Connect with us

Business

IMF to Sri Lanka: 2026 Budget must align with programme parameters

Published

on

Martha Woldemichael, the International Monetary Fund’s Resident Representative in Sri Lanka (left) and IMF mission team head Evan Papageorgiou, at the press briefing held at the Central Bank yesterday

The International Monetary Fund (IMF) announced yesterday, that its staff have reached a staff-level agreement with Sri Lankan authorities on the fifth review of the country’s Extended Fund Facility (EFF) arrangement. Once the review is approved by the IMF Executive Board, Sri Lanka will have access to another tranche of about US$347 million in financing (approximately US 2 billion up to now).

However, the IMF issued a strong message, emphasising that the upcoming 2026 Budget must be in line with the programme’s parameters to ensure continued fiscal stability.

“The economic reforms implemented by the Sri Lankan authorities have continued to support the recovery, with inflation progressing to target, reserves accumulating, and real GDP growth and revenue mobilisation outperforming expectations,” IMF mission team head Evan Papageorgiou said.

He pointed out that the Sri Lankan economy grew by 4.8 percent in the first half of 2025, and gross official reserves reached US$6.1 billion by the end of September.

“However, the final approval of the review by the IMF Executive Board is contingent on two key factors: the Parliamentary approval of the 2026 Appropriation Bill consistent with programme parameters, and the completion of the financing assurances review, which includes assessing progress with debt restructuring,” he noted.

“The reforms the energy sector will undergo in 2026 and beyond will be very crucial for economic stability and growth,” Papageorgiou added, recommending predictable electricity tariffs for transparency.

On the topic of debt restructuring, Papageorgiou confirmed that processes are underway to finalise agreements with remaining bilateral and commercial creditors for the outstanding $28 billion in external debt.

When asked by The Island about the higher-than-anticipated volume of vehicle imports, estimated at US$1.5-1.8 billion for 2025, Papageorgiou acknowledged the numbers were strong due to pent-up demand. However, he reassured that reserves were not adversely affected. “Central Bank’s reserve target under our programme is ahead of pace, so reserves are not affected because of vehicle imports,” he explained.

He went on to say that new vehicles offset the demand in tourism and other sectors, and vehicle import parameters for 2026 will be discussed with the government and the Central Bank of Sri Lanka.

The IMF team concluded its mission by reaffirming its commitment to support Sri Lanka in achieving strong, sustainable growth. During their visit, they met with President Anura Kumara Dissanayake, Prime Minister Dr. Harini Amarasuriya, and other senior government and Central Bank officials.

By Sanath Nanayakkare ✍️



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Dialog & IESL open National Startup Challenge to empower Sri Lanka’s entrepreneurs

Published

on

Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, joins the Institution of Engineers, Sri Lanka (IESL) to launch the IESL National Startup Challenge, creating a national pathway for aspiring entrepreneurs to transform innovative ideas into commercially viable, investment-ready startups. The initiative reflects a shared commitment to strengthening Sri Lanka’s entrepreneurship ecosystem through structured development, expert mentorship and practical support that enables promising ideas to progress towards market readiness and scale.

Launched through the IESL Entrepreneurship Forum at the Dialog Auditorium on 5 October 2026, the competition invites Engineering Undergraduates, Engineering Practitioners and participants in an Open Category for Non-Engineers to submit ideas across 12 innovation verticals aligned with national priorities, emerging technology and market trends, and inclusive innovation. Participants will progress through idea development, pitching, incubation, prototyping, validation, minimum viable product development and business scaling, supported by industry experts, mentors and ecosystem partners. The programme will culminate in a Top 10 selection, with the first-place winner receiving an award of LKR 1 million.

As title sponsor and a key ecosystem enabler, Dialog is contributing practical expertise and resources beyond sponsorship, providing technical expertise, mentors and digital resources to help participating teams develop, validate and scale their solutions. Each of the Top 10 teams will also receive a Dialog Digital Startup Support Package valued at LKR 250,000, comprising selected Dialog digital products and services.

“Dialog is committed to enabling Sri Lanka’s next generation of innovators by connecting entrepreneurial ambition with the technology, expertise and practical resources needed to turn ideas into scalable ventures. Through the IESL National Startup Challenge, Dialog is extending its digital capabilities, mentorship and ecosystem support to help promising teams progress from concept to validation and investment readiness,” said a representative of Dialog Axiata PLC.

Eng. Jasmine Nanayakkara, Chairperson of the Entrepreneurship Forum at the Institution of Engineers, Sri Lanka, added, “The IESL National Startup Challenge is designed to turn innovative ideas into viable businesses by connecting aspiring entrepreneurs with industry expertise, mentorship and continuous practical support. More importantly, it is about creating an ‘Engineer to Entrepreneur’ transformation and nurturing a stronger entrepreneurial culture within the IESL community. By encouraging our engineers and aspiring founders to create, commercialise and scale solutions, we aim to contribute to new ventures, new opportunities and meaningful job creation for Sri Lanka’s skilled and educated next generation. We are grateful to Dialog for partnering with IESL to create this pathway for innovation, entrepreneurship and national economic growth.”

Driving innovation across Sri Lanka, the National Startup Challenge also brings together a strong network of partners, including The Ceylon Chamber of Commerce as Ecosystem and Mentoring Partner, Helago as Official Mobility Partner, Helakuru as Official Digital News Partner, and Real Life as Official Climate Action Partner.

The IESL National Startup Challenge represents a collaborative effort to strengthen Sri Lanka’s innovation and entrepreneurship ecosystem by creating a structured pathway from promising ideas to market-ready businesses. Applications are now open via www.iesl.lk/announcements, giving aspiring entrepreneurs an opportunity to access the resources and funding they need to succeed. Applications close on 16th November 2026. For more information, contact mgr.pub@iesl.lk / 071 109 4393.

Continue Reading

Business

Why Convenience Is Reshaping Household Cleaning Habits

Published

on

Keeping a home clean involves more than dealing with one kind of mess. Kitchens face grease and cooking splashes, bathrooms develop soap scum and limescale, while frequently used areas around the home collect marks, fingerprints and everyday dirt.

For households looking to simplify this routine, multi-surface cleaners offer a practical solution by allowing one product to tackle multiple cleaning needs across suitable surfaces.

One home, many everyday messes

In the kitchen, grease, splashes and burnt-on food can build up around hobs and hotplates. Cupboard doors and appliance exteriors can also collect smudges and marks through daily use.

Bathrooms present different challenges, including limescale, soap scum, toothpaste residue and water marks around sinks, washbasins and shower doors.

Even outside these rooms, surfaces such as door handles, baseboards, table mats and PVC areas can require regular attention.

Making everyday cleaning simpler

This is where the versatility of products such as CIF Cream becomes useful.

CIF Cream can help tackle a range of common household cleaning challenges across suitable surfaces, from grease and burnt-on food in the kitchen to limescale and soap scum in the bathroom.

Its uses can also extend to other suitable areas and items around the home, including cupboard doors, appliance exteriors, PVC surfaces and more, when used according to product directions.

For busy households, the benefit is straightforward: a versatile cleaner can help reduce the complexity of everyday cleaning by addressing several common cleaning needs with one product.

Consumers should always follow product instructions and check suitability before using any cleaner on a particular surface.

CIF products are now available at Cargills, Keells, Glomark and Celeste, as well as online through Daraz and uStore, at a retail price of Rs. 900 for 500ml. Shop CIF online at https://ustore.lk/collections/cif or https://www.daraz.lk/cif/

As household routines continue to evolve, multi-surface cleaning provides a simple approach to keeping different areas of the home clean — one versatile solution for many of the everyday messes that come with daily life.

 

Continue Reading

Business

Dreams in motion for group of young Olympiad contenders

Published

on

SriLankan Airlines set dreams in motion for 24 young students selected to represent Sri Lanka at the 2026 International Mathematics and Science Olympiad, held in Indonesia from 2 to 7 October 2026, helping make their journey to Indonesia and back an extra special one.

The students were selected through a four-stage national selection process covering school, zonal, provincial and national levels, with the highest-performing students progressing at each stage.

As a special initiative for Children’s Day, the Ministry of Education sponsored the air travel of all 24 students for the first time. Returning to Sri Lanka with an impressive haul of three Silver Medals and 10 Bronze Medals, the young contestants competed alongside students from 23 countries.

SriLankan Airlines was privileged to be part of their special journey, helping make their experience even more memorable as they represented Sri Lanka on the international stage.

Continue Reading

Trending