News
Sri Lanka’s economy will grow by 1.3% in 2024, says ADB
The World Bank noted that the Sri Lankan economy will continue to face significant challenges in 2023 and beyond.
The baseline scenario projects the economy to contract by 4.3 percent in 2023 – following the contraction of 7.8 percent in 2022 – as demand continues to be subdued, job and income losses intensify, and supply side constraints adversely affect production.
The World Bank also said that the restructuring of external as well as certain domestic debt will be needed to restore debt sustainability.
It added that a strong and credible structural reform program is critical to avoid a prolonged crisis and address the root causes of the current economic difficulties.
The World Bank said that firm resolve of political leadership and Sri Lankan citizens will be required to overcome the crisis through several structural reforms.
It added that meaningful outcomes of debt restructuring, and the collective support of international partners will also be needed to maintain the reform momentum and chart the course for a speedy and robust economic recovery.
It noted that better-targeted social assistance, a recovery in more productive sectors, and an increase in the real value of incomes will be needed to reduce poverty.
The World Bank said that Sri Lanka can use this crisis as an opportunity to build a strong and resilient economy.
It said the crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances.
The World Bank said that higher income groups, in particular, will need to take more of the burden to protect the poor and vulnerable, as Sri Lanka embarks on this journey towards a stronger and more resilient economy.
News
3 dead in Dunhinda bus accident
News
11th International Day of Yoga celebrated in Colombo (Pics)
The 11th International Day of Yoga (IDY) was celebrated with great enthusiasm by the High Commission of India in Colombo and its cultural arm, the Swami Vivekananda Cultural Centre (SVCC) in collaboration with the Ministry of Health and Ministry of Public Administration, Provincial Councils and Local Government Sri Lanka at the historic Independence Square in Colombo today (June 21).
This year’s theme, “Yoga for One Earth, One Health”, highlighted the universal relevance of yoga in fostering harmony between humans and nature.
The High Commissioner of India to Sri Lanka, H.E. Santosh Jha, joined the celebrations along with distinguished guests including Minister of Science and Technology – Dr. Chrishantha Abeysena, Minister of Labour and the Deputy Minister of Economic Development – Prof. Anil Jayantha Fernando, Deputy Speaker of the Parliament of Sri Lanka – Dr. Rizvie Salih, Deputy Minister of Defence – Major General K. P. Aruna Jayasekara, Deputy Minister of Buddhasasana, Religious and Cultural Affairs – Gamagedara Dissanayake Deputy Minister of Sports – Sugath Thilakaratna, and other senior dignitaries.
The event began with a spiritual invocation through prayers by Most Ven. Dr. Maitipe Wimalasara Nayaka Thera and the Maha Sangha, who offered blessings for peace and well-being. A dynamic and refreshing yoga and meditation session followed, conducted by experts from renowned yoga institutions in India and Sri Lanka. The event brought together hundreds of yoga enthusiasts, dignitaries, and students in a shared spirit of wellness and unity. As part of the celebrations, a specially curated Yoga Pendrive and a Sinhala translation of the Hatha Yoga Pradeepika were launched, aiming to make authentic yoga knowledge more accessible. Complementing the main event in Colombo, the Consulates in Hambantota and Jaffna, along with the Assistant High Commission in Kandy, also organized special events – reflecting the enthusiastic and widespread participation in the 11th International Day of Yoga across Sri Lanka.
In a significant prelude to the main event, the Department of Ayurveda, Ministry of Health, Government of Sri Lanka and Swami Vivekananda Cultural Centre jointly organized a landmark, island-wide celebration of the International Day of Yoga on 19 June 2025, with simultaneous yoga sessions held in 113 Ayurveda hospitals and four universities across all nine provinces – marking the first time such a nationwide initiative has been undertaken in Sri Lanka in a unified fashion.
It may be recalled that the United Nations General Assembly adopted a resolution piloted by India in 2014, proclaiming June 21 each year as the International Day of Yoga. The resolution was supported by more than 170 countries, with Sri Lanka being one of its proud co-sponsors.
News
Mathews bows out of Test cricket
3 dead in Dunhinda bus accident
11th International Day of Yoga celebrated in Colombo (Pics)
