News

Discussion with WB representatives on future development plans of SL

Published

2 years ago

November 17, 2022

editor

A discussion was held today (17) at the Ministry of Finance with World Bank representatives on Sri Lanka’s future development plans and policies under the patronage of Mr Sagala Ratnayake, Senior Advisor to the President on National Security and Chief of Staff to the President, State Minister of Finance Shehan Semasinghe and Minister Dilum Amunugama with the World Bank Director for Sri Lanka Faris Hadad-Zervos.

The future development plans and policies of the country were discussed at length during the meeting.

The discussions focused on Improving fiscal oversight and debt management, Improving tax administration, Reducing sovereign financial sector nexus and systemic risks, Improving energy sector performance and reducing carbon footprint, Restructuring and divesting of SOEs, Reducing policy uncertainty and increasing competitiveness of the economy, Mobilizing private capital and competition in the broadband market and Strengthening social protection institutions, delivery systems and targeting.

Secretary to the President Saman Ekanayake, Senior Economic Adviser to the President R.H.S. Samaratunga, Finance Ministry Secretary Mahinda Siriwardena, Central Bank Governor Dr Nandalal Weerasinghe and government officials of line institutions were also present.

Following this meeting, World Bank Director for Sri Lanka Faris Hadad-Zervos and the World Bank delegation also met President Ranil Wickremesinghe and briefed him on these matters.

News

PNB seize over Rs. 280 mn. in biggest drug money bust

Published

9 hours ago

January 17, 2025

editor

The Police Narcotics Bureau (PNB) has seized a stash of currency notes amounting Rs. 283 million.

It is said that this is the largest amount of cash ever confiscated from a drug trafficker in Sri Lanka.

The banknotes were recovered from a residence in Kurunegala during a search operation. 18 grams of ‘Ice’ (Crystal Methamphetamine), a double-cab, and a van were also seized during the raid.
According to police, the money allegedly belongs to a suspect who is currently in prison.

The suspect was presented before the Kurunegala Magistrate’s Court and the Magistrate has granted permission for authorities to detain and further interrogate him.

News

Energy Ministry differs on electricity tariffs (Update)

Published

9 hours ago

January 17, 2025

editor

Hours after the Public Utilities Commission of Sri Lanka (PUCSL) announced a 20% average reduction in electricity tariffs effective from midnight today (Jan. 17), the Energy Ministry has stated that the tariff revision would be implemented only upon receiving approval from the Finance Ministry.

In a media release, the Ministry has said that the proposals should be first officially received and thereafter they would need Finance Ministry advice.

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(Previous News : January 17, 2025 3.05pm)

Electricity tariffs slashed by 20%

The Public Utilities Commission of Sri Lanka (PUCSL) has decided to slash electricity tariffs by an overall average of 20 percent.

The tariff reduction will affect all consumer categories and will come into effect from midnight today (Jan. 17).

The PUCSL’s proposed reductions are as follows;

Domestic tariff – reduced by 20%
Places of worship – reduce by 21%
Hotels – reduced by 31%
Industries – reduced by 30%
Government Institutions – reduced by 11%

Electricity tariffs reduction (Domestic)

0-30 units reduced by 29%
31-60 by 28%
61-90 by 19%
91-180 by 18%
More than 180 by 19%

BIZ

SL – China currency swap agreement, renewed

Published

10 hours ago

January 17, 2025

editor

The Central Bank of Sri Lanka and the People’s Bank of China, in December 2024, successfully renewed the Bilateral Currency Swap Agreement signed in 2021, for a period of another three (03) years, under the terms and conditions stipulated in the original agreement.

The CNY 10 billion (approximately USD 1.4 billion) currency swap facility reflects the financial cooperation between China and Sri Lanka.

Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, signed the agreement on behalf of the Central Bank of Sri Lanka, while Mr. Pan Gongsheng, Governor of the People’s Bank of China, signed on behalf of the People’s Bank of China.

(CBSL)