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Boost Sri Lanka’s economy with IFC’s $400 million Cross – Currency Swap Facility
In an effort to support Sri Lanka by stabilising the nation’s economy amid an ongoing economic crisis, the International Finance Corporation (IFC), a member of the World Bank Group, has stepped forward to provide a cross-currency swap facility to Sampath Bank PLC, along with two other private banks.
Accordingly, the IFC notes that USD 400 million will be a cross currency swap over a period of one year to Sampath Bank and two other private banks. After recognising that Sampath Bank is among the three of the country’s leading national banks which facilitates over 30 percent of Sri Lanka’s remittances and exports. The move is expected to enhance the dollar denominated import of essential goods, while also strengthening the two decade long relationship between Sampath Bank and IFC.
In addition to supporting Sampath Bank’s financing of exports of goods and services for their clients while also allowing the country to make USD-denominated debt repayments. Sampath Bank notes that through this facility, it will now be able to improve access to medium and long-term finance for its clients, helping local businesses sustain their valued operations.
Speaking on this development, Nanda Fernando, Managing Director of Sampath Bank PLC said: “The facility provided by IFC comes at a juncture where the Sri Lankan economy is facing a challenging time. The transaction will enable Sampath Bank to better manage our foreign currency holding by borrowing at lower rates and manage our foreign currency exposure, while facilitating foreign currency lending to our customers across the whole economy. The transaction will also renew the longstanding relationship with IFC, which was spread across many business areas such as trade, foreign exchange, and financial services. Sampath Bank is also grateful for the trust placed by IFC by continuing to engage as a major business partner in Sri Lanka and is confident that this will lead to a long and fruitful relationship.”
This cross-currency swap facility is a testament to IFC’s commitment to promoting economic stability and resilience in Sri Lanka, and is therefore pleased to be able to work with Sampath Bank and two other private banks to provide essential support during these challenging times.
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“Our people have shown extraordinary resilience.” – PM
Prime Minister Dr. Harini Amarasuriya said that despite the recent devastation caused by severe flooding and landslides, Sri Lanka continues to recover rapidly due to the exceptional strength and solidarity demonstrated by the people. “We have taken a blow, but we are far from fallen. Our people have shown remarkable resilience, and that spirit has carried us through every crisis we have faced,” she stated while addressing the visiting NASSCOM Executive Committee and SLASSCOM leadership during their interaction held on 4th December at ICT Rathnadeepa Hotel, Colombo.
The meeting brought together NASSCOM—the apex body of India’s technology industry representing over 3,000 companies—and SLASSCOM, Sri Lanka’s national chamber for the IT and BPM sector with more than 350 member companies, to discuss digital-economy collaboration, investment opportunities, and the path forward for Sri Lanka’s ICT landscape.
The Prime Minister thanked the NASSCOM delegation for proceeding with their annual visit to Sri Lanka despite the country’s recent challenges, noting that their presence sends a strong message of confidence in Sri Lanka’s stability and recovery. She explained that the government, together with the World Bank and the United Nations, is conducting short- and long-term assessments to guide reconstruction efforts, which will include resettlement, improved disaster preparedness, flood control, and major infrastructure restoration.
During the discussion, the Prime Minister highlighted that Sri Lanka’s economic recovery plan remains firmly on course. She noted that the government has set a medium- to long-term target of 7% economic growth and emphasized two key priorities relevant to the visiting technology leaders: export diversification and accelerating the digital economy. “We are committed to developing a strong digital economy. This is an area where we look forward to India’s continued collaboration and partnership,” she said.
Responding to questions on how digital transformation is progressing within government institutions, Prime Minister stated that the Ministry of Education has already begun implementing a National Education Management System, which is expected to be launched in January. She also noted that other ministries have commenced their own digitalisation work and will be ready to introduce their systems in the coming months.
The Prime Minister also welcomed an offer of support from an Indian technology company specialising in drones for disaster response, mapping, and geospatial data. The representative proposed extending technical assistance to improve Sri Lanka’s disaster-management capabilities, including documentation and real-time monitoring. In response, Prime Minister acknowledged that Sri Lanka must strengthen early-warning systems and invest in modern technologies to better manage future disasters, noting that inadequate systems had limited the ability to predict this year’s extreme rainfall.
Detailing the government’s broader reform agenda, the Prime Minister explained that regulatory frameworks, governance reforms, and digital transformation initiatives are underway to make Sri Lanka an attractive destination for major IT and BPM investments. She stressed that Sri Lanka aims to reach USD 5 billion in export value in the IT and BPM sector by 2030, supported by improved human-resource development, education reforms, and a national plan to expand skilled employment. She further highlighted that the government is working closely with India on digitising the public sector, implementing a universal digital ID system, and introducing integrated platforms such as the National Education Management System.
The NASSCOM delegation’s visit forms part of a long-standing collaboration between NASSCOM and SLASSCOM, aimed at strengthening Sri Lanka’s ICT sector and positioning the country as a strategic extension market for leading Indian and global technology industries. Their visit also coincides with SLASSCOM’s preparations for the 2026 NASSCOM Technology & Leadership Forum.
Deputy Minister of Digital Economy Eranga Weeraratne, Chief Advisor to the President on Digital Economy Dr. Hans Wijesuriya, Indian High Commissioner Santosh Jha, and representatives from SLASSCOM and NASSCOM attended the event.

[Prime Minister’s Media Division]
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Landslide RED warnings continue to be in force for the Districts of Kandy, Kegalle, Kurunegala, Matale and Nuwara Eliya
The RED Landslide Early Warnings issued by the Landslide Early Warning Center of the National Building Research Organization [NBRO] to the Districts of Kandy, Kegalle, Kurunegala, Matale and Nuwara Eliya have been extended until 1600hrs today [06th December 2025]. Landslide Early warnings have also been issued to the districts of Badulla, Colombo, Galle, Gampaha, Kalutara, Matara, Monaragala and Ratnapura,
Accordingly,
LEVEL III RED warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Gangawata Korale, Deltota, Doluwa, Thumpane, Medadumbara, Minipe, Pathahewaheta, Yatinuwara, Ganga Ihala Korale, Akurana, Udunuwara, Panvila, Pathadumbara, Kundasale, Pasbage Korale, Hatharaliyadda, Ududumbara, Poojapitiya, Harispattuwa and Udapalatha in the Kandy district, Galigamuwa, Kegalle, Mawanella, Rambukkana, Dehiowita, Warakapola, Deraniyagala, Bulathkohupitiya, Ruwanwella, Yatiyanthota and Aranayaka in the Kegalle district, Narammala, Mawathagama, Mallawapitiya, Alawwa, Rideegama and Polgahawela in the Kurunegala district, Rattota, Wilgamuwa, Ukuwela, Pallepola, Matale, Laggala Pallegama, Yatawatta, Naula and Ambanganga Korale in the Matale district, and Nildandahinna, Walapane, Hanguranketha and Mathurata in the Nuwara Eliya district.
LEVEL II AMBER warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Uva Paranagama, Kandeketiya, Bandarawela, Soranathota, Hali_Ela, Meegahakivula, Badulla, Ella, Haputhale, Lunugala, Welimada, Passara and Haldummulla in the Badulla district, Nuwara Eliya, Ambagamuwa Korale, Thalawakele, Norwood, Kothmale West and Kothmale East in the Nuwara Eliya district, and Kahawaththa, Godakawela and Kolonna in the Ratnapura district.
LEVEL I YELLOW warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Padukka and Seethawaka in the Colombo district, Elpitiya and Yakkalamulla in the Galle district, Mirigama, Attanagalla and Divulapitiya in the Gampaha district, Bulathsinhala, Ingiriya and Horana in the Kalutara district, Athuraliya and Pasgoda in the Matara district, Bibile and Medagama in the Monaragala district, and Kiriella, Nivithigala, Eheliyagoda, Kuruwita, Kalawana, Pelmadulla, Elapatha, Balangoda, Openayake, Imbulpe, Ayagama, Ratnapura and Kaltota in the Ratnapura district.
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IMF pledges additional aid to Lanka following Cyclone Ditwah destruction
The International Monetary Fund (IMF), on Thursday, signalled strong solidarity with Sri Lanka in the wake of Cyclone Ditwah, confirming that it is actively exploring options to provide further support for recovery and resilience beyond the existing Extended Fund Facility (EFF).
Julie Kozack, Director of the IMF’s Communications Department, opened her remarks with heartfelt condolences:
“Our deepest sympathies go out to the people of Sri Lanka for the effects of the devastating cyclone. Our hearts mourn the loss of life that has taken place,” she said, extending condolences to other Asian nations also grappling with severe flooding, including Indonesia, Malaysia, Thailand, and Vietnam.
On Sri Lanka, Kozack emphasised that the IMF is closely engaging with authorities, development partners, and counterparts to assess the humanitarian, social, and economic toll of the disaster.
“Large parts of Sri Lanka have been affected by floods, and we expect economic activity to be adversely impacted, in addition to the significant human toll,” she noted.
The IMF is awaiting the completion of a rapid post-disaster damage assessment, led by Sri Lankan authorities, in collaboration with international partners, to better gauge the economic impact.
“We are continuing to support Sri Lanka’s recovery, reform, and resilience under the EFF arrangement. Our staff is looking into options to further support Sri Lanka in the recovery process,” Kozack confirmed.
She reiterated that the Board meeting, scheduled for 15 December, remains on track, following the staff-level agreement on the fifth review reached in October—prior to the cyclone.
“We will provide additional details as the assessment of economic needs and damages moves forward, and as we have more information to inform our thinking around the options,” she added.
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