday by President Anura Kumara Dissanayake. These initiatives include the establishment of the ‘GovPay’ Government digital payment platform, the expansion of the President’s Fund services to the Divisional Secretariat level, and the introduction of the eBMD system for obtaining birth, marriage, and death certificates through embassies. …
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MAS Capital (Pvt) Ltd Wins Exporter of the Year Award for 2023/24 The 26th Presidential Export Awards Ceremony, organized by the Sri Lanka Export Development Board (EDB), was held on Friday, February 7, 2025, at the Bandaranaike Memorial International Conference Hall under the patronage of His Excellency Anura Kumara Dissanayake, President of the Democratic Socialist Republic of Sri Lanka. During …
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