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Sri Lanka’s total debt stock topped Rs. 26 trillion by end of May 2023

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By the end of May 2023, total outstanding domestic debt amounted to Rs. 15,671.3 bn while the rupee value of total outstanding foreign debt amounted to Rs. 10,408.8 bn, according to the Weekly Economic Indicators report of the Central Bank.

However, outstanding central government debt decreased to Rs. 26,080.1 bn by the end May of 2023 from Rs. 27,492.0 bn as at end 2022, it stated.

“Broad money (M2b) expanded by 5.9 per cent, on a year-on-year basis, in August 2023. Meanwhile, Net Credit to the government from the banking system decreased by Rs. 84.1 bn in August 2023. Further, outstanding credit to public corporations decreased by Rs. 6.3 bn in August 2023, while outstanding credit extended to the private sector increased by Rs. 5.6 bn in August 2023, The report stated that reserve money increased compared to the previous week mainly due to the increase in the deposits held by the commercial banks with the Central Bank. The total outstanding market liquidity was a deficit of Rs. 24.598 bn by 06th October 2023, compared to a deficit of Rs. 73.506 bn by the end of the week.”

During the period from January-June 2023, net domestic financing increased to Rs. 1,218.6 bn compared to Rs. 947.1 bn in the corresponding period of 2022. Net foreign financing amounted to Rs. 24.0 bn during the first half of 2023, compared to the net repayment of Rs. 44.4 bn recorded in the corresponding period of 2022,” the report stated.



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Indo-Sri Lanka Chambers forge alliance to drive infrastructure and real estate investment

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The exchange of the MoU between the two organisations

By Sanath Nanayakkare

In a major boost to bilateral economic ties, the Chamber of Construction Industry of Sri Lanka (CCISL) and the Indo–Sri Lanka Chamber of Commerce & Industry (ISCCI) have signed a strategic Memorandum of Understanding (MoU) to deepen cooperation in real estate, infrastructure, and urban development.

The agreement establishes a formal framework for both institutions to drive collaborative initiatives, including business delegations, high-level conferences, workshops, B2B matchmaking sessions, and technical site visits. Designed to bridge businesses, government institutions, and project stakeholders across the Palk Strait, the partnership aims to unlock new avenues for cross-border joint ventures and technology transfers.

A focal point of this newly minted partnership is the facilitation of an upcoming trade delegation from the National Real Estate Development Council (NAREDCO) of India. Comprising major Indian players in the real estate and infrastructure sectors, the visiting delegation will engage in targeted business meetings, workshops, and inspection tours of prominent construction projects in Sri Lanka.

Under the terms of the MoU, CCISL will serve as the principal host coordinator in Sri Lanka. In close consultation with ISCCI, the apex construction body will curate itineraries, identify viable projects for engagement, and facilitate high-level dialogues with key government agencies, regulatory bodies, and industry leaders.

With both nations prioritizing sustainable urban growth, modern construction technologies, and infrastructure expansion, industry leaders view the partnership as a timely catalyst for economic rejuvenation. The collaboration is anticipated to accelerate market access, knowledge exchange, and foreign direct investment into Sri Lanka’s burgeoning property and development sectors.

To ensure the success of the upcoming NAREDCO delegation, CCISL has issued an urgent appeal to statutory authorities and relevant project owners to come forward with viable investment proposals. Stakeholders holding projects seeking foreign investment or technical partnerships are invited to submit comprehensive details to the Secretary General and CEO of CCISL via email at secyces@gmail.com.

Both chambers emphasize that translating this foundational agreement into tangible partnerships and robust capital flows will significantly strengthen bilateral connectivity between the construction and real estate sectors of India and Sri Lanka.

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Hettich celebrates a decade in Sri Lanka with partner meet in Colombo

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Over the past decade, Hettich has strengthened its presence in Sri Lanka through its focus on German engineering, innovation, quality and functionality

Hettich, the globally renowned German manufacturer of furniture fittings and architectural hardware known for its state-of-the-art manufacturing plants and magical interior solutions across the world celebrated a significant milestone in Sri Lanka, marking 10 years of presence in the country with its inaugural Partner Meet in Colombo.

The landmark event brought together Hettich’s key partners, stakeholders and industry leaders to celebrate a decade of growth, collaboration and shared success, while reaffirming the company’s long-term commitment to the Sri Lankan market.

Over the past decade, Hettich has strengthened its presence in Sri Lanka through its focus on German engineering, innovation, quality and functionality, contributing to the creation of contemporary and intelligently designed living and working spaces across the country.

The gala evening was graced by a distinguished delegation of senior leaders, including Dr. Andreas Hettich, Chairman, Hettich Group Advisory Board; S. K. Poddar, Chairman, Hettich India & Adventz Group; Mr. Akshay Poddar, Director, Hettich India; Andre Eckholt, Managing Director, Hettich India, SAARC, Middle East & Africa; Rahul Thakkar, Director – Sales, Hettich India & SAARC; and Dinusha Bhaskaran, Managing Director, Vallibel One PLC.

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GS Evo Motors launches all-new JMEV EWIND

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Priyantha Perera, Chief Executive Officer of GS Evo Motors (left), and Sunil Wettasinghe, Chairman of GS Evo Motors, introducing the latest JMEV Ewind Electric SUV to the local market

GS Evo Motors Limited, the authorized distributor of JMEV electric vehicles in Sri Lanka, has officially launched the JMEV EWIND, a next-generation compact electric SUV. The vehicle is designed to offer strong performance, intelligent technology, premium comfort, and high safety standards, marking another milestone in Sri Lanka’s growing electric mobility sector.

The EWIND features a sleek, aerodynamic exterior with penetrating LED daytime running lights, trapezoidal chain-inspired LED tail lamps, 19-inch alloy wheels, and a bold silhouette. Inside, it offers a spacious cabin with a panoramic moonroof and retractable curtain, an ultra-thin suspended instrument panel, a D-shaped multifunction steering wheel, multi-colour ambient lighting, premium finishes, and electrically adjustable front seats.

The SUV is available in single-motor front-wheel drive configurations, producing up to 108 kW and 210 Nm, with 0–100 km/h acceleration in 8.9 seconds.

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