Business
Sri Lanka budget deficit decreased by Rs. 487 bn in first 10 months of 2024
During the period from January to October 2024, overall budget deficit decreased to Rs. 1,060.7 bn compared to Rs. 1,547 bn recorded in the corresponding period of 2023, the Weekly Economic Indicators report of the Central Bank states.
“Outstanding central government debt decreased to Rs. 28,574.7 bn by end September of 2024 from Rs. 28,695.9 bn as at end 2023. By the end of September 2024, total outstanding domestic debt amounted to Rs. 17,595.1 bn while the value of total outstanding foreign debt amounted to Rs. 10,979.6 bn,” it notes.
“During the week, T-Bill yield rates declined in both primary and secondary markets, while T-Bond yields also indicated a reduction in the secondary market. The rupee value of T-Bills and T-Bonds held by foreign investors increased by 4 per cent during the reporting week. The T-Bill auction held during the reporting week was oversubscribed by 2.1 times. A decrease of 23.8 per cent was observed in the total volume of secondary market transactions in T-Bills and T-Bonds in the reporting week compared to the week before.”
“During the year up to 27th December 2024, the Sri Lanka rupee appreciated against the US dollar by 10.1 per cent.”
“Meanwhile, on year-on-year basis, National Consumer Price Index based headline inflation remained in the negative territory for the third consecutive month, recording a deflation of 1.7 per cent in November 2024 compared to the deflation of 0.7 per cent in October 2024. Prices of the items in the Food category, on year-on-year basis, remained unchanged in November 2024. Meanwhile, Non-Food category recorded a deflation of 3.1 per cent in November 2024. Further, the NCPI based core inflation decelerated further to 1.5 per cent in November 2024 from 1.7 per cent in October 2024.”
“Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 27th December 2024 decreased by 34 bps to 9.06 per cent compared to the previous week.”
“The reserve money increased compared to the previous week mainly due to increase in the currency in circulation and deposits held by the commercial banks with Central Bank. The total outstanding market liquidity was a surplus of Rs. 148.272 bn by 27th December 2024, compared to a surplus of Rs. 136.147 bn by the end of the last week.”
“During the ten months ending October 2024, government revenue and grants increased to Rs. 3,266.9 bn compared to Rs. 2,434.0 bn in the corresponding period of 2023.”
“Total expenditure and net lending increased to Rs. 4,327.7 bn from January to October 2024 compared to Rs. 3,981.1 bn in the corresponding period,” the reports states.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Ceylon Energy and HJT China have successfully completed the Mahiyangana-Kappalthurei 33kV power distribution lines and the Uhana Gantry as part of Sri Lanka’s Supporting Electricity Supply Reliability Improvement Project (SESRIP). Funded by the Asian Development Bank ($42 million), SESRIP aims to expand energy access in underserved regions, including conflict-affected areas and provinces like Uva and North Central.
The project’s infrastructure spans over 270 km of 33kV lines, 13 switching gantries, and 2,372 km of low-voltage extensions.
The projects connect 35,000+ households and improve reliability for 493,000+ consumers; integrates renewables to reduce losses.
The projects’ notable components include: Mahiyangana-Bibila Line: 36 km with 147 steel towers and Kappalthurei-Sixth Mile Post Line: 14 km with 58 towers.
Ceylon Energy Chairman Madushanka Fernando hailed it as a ‘new beginning of a brighter era’, emphasising the project’s role in uplifting rural communities and driving sustainable development.
The initiative underscores Sri Lanka’s commitment to inclusive, reliable energy and climate resilience.
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