ECONOMYNEXT – Sri Lanka has allowed the import of some black gram, by three state agencies, according to a gazette notice issued under the hand of President Ranil Wickremesinghe. Import licenses will be given for 2,000 metric tonnes of the seed classified under HS Code 7312.31.22 and 29. Sri Lanka State Trading Corporation, National Food Promotion Board and Sri Lanka Hadabima Authority is to be given import licenses. Traders have resorted to smuggling some types of black gram (ulundu) mis classified as chick peas, to get over high taxes and import restrictions. Tamil legislators have also prot ..read more

ECONOMYNEXT – Sri Lanka’s central bank has issued directions limiting loans to a singe borrower or a group of connected customers to 25 percent of Tier I capital, with state enterprises which turned out to be the biggest borrowers, also included. In a 2007 direction, banks were allowed to give loans up to 30 percent of capital for a single customer and 33 percent for a group but the rules were widely violated in the case of state enterprises, which were used as off-budget vehicles to give energy and other subsidies. Banks will have to limit exposures to 25 percent starting from January 2026. A ..read more

ECONOMYNEXT – Malaysia’s AirAsia group, FITS Aviattion of Sri Lanka and Hayleys are among bidders for state-run SriLankan Airlines, a statement from the State-owned Enterprises Restructuring Unit said. Dharshaan Elite Investment Holding (Pvt) Ltd, . Sherisha Technologies Private Limited and Treasure Republic Guardians Limited are the other bidders. The responses will be evaluated to choose qualified investors. International Finance Corporation, as Transaction Advisors for the divestiture of SriLankan Airlines Limited, will continue to advise the government, the statement said. (Colombo/April22 ..read more

ECONOMYNEXT – Sri Lanka’s revenue collecting bodies have outperformed and exceeded tax revenue target by 6 percent for the first quarter ended on March 31, State Revenue Minister Ranjith Siyambalapitiya said. “After many years of difficult challenges, it has been possible to exceed the expected state revenue in the first quarter of 2024,” he said in a statement. The government expects a revenue collection of 4,106 billion rupees in 2024. “The reason for the economic crisis in the past period was the reduction in the level of government revenue. Considering the achievement of higher than the ta ..read more

ECONOMYNEXT – Malaysia’s AirAsia group, FITS Aviattion of Sri Lanka and Hayleys are among bidders for state-run SriLankan Airlines, a statement from the State-owned Enterprises Restructuring Unit said. Dharshaan Elite Investment Holding (Pvt) Ltd, . Sherisha Technologies Private Limited and Treasure Republic Guardians Limited are the other bidders. The responses will be evaluated to choose qualified investors. International Finance Corporation, as Transaction Advisors for the divestiture of SriLankan Airlines Limited, will continue to advise the government, the statement said. (Colombo/April22 ..read more

ECONOMYNEXT – The Colombo Stock Exchange’s main index gained on Monday, data by the bourse showed. The broader All Share Index closed 0.64 percent or 75.18 points up at 11,828.22, while the S&P SL20 Index gained 0.94 percent, or 32.46 points to 3,481.89. Turnover was at 1.3 billion. “Mostly retailers were there because it is a sandwich Monday. There were some renewed interests on banking and financial shares as they were oversold last week,” a stockbroker said. Commercial Bank of Ceylon Plc gained 1.4 percent to 106.00 rupees Sampath Bank edged up 0.4 percent to 77.80, and DFCC Bank Plc ro ..read more

ECONOMYNEXT – Malaysia’s AirAsia group, FITS Aviattion of Sri Lanka and Hayleys are among bidders for state-run SriLankan Airlines, a statement from the State-owned Enterprises Restructuring Unit said. Dharshaan Elite Investment Holding (Pvt) Ltd, . Sherisha Technologies Private Limited and Treasure Republic Guardians Limited are the other bidders. The responses will be evaluated to choose qualified investors. International Finance Corporation, as Transaction Advisors for the divestiture of SriLankan Airlines Limited, will continue to advise the government, the statement said. (Colombo/April22 ..read more

ECONOMYNEXT – Pro-Chinese Maldivian President Mohamed Muizzu’s People’s National Congress (PNC) secured a landslide victory in the Parliamentary elections held this weekend, the archipelago’s election results showed. Muizzu’s “India Out” campaign helped massively for the election results, analysts say. The main opposition Maldivian Democratic Party led by pro-Indian and former President Ibrahim Mohamed Solih won only 15 seats from 65 in the previous parliament, local media reported. Official results are expected later Monday. The election was closely watched by regional powers India and China ..read more

ECONOMYNEXT – Indian Tobacco Company (ITC) will launch its Sri Lankan property this week, an official said, a decade after the start of the construction in the land it owns next to China’s high end Shangri-La Hotel. This waterfront luxury development will include Colombo’s tallest residential tower with 48 stories, connected by a dual sky bridge to a 29-story hotel. Named as ITC Ratnadipa, is a subsidiary of ITC Limited and the proprietor is locally incorporated WelcomHotels Lanka Pvt. Ltd. The hotel is located adjacent to the Galle Face Green and Chinese-built Colombo Port City. It is also si ..read more

ECONOMYNEXT — Sri Lanka President Ranil Wickremesinghe will be next to an independent symbol on the ballot paper, according to United National Party (UNP) general secretary Palitha Range Bandara. Bandara told reporters that the ruling Sri Lanka Podujana Peramuna (SLPP) will have its symbol, the lotus bud, on the ballot if the party decides to contest. He was responding to a question about a comment SLPP parliamentarian Namal Rajapaksa had made that the lotus bud would definitely appear on the ballot paper no matter what. “If the SLPP contests, their symbol will be there on the ballot paper. Mr ..read more