ECONOMYNEXT – Sri Lanka’s legal draftsman has been instructed to draft a bill on criminal asset recovery, Cabinet spokesman Bandula Gunawardena said. “The Legal Draftsman has been instructed to prepare a bill based on the recommendations of the expert committee appointed to study the policy, legal framework and procedure required to recover the proceeds earned from crime,” Gunawardena said. The International Monetary Fund required that Sri Lanka introduce a comprehensive law on recovery of criminal assets by 2024 in return for its comprehensive loan facility. (Colombo/Apr26/2024 ..read more

ECONOMYNEXT – State-run SriLankan and and Air Seychelles, the national airline of the Republic of Seychelles, have embarked on a codeshare partnership which could lead to multiple new destinations throughout Asia, Africa and Australia for their passengers flying between Colombo and Malé, SriLankan said in a statement. The new move empowers SriLankan Airlines to amplify its position and reach in Africa and to travel conveniently between Colombo and Mahé twice a week. Mahé is the largest island of the Seychelles archipelago. For Air Seychelles, over 20 destinations are included in the partnershi ..read more

ECONOMYNEXT – Sri Lanka has allowed a German research vessel for replenishment in Colombo port for the second time following the clarification from the island nation’s Foreign Ministry after Chinese protest. “It’s the same German research vessel came last month. It came around New Year time when it was returning and the ship was allowed,” a top Foreign Ministry official told Economy Next referring to Sri Lanka’s traditional New Year celebrated on April 14. Another Foreign Ministry official confirmed the German research vessel’s Colombo port call. The Foreign Ministry last month clarified a con ..read more

ECONOMYNEXT – Management of Sri Lanka’s southern Mattala Rajapaksa International Airport has been awarded to a Russia and India joint venture, cabinet spokesman Bandula Gunawardena said. “Five parties submitted Expressions of Interest and the cabinet approved the decision to award it to the Russia-India joint venture on a 30-year contract.” The companies were named as Shaurya Aeronautics Pvt Ltd of India and Airports of Regions Management Company of Russia. The China-built airport has struggled to attract regular traffic, even after a raft of special concessions were offered for international ..read more

ECONOMYNEXT – Colombo city will be developed further into a tourist destination with the relocation of several features, President Ranil Wickremesinghe has said. Wickremesinghe outlined plans “for further development beyond Colombo, including relocating the President’s House to the Madiwela area within the next decade.” There was “potential for transforming sites like Republic Square, Navy Headquarters, Old Jetty, Customs House and the General Post Office into key components of the burgeoning Colombo Tourist City,” Wickremesinghe was quoted as saying by his media divisions at the opening of th ..read more

ECONOMYNEXT – Sri Lanka’s rupee opened stronger at 296.10/20 to the US dollar on Friday after closing at 296.85/297.00 Thursday, dealers said, while bond yields were down. A bond maturing on 15.12.2026 was quoted at 11.28/35 percent from 11.28/32 percent. A bond maturing on 15.09.2027 was quoted down at 11.70/75 percent from 11.70/80 percent. A bond maturing on 15.12.2028 was quoted at 12.10/20 percent. The Colombo Stock Exchange opened up; The All Share Price Index was up 0.55 percent at 12,141, while the S&P SL20 was up 0.91 percent at 3,626. (Colombo/Apr26/2024 ..read more

ECONOMYNEXT – Sri Lanka’s Tourism Minister Harin Fernando had given an assurance that steep surcharges and levies on visa fees that were imposed with a shift to a private company would be reversed from May 01, a top travel official said. Sri Lanka’s 50 dollar visa fee went up to 75 dollars and another 18.5 dollar fee and an apparently hidden ‘convenience fee’ of 5 dollars or more were also hit on prospective travellers after a shift of the island’s acclaimed ETA system to a private company. “We have now been assured by the Hon Minister of Tourism that the process will be reversed by 1st May 20 ..read more

ECONOMYNEXT – Sri Lanka is planning to lift withholding tax on interest income below 100,000 a month to help older citizens who depend on interest income as interest rates fall, State Minister for Finance Ranjith Siyambalapitiya said. With deposit rates falling to around 9 percent from an earlier 16 percent, elderly persons who depend on interest get less income, Minister Siyambalapitiya said. “We are now planning to put in place a mechanism to lift withholding tax from retirees who earn interest below 1,000 rupees a month,” he said in statement. It is likely to cost up to 40 billion rupees to ..read more

ECONOMYNEXT – The Colombo Stock Exchange closed up on Thursday, data on its site showed. The broader All Share Index closed up 1.43 percent, or 170.26 points, at 12,075; while the S&P SL20 Index closed up 2.83 percent, or 98.77 points, at 3,593. Turnover was at 2.9 billion. “Market was extremely bullish today,” market participants said. “Banks were driving this bullishness, and all lost grounds were recovered.” Major positive contributors to the ASPI included Commercial Bank of Ceylon Plc which was up at 110.00, Hatton National Bank Plc up at 197.00, and Sampath Bank Plc up at 80.00. “Ther ..read more

ECONOMYEXT – State-run SriLankan said its engineering units has implemented AMOS, an aviation maintenance management system at its engineering division. By automating the monitoring and coordination of aircraft maintenance with AMOS, the airline said it will be able to boost engineering productivity, reduce costs and maintain quality and consistency in its Maintenance, Repair, and Overhaul (MRO) operations. “The integration took several months to complete given the complexities of transitioning data from our legacy system to the advanced AMOS platform. With this transition, we anticipate moder ..read more