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Watawala Plantations to acquire cattle fodder growing firm Moragoda Agro Services for Rs.88.5 million

Watawala Plantations PLC has entered into a share sale and purchase agreement on 21st Marchwith Aruna Moragoda, who owns a 100% stake in Moragoda Agro Services (Pvt) Ltd for Rs.88.5…

Sri Lanka’s National inflation accelerates at alarming levels in February

Sri Lanka’s National inflation measured by the national Consumer Price Index (NCPI) accelerated to its highest levels since 2015 17.5 percent on a Year-on-Year basis in February 2022, the Department…

In cash-strapped Sri Lanka, two men die waiting in queue for fuel

At least two people have died in Sri Lanka while waiting in long queues for fuel, officials say, as widespread shortages and sky-rocketing prices cause misery and hardship across the…

Sri Lanka to obtain $1 bn credit from India

Sri Lanka’s Finance Minister Basil Rajapaksa signed a $1 billion credit line with India on Thursday to help ease crippling shortages of essential items, including fuel, food and medicine, officials…

Sri Lanka to setup SEZs in Galle, Bandarawela, Ratnapura,Thimbirigasyaya, Fort, Pettah and Kollupitiya

The Urban Development Authority (UDA)  has proposed to set up Special Economic Zones (SEZs) in Galle, Bandarawela, Ratnapura city center, Thimbirigasyaya, Fort, Pettah, and Kollupitiya under proposed city development plans. Urban…

U.S. Marks Two Cultural Preservation Milestones in Sri Lanka with a $265,000 grant

This week U.S. Ambassador Julie Chung visited Kandy to preside over events marking two milestones in the United States’ long-standing support to preserving Sri Lanka’s diverse cultural heritage.    On March 14,…

Sri Lanka finance minister meets top IMF official amid economic crisis

(Reuters) – Sri Lanka’s finance minister held talks with a top International Monetary Fund (IMF) official on Monday, two sources said, as the island nation seeks help to deal with…

Sri Lanka’s Central Bank Removes interest rate caps on forex deposits

The Central Bank of Sri Lanka (CBSL) has removed the interest rate caps imposed on foreign currency deposit products of licensed commercial banks and the National Savings Bank following its…

Sri Lanka’s Public Institutions are faced with wastages of Public Fund over occasional ad-hoc decisions of the Board of Directors

The COPE Chairman (Prof.) Charitha Herath stated that decisions taken by the Board of Directors of Public Institutions occasionally, cause chaos when it comes to public money. The Chairman stated…

IMF Urges Sri Lanka to implement an ambitious fiscal consolidation program to overcome the economic crisis

The International Monetary Fund (IMF) urges Sri Lanka to implement an ambitious fiscal consolidation that is based on high-quality revenue measures which consist of raising income tax and VAT rates…