News

US announces additional commitment of US $24.5 mn to SL

Published

5 months ago

August 9, 2024

editor

The U.S. Embassy in Colombo has announced an additional commitment of US $24.5 million (Rs 7.2 billion) to Sri Lanka.

The additional funding was announced during a visit to Sri Lanka by the U.S. Agency for International Development’s (USAID) Assistant Administrator of the Bureau for Asia Michael Schiffer at an event at the Ministry of Finance.

USAID Sri Lanka and Maldives Mission Director Gabriel Grau also participated in Friday’s ceremony alongside State Minister of Finance Shehan Semasinghe.

The funds, committed through a Development Objective Grant Agreement between USAID and the government of Sri Lanka, are expected to strengthen Sri Lanka’s market-driven growth, foster environmental sustainability and resilience, and promote good governance practices.

As a result of our partnerships across government, non-governmental organizations, and civil society, the funds support collaborative efforts that are making a positive difference in the lives of Sri Lankans, the embassy notes.

US Ambassador to Sri Lanka Julie Chung underscored the continued commitment of the American people to investing in economic growth and good governance with this additional funding: “Since 1956, the United States has invested in Sri Lanka’s people, empowering them in their entrepreneurial pursuits, strengthening Sri Lanka’s resilience to climate change and macro-economic shocks, and enriching lives across the country. This additional funding demonstrates our steadfast commitment to working with local partners in Sri Lanka. Together, we are building a foundation for lasting stability and prosperity for communities across the country.”

“The United States and the American people are proud of our longstanding partnership with Sri Lanka and its people,” USAID Assistant Administrator for Bureau of Asia Schiffer said. “This funding is an investment to further support the country’s locally led initiatives to drive sustainable solutions for Sri Lanka’s development challenges.”

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)