News
Crisis-hit Lanka offers investment zones for private investors
ECONOMYNEXT –Economic crisis hit Sri Lanka is offering investment zones to private investors who can manage and bring more foreign investors, the island nation’s Investment Minister said, as the country is looking at all options to boost foreign inflows amid a debt restructuring plan.
Usually investment zones are handled by the state-run Board of Investment (BOI) and have not been given to any single private investors.
“If there is a private investor who can manage an investment zone, we can provide a zone so that they can manage,” Dilum Amunugama, State Minister of Investment Promotion told a media briefing on Thursday (19)
“We have taken a policy decision to bring in private operators.”
Sri Lanka defaulted its sovereign debts in April last year, but is now in the process of negotiating for debt restructuring with the external creditors.Analysts say to avoid repeated defaults, Sri Lanka needs more non-interest bearing inflows like Foreign Direct Investments (FDI), revenue from tourism, and more remittances from its expatriate workers.
President Ranil Wickremesinghe’s administration is already in the process of selling stakes in some state-owned enterprises to repay external debts.Amunugama said the BOI also has taken several steps to speed up investments and provide more options for investors.
That includes two year tax concessions from the time the business operation starts, a new investment law that will cut short the approval time for investments to seven days, and providing both BOI-developed and undeveloped lands to investors. Sri Lanka saw an FDI, excluding loans, of $898 million in 2022, compared to $592 million in the previous year, the central bank data showed. The Minister said the island nation saw $211 million FDI in the first quarter of this year.
News
Showers will occur at times in the Western, Sabaragamuwa, Central, North-western and Northern provinces and in Anuradhapura, Galle and Matara districts
WEATHER FORECAST FOR 16 MAY 2026
Issued at 05.30 a.m. on 16 May 2026 by the Department of Meteorology
According to the today’s latest weather analysis, the low-pressure area located northeast of Sri Lanka, still persists. The Department of Meteorology is continuously monitoring the behavior, development and path of the system.
Due to the influence of the above system, Showers or thundershowers will occur at times and cloudy skies are expected in the Western, Sabaragamuwa, Central, North-western and Northern provinces and in Anuradhapura, Galle and Matara districts. Fairly heavy showers about 75 mm are likely at some places in these areas. Showers or thundershowers may occur at a few places in the Uva and Eastern provinces after 1.00 pm.
The general public is kindly requested to take adequate precautions to minimize damage caused by temporary localized strong winds and lightning during thundershowers.
News
Lanka’s eligibility to draw next IMF tranche of USD 700 mn hinges on ‘restoration of cost-recovery pricing for electricity and fuel’
The International Monetary Fund (IMF) said on Thursday that the completion of Sri Lanka’s combined Fifth and Sixth Reviews, under the Extended Fund Facility (EFF), remains subject to approval by its Executive Board, which is expected to meet in the coming weeks.
Addressing a media briefing, IMF Communications Department Director, Julie Kozack, said IMF staff and Sri Lankan authorities had reached a staff-level agreement on 09 April.
She noted that several prior actions must be completed before the programme can be submitted to the Executive Board, including the restoration of cost-recovery pricing for electricity and fuel, measures to protect vulnerable groups, and the completion of financing assurances.
Upon Board approval, Sri Lanka would gain access to approximately US$700 million in financing, Kozack said.
Responding to a question on whether the government’s fuel subsidy scheme — including the Rs. 100 per litre diesel subsidy — was consistent with the IMF’s pricing framework, Kozack declined to comment directly on the measure. However, she reiterated that the programme requires both cost-recovery pricing reforms and safeguards for vulnerable communities.
Kozack also observed that Sri Lanka had recently faced “two very large shocks”, referring to Cyclone Ditwah and the wider external impact of the Middle East conflict, which, she said, had affected both the economy and the public.
Despite these challenges, she said Sri Lanka’s reform programme was yielding positive results, citing strong fiscal performance in 2025, progress in debt restructuring, 5 percent economic growth, and inflation returning to positive territory following a period of deflation.
She reaffirmed the IMF’s commitment to supporting Sri Lanka’s reform agenda, stressing that the institution continues to work closely with the authorities to sustain economic stability and recovery.
News
Sanath Nishantha’s brother sentenced to jail over assault case
Former Arachchikattuwa Pradeshiya Sabha Chairman, Jagath Samantha, was yesterday sentenced to five-and-a-half years’ rigorous imprisonment by the Chilaw High Court after being found guilty of assaulting the Arachchikattuwa Divisional Secretary.
The court also ordered Samantha to pay Rs. 1 million as compensation to the victim, failing which he will serve an additional 24 months in prison.
The case had originally been filed against former State Minister Sanath Nishantha and his brother Jagath Samantha over the assault incident.
However, following the death of Sanath Nishantha, in a road accident on the Katunayake Expressway, on 25 January, 2024, only Samantha appeared before court for the proceedings.
The verdict was delivered after the High Court considered the evidence and submissions presented during the trial.
-
News7 days agoLanka Port City officials to meet investors in Dubai
-
News4 days agoEx-SriLankan CEO’s death: Controversy surrounds execution of bail bond
-
Features5 days agoWhen University systems fail:Supreme Court’s landmark intervention in sexual harassment case
-
Features5 days agoHigh Stakes in Pursuing corruption cases
-
Midweek Review4 days agoA victory that can never be forgotten
-
Features7 days agoServing as MR’s Deputy Finance Minister and the travel the job entailed
-
Features7 days agoBengal Turns BJP, Didi Falls
-
News6 days ago150th anniversary celebrations of Ave Maria Convent, Negombo
