March 17, Colombo (LNW): The 2025 Budget Committee Stage Debate in Parliament continues for the fifteenth day today (17), with the session set to begin at 9.30 am.
Lawmakers will continue their thorough examination of government spending, beginning with a detailed discussion on the budget allocation for the Ministry of Buddha Sasana, Religious and Cultural Affairs.
This debate is expected to delve into the financial provisions for preserving and promoting Sri Lanka’s rich cultural and religious heritage, a sector that plays a significant role in the country’s social fabric.
Following this, the focus will shift to the Ministry of Environment, where the budget allocations for environmental conservation and sustainability efforts will be scrutinised.
These debates are an essential part of the parliamentary process, allowing members to assess and challenge government expenditure and ensure that funds are being allocated effectively.
The Committee is scheduled to conclude its discussions with a vote on the third reading of the Appropriation Bill on March 21 at 6.00 pm.
March 17, Colombo (LNW): Sri Lanka’s tourism sector continues to flourish as the country experiences a surge in arrivals during the peak season, with strong earnings reinforcing the country’s position as a leading travel destination.
Global publications have also recently spotlighted Sri Lanka as one of the most sought-after locations for 2025, further bolstering its appeal.
In February 2025, Sri Lanka earned a remarkable US$ 367.6 million from tourism, securing its place as the third largest source of foreign income, following remittances and garment exports.
This marks the second month of a solid performance, bringing the total earnings for the first two months of the year to US$ 768.2 million.
Although this figure represents a slight dip from the US$ 400.7 million generated in January 2025, it still demonstrates growth compared to February 2024, when earnings stood at US$ 345.7 million.
The cumulative revenue for the first two months of 2025 has seen an 11.7 per cent increase compared to the same period last year, reflecting the ongoing recovery and expansion of the industry.
The growth in earnings can be attributed to a significant rise in tourist arrivals. February 2025 saw a total of 240,217 international visitors, surpassing the 218,350 arrivals recorded in the same month of 2024.
As March progresses, data indicates that Sri Lanka welcomed 97,322 visitors during the first 13 days of the month, bringing the total for the year so far to 590,300 arrivals.
Just two weeks ago, on March 1, the country reached the milestone of 500,000 arrivals, with a target of welcoming 3 million tourists by the end of 2025. If achieved, this would set new records in both visitor numbers and revenue, surpassing the country’s previous highest performance in 2018.
That year, Sri Lanka attracted 2.5 million visitors, generating US$ 4.4 billion in earnings.
Sri Lanka’s rising popularity is no accident. The nation is increasingly recognised for its pristine beaches, diverse natural landscapes, and rich cultural heritage, all of which contribute to its allure.
Its appeal has been highlighted by leading publications: Conde Nast Traveller recently named Sri Lanka the most family-friendly destination for 2025, whilst TIME Magazine included the Pekoe Trail in Sri Lanka’s Central Highlands on its prestigious list of the world’s 100 greatest places to visit in 2025.
This growing international recognition comes even before Sri Lanka’s Ministry of Tourism launches its major destination marketing campaign later this month. The campaign is expected to further elevate Sri Lanka’s profile as a must-visit destination, as global travel recovers from the disruptions of the pandemic.
Sri Lanka’s tourism industry appears well on track to surpass its previous records. Amongst the country’s exciting offerings is the newly completed Pekoe Trail, a 186-mile long-distance walking route that was finished in March 2024.
Named after the high-quality black tea grown in the region, the trail runs through colonial-era roads and railway tracks, passing through tea plantations, eucalyptus forests, and picturesque villages.
The journey culminates in the scenic hill station of Nuwara Eliya, providing hikers with panoramic views of the iconic Sri Pada (Adam’s Peak), a revered pilgrimage site.
March 17, Colombo (LNW): The National Election Commission has issued a detailed notice outlining essential information regarding the nomination process for the upcoming Local Government elections.
This notice highlights several important rules and regulations, specifying conditions under which nominations may be disqualified or rejected.
Among the key points, the notice states that nominations can be invalidated if they are submitted by an individual not authorised to do so, or if the number of candidates listed does not align with the required criteria.
Additionally, any nomination paper that lacks the candidate’s signature will lead to the exclusion of that candidate from the process, and no substitutions will be allowed.
Further clarifications provided by the Commission include the forfeiture of any security deposit or bond made on behalf of a candidate, should their nomination be rejected.
This measure aims to ensure that all parties involved adhere to the necessary protocols and guidelines.
The official nomination period for the Local Government elections is set to begin tomorrow and will run until 12 noon on March 20. Nominations can be submitted each day between 8:30 a.m. and 4:15 p.m. at District Secretariat offices and Election Offices, where Returning Officers will supervise the process.
Candidates are reminded that they must ensure their bond is submitted by 12 noon on March 19, as no nominations will be processed without the appropriate security deposit.
The Election Commission has also confirmed that the official date for the Local Government elections will be announced on March 20, adding to the anticipation surrounding the event.
In addition to the nationwide nominations, those seeking to stand for the Mannar, Poonakary, and Dehiattakandiya pradeshiya sabhas will have a separate window for nominations, running from March 24 to March 27.
For these specific areas, the deadline for submitting security deposits will be 12 noon on March 26.
March 17, Colombo (LNW): Sri Lanka has expressed a keen interest in pursuing joint ventures with Bangladesh, with a particular focus on synthetic fabric manufacturing, an area seen as holding substantial growth potential for both nations.
This was shared by Sri Lankan High Commissioner to Bangladesh, Dharmapala Weerakkody, during a recent meeting with Taskeen Ahmed, the president of the Dhaka Chamber of Commerce & Industry (DCCI), at the DCCI’s office in Dhaka.
During the discussion, Weerakkody highlighted a range of sectors he believed offered promising opportunities for collaborative investments, including healthcare, tourism, large-scale hotel developments, information technology, education, and pharmaceuticals.
He also noted the strong diplomatic ties between the two countries, underpinned by their shared membership in the South Asian Association for Regional Cooperation (SAARC), which has fostered a longstanding and amicable relationship between Sri Lanka and Bangladesh.
Weerakkody specifically encouraged Bangladeshi business leaders to tap into Sri Lanka’s wealth of expertise, particularly in the development of the tourism sector.
He suggested that by leveraging Sri Lanka’s knowledge and experience, Bangladesh could significantly enhance its own tourism infrastructure, which is expected to be a major driver of economic growth in the coming years.
Additionally, the High Commissioner informed that Sri Lanka has already entered into several preferential trade agreements (PTAs) with various countries, and talks with Bangladesh are expected to begin shortly.
These negotiations aim to bolster trade and investment flows between the two nations, opening up further avenues for cooperation.
DCCI President Taskeen Ahmed took the opportunity to provide an update on the state of bilateral trade, noting that trade between Bangladesh and Sri Lanka had reached an impressive $134.06 million during the fiscal year 2023-24.
This represents a significant increase from the $93.11 million recorded in FY 2019-20, reflecting an annual growth rate of 9.5%.
Ahmed also shared that Sri Lankan investments in Bangladesh have been robust, with significant contributions in various industries. These include banking, textiles, power generation, construction, and pharmaceuticals, where Sri Lankan investors have already committed $428.56 million in foreign direct investment (FDI).
He encouraged Sri Lankan entrepreneurs to explore further investment opportunities, particularly in agriculture, food processing, construction, healthcare, IT, and fast-moving consumer goods (FMCG).
Drawing attention to Sri Lanka’s technical expertise, Ahmed highlighted the country’s contributions in sectors such as deep-sea fishing, tourism, and shipping.
He also urged that negotiations at the government level be expedited to facilitate the signing of the proposed PTA, which would play a crucial role in expanding the bilateral trade and investment relationship between the two countries.
The meeting also saw the participation of DCCI senior vice-president Razeev H Chowdhury, vice-president Md Salem Sulaiman, and Srimali Jayarathne, commercial counsellor at the Sri Lankan High Commission in Bangladesh, further underscoring the significance of these discussions in fostering stronger economic ties between Sri Lanka and Bangladesh.
March 17, Colombo (LNW): The 2024 G.C.E. Ordinary Level (O/L) examinations have officially begun today (17), with a total of 474,147 candidates scheduled to sit for the exam at 3,663 centres across Sri Lanka.
This year’s cohort is a mix of both school and private candidates, with 398,182 students from schools and 75,965 private candidates, all preparing to face the critical assessment.
The Commissioner General of Examinations, Amith Jayasundara, has made a public appeal to all candidates, urging them to arrive at their respective examination centres ahead of time.
In his message, he emphasised the importance of having both the admission card and a valid identity card on hand, which will be required for entry into the examination halls.
“Ensure that you bring your admission card and an official ID with you to the exam. The ID card must be shown for each paper you sit. Your admission card will be collected on the first day of the exams and will not be returned,” Jayasundara clarified.
He also advised students to be mindful of the items they bring into the examination halls, stressing that only pens and pencils are permitted for use during the exam.
“It is essential to remember that no other items are allowed inside the hall. However, if needed, someone may bring a bottle of water for you,” he added.
March 17, Colombo (LNW): Several spells of showers will occur in Eastern and Uva provinces and in Polonnaruwa, Nuwara-Eliya and Matale districts, with showers or thundershowers being expected to occur at several places in Western, Sabaragamuwa, Southern and North-western provinces and in Kandy district after 2.00 p.m., the Department of Meteorology said in its daily weather forecast today (17).
Fairly heavy showers above 50 mm can be expected at some places.
Misty conditions can be expected at some places in Western, Sabaragamuwa, Central and Uva provinces and in Galle and Matara districts during the morning.
The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain:
Showers or thundershowers will occur at a few places in the sea areas off the coast extending from Trincomalee to Hambantota via Batticaloa. Showers or thundershowers may occur at several places in the other sea areas around the island during the evening or night.
Winds:
Winds will be North-easterly or variable and speed will be (20-30) kmph.
State of Sea:
Sea areas around the island will be slight to moderate. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
March 16, Colombo (LNW): A fault has been discovered in one of the oil pipelines connecting the Colombo Port to the Ceylon Petroleum Storage Terminal Limited (CPSTL) in Kollonawa, the Ceylon Petroleum Corporation (CEYPETCO) confirmed today (16).
According to CEYPETCO, the defect was identified in one of the two pipelines responsible for transporting fuel from the port to the storage facility.
The corporation has assured the public that the situation is under control and that measures are being taken to maintain a steady fuel supply.
The remaining functional pipeline will be used to ensure that there is no disruption in the distribution of fuel.
While CEYPETCO is actively addressing the issue, it has reiterated that fuel deliveries will continue uninterrupted for the time being.
The corporation has also committed to monitoring the situation closely to prevent any further issues that could affect the fuel supply chain.
March 16, Colombo (LNW): A Sri Lankan delegation is set to visit the United States next month to engage in discussions with the US Trade Office regarding the reciprocal tariffs that are scheduled to take effect on April 02, 2025, Minister of Foreign Affairs Vijitha Herath confirmed in Parliament.
During his speech yesterday (15), Minister Herath explained that the government would seek to address how Sri Lanka could avoid the imposition of these tariffs, which could have a serious impact on the country’s exports.
The Minister stressed that Sri Lanka’s fragile economic situation, already strained by numerous challenges, would not be able to bear the additional burden of these tariffs.
Herath further elaborated on the government’s plans to engage in high-level discussions, revealing that a business forum featuring Sri Lankan representatives from the Foreign Ministry, Finance Ministry, and the business community will be held in the US next month.
This forum will serve as a platform for Sri Lanka to raise concerns about the upcoming tariffs and explore potential relief measures.
The Foreign Minister expressed hope that through these discussions, Sri Lanka could negotiate a tax waiver, particularly within the context of its ongoing programme with the International Monetary Fund (IMF).
He made it clear that the country is in no position to endure further economic pressure, especially with the threat of increased tariffs.
The impending tariffs come after US President Donald Trump, in his first address of his second term to a joint session of Congress, defended his administration’s strict tariff policies.
He noted that the US had long been subjected to high tariffs from various countries, and as part of his “America First” strategy, he announced reciprocal tariffs on several nations, including Sri Lanka, to level the playing field.
These tariffs are set to impact a range of industries, with Sri Lanka’s key export sector, notably the garment industry, expected to be heavily affected.
In 2023, Sri Lanka exported goods valued at approximately US$3 billion to the US, with over 70% of these exports coming from the garment sector.
Given the US’s significant role as one of Sri Lanka’s largest trading partners, the upcoming tariffs have raised considerable concern.
The Sri Lankan government is taking swift and proactive steps to mitigate the impact of these tariffs, seeking both relief and the potential for a more favourable trade relationship with the United States.
March 16, Colombo (LNW): Adaptability remains crucial for sustained economic growth. The Investor Forum 2025, hosted by Softlogic Stockbrokers, served as a key platform for financial experts, industry leaders, and investors to discuss strategies for navigating the evolving investment landscape.
Under the theme ‘Thriving through Change & Rising Strong,’ the forum offered valuable insights into Sri Lanka’s economic outlook, stock market trends, and cross-sector financial developments.
Delivering the keynote address, Treasury and Ministry of Finance, Planning and Economic Development Secretary Mahinda Siriwardana detailed Sri Lanka’s economic recovery since the 2022 crisis. He highlighted that the nation’s GDP grew by 5% in 2024, reversing previous contractions.
Siriwardana attributed this progress to disciplined fiscal management, debt restructuring, and IMF-supported reforms that helped stabilize inflation—once as high as 70%—and reduce interest rates from 30% to single digits. He emphasized the need for policy continuity to sustain long-term economic resilience.
Addressing concerns about the IMF’s role, he clarified that Sri Lanka voluntarily engaged with the institution to implement necessary reforms addressing structural economic weaknesses.
“The 2025 Budget focuses on investment-led growth, fiscal responsibility, and social welfare, with Rs. 749 billion allocated for social protection and Rs. 619 billion for education,” Siriwardana stated. He encouraged investors to capitalize on improving economic indicators by investing strategically in capital markets and critical industries.
The forum’s panel discussion, moderated by Raynal Wickremeratne, examined resilience in Sri Lanka’s economic recovery. Brandix Lanka Limited Managing Director Hasitha Premaratne noted that businesses focusing on operational efficiency and financial prudence managed to navigate past challenges successfully.
“Sri Lanka’s corporate sector has learned to adapt. Cost-cutting and reinvesting in productivity have been key,” he explained. He also stressed the importance of expanding export markets to drive economic stability.
Saneth Gamage, Head of Treasury at Citibank, N.A., discussed the financial sector’s role in economic transformation. While acknowledging global uncertainties, he remained optimistic about Sri Lanka’s prospects. “Liquidity management and risk mitigation are critical now,” he noted. Gamage also highlighted the increasing role of fintech and AI-driven analytics in reshaping investment strategies.
Moiz Rehmanjee, Group CFO of Hemas Holdings, emphasized policy consistency, stating that investor confidence depends on transparent, predictable policies. He also underscored the growing significance of ESG (Environmental, Social, and Governance) factors in investment decisions. “Companies integrating sustainability will lead in the future,” he remarked.
The forum reinforced that despite ongoing economic challenges, Sri Lanka has an opportunity to rebuild through strategic planning and policy consistency. With an upgraded sovereign credit rating and the Colombo Stock Exchange trading at a discount compared to regional markets, the event aimed to inform stakeholders about emerging trends and investment opportunities.
Softlogic Stockbrokers Co-Head of Research Shadini Silva provided a comprehensive analysis of Sri Lanka’s macroeconomic trends and equity market. She projected a 5% GDP growth in 2024, exceeding IMF expectations. Silva also noted the positive impact of external debt restructuring, which led to a credit rating upgrade in December 2024, enhancing investor confidence.
Her insights on declining treasury bill yields since Q3 2022 and the growing market capitalization of the Colombo Stock Exchange (CSE) reinforced the investment potential in Sri Lanka. With the All Share Price Index (ASPI) expected to surpass LKR 6 trillion by 2025, she underscored the opportunities available in the stock market.
March 16, Colombo (LNW): Sri Lanka is facing a significant increase in cyber-attacks targeting businesses’ financial transactions, with 9,218 financial phishing incidents detected in 2024, according to the latest Kaspersky Security Bulletin. This surge highlights the growing sophistication of cybercriminals who are increasingly using deceptive tactics to steal sensitive financial information.
Financial phishing, a major concern for businesses globally, involves fraudulent communications designed to mimic legitimate financial institutions. These attacks trick businesses and individuals into revealing sensitive details such as banking logins, credit card numbers, and payment information. Cybercriminals typically use malicious links or attachments to lure victims, often resulting in substantial financial and reputational damage.
Kaspersky’s Head of Sales for Asia Emerging Countries, Sam Yan, emphasized that the rising number of phishing attacks in Sri Lanka signals the increasing sophistication of cybercriminals. As businesses digitize their financial transactions, he stressed the importance of adopting a multi-layered approach to cyber security. “Organizations must prioritize cyber security to safeguard sensitive data,” Yan said, urging businesses across Sri Lanka to treat cybersecurity as a critical business imperative.
Phishing attacks are among the most prevalent cyber threats today, with far-reaching consequences if not addressed promptly. Kaspersky recommends that businesses take immediate action by implementing anti-phishing technologies and ensuring their employees are trained to identify and avoid such attacks. Employee awareness is crucial in mitigating these risks.
The Kaspersky report also points to a sharp rise in financial phishing targeting the business-to-business (B2B) sector, with Sri Lanka seeing a significant increase in attacks. This underscores the urgency for Sri Lankan businesses to strengthen their cyber security practices.
To combat these threats, Kaspersky suggests several proactive measures: deploying anti-phishing technologies to detect and block malicious communications in real-time, investing in employee training to recognize phishing tactics, and implementing multi-factor authentication for enhanced security during financial transactions.
Furthermore, the Kaspersky Security Bulletin revealed a troubling rise in web-borne and local malware attacks in Sri Lanka, with over 8.6 million web-based cyber threats and 12.5 million local malware incidents detected in 2024 alone. These figures highlight the critical need for a comprehensive cyber security strategy that includes proactive threat detection and robust incident response systems.
While Sri Lanka faces an increasing number of phishing attacks, it is not alone. Countries such as Belarus, Moldova, and the Philippines have also experienced high levels of web-borne threats. Nevertheless, Sri Lanka remains a key target, with many businesses still vulnerable to these cybercrimes.
