July 02, Colombo (LNW): Sri Lanka is preparing to roll out a 250-megawatt battery energy storage system as part of efforts to enhance the stability and efficiency of the national electricity network.

The project, which will be linked to solar power generation, is expected to be installed at 19 substations across the country, providing additional capacity to store electricity generated during peak production periods and release it when demand is higher.

Chairman of the National Transmission Network Service Provider (Private) Limited, Dr Pradeep Perera, said the initiative is designed to strengthen grid reliability while supporting the country’s transition towards greater use of renewable energy.

He explained that the battery storage system would help reduce dependence on diesel-powered electricity generation, particularly during periods of high demand or when renewable energy output fluctuates. This is expected to lower fuel consumption and improve the overall efficiency of the power sector.

According to Dr Perera, the reduction in fuel costs could also generate long-term financial benefits for the electricity sector. If operational savings are sustained, they may create opportunities for future consumer relief, including the possibility of more favourable electricity tariffs.

The project forms part of Sri Lanka’s broader strategy to modernise its energy infrastructure, improve energy security and increase the contribution of renewable sources to the national grid as the country works towards a more sustainable power sector.

July 02, Colombo (LNW): Sri Lanka and Kazakhstan have held high-level discussions aimed at expanding bilateral cooperation, with energy security, trade, tourism and diplomatic engagement emerging as key areas of focus.

The talks took place at the Ministry of Ports, Civil Aviation and Energy between Minister Anura Karunatilleke and Kazakhstan’s Ambassador to Sri Lanka, Sergey Viktorov, as both countries explored ways to deepen economic and strategic ties.

A major topic of discussion was energy cooperation, with Kazakhstan signalling its willingness to assist Sri Lanka in meeting its refined fuel requirements. As one of Central Asia’s leading exporters of oil, natural gas and mineral resources, Kazakhstan expressed interest in strengthening collaboration in the energy sector, particularly in supporting Sri Lanka’s fuel supply needs.

The two sides also acknowledged that bilateral trade remains below its potential. While Sri Lankan tea continues to enjoy demand in Kazakhstan, both countries agreed that there is considerable scope to broaden commercial relations by exploring new areas of investment and trade.

Tourism was another priority during the meeting. Officials noted that more than 11,000 travellers from Kazakhstan visited Sri Lanka last year and discussed measures to further boost visitor numbers. Among the proposals considered was the expansion of Air Astana’s seasonal flights into a year-round service, a move expected to improve connectivity and encourage greater tourist traffic between the two countries.

Minister Karunatilleke welcomed the proposal, stating that discussions with the relevant aviation and tourism authorities could begin once a formal request is submitted by the Kazakh side.

The meeting also underscored the importance of strengthening diplomatic relations. Ambassador Viktorov expressed appreciation for the support extended by the Sri Lankan Government following the opening of Kazakhstan’s first resident embassy in Colombo in July 2025, describing it as a significant step in enhancing bilateral cooperation.

For his part, Minister Karunatilleke reaffirmed Sri Lanka’s intention to establish a diplomatic mission in Astana, noting that such a move would not only deepen relations with Kazakhstan but also strengthen Sri Lanka’s engagement with the wider Central Asian region.

Several senior officials, including Additional Secretary V. Jagatheesan, were also present at the discussions, which concluded with both sides expressing optimism about expanding cooperation across multiple sectors in the years ahead.

July 02, Colombo (LNW): Sri Lanka has been reinstated as an Upper-Middle Income Economy in the World Bank’s latest annual income classification, marking a significant milestone in the country’s recovery from the economic crisis that gripped the nation in 2022.

The updated declaration, released on July 01, reflects Sri Lanka’s improved economic performance over the past three years, with the World Bank highlighting the country’s return to growth after one of the most challenging periods in its post-independence history.

According to the World Bank, Sri Lanka’s economy expanded by five per cent in 2025, supported by a broad-based recovery across several key sectors. The rebound in manufacturing and industrial production, together with stronger performances in tourism and financial services, played a major role in driving the country’s economic resurgence.

Describing Sri Lanka as a notable recovery story, the World Bank said the country had rebounded from the brink of economic collapse in 2022 to record solid growth within a relatively short period. While acknowledging the achievement, it also noted that Sri Lanka only narrowly surpassed the threshold required to regain Upper-Middle Income status, indicating that continued economic stability and reform will be essential to maintain the classification.

The World Bank revises its income categories annually through its Development Data Group, using Gross National Income (GNI) per capita estimates from the preceding calendar year. Countries are grouped into four classifications—low, lower-middle, upper-middle and high income—based on internationally recognised thresholds.

This year’s assessment covers 218 economies and will remain the World Bank’s official global classification until the end of June 2027. The rankings are widely used by governments, international financial institutions and development agencies to assess economic progress and determine eligibility for certain forms of concessional financing and development assistance.

The World Bank calculates GNI per capita in US dollars using its Atlas methodology, which helps minimise the effects of short-term exchange rate fluctuations. The income thresholds are updated each year to reflect inflation, while changes in economic growth, population figures and national accounting data may also influence a country’s classification.

July 02, Colombo (LNW): Sri Lanka recorded a noticeable decline in tourist arrivals in June, with official figures showing that visitor numbers fell by almost 10 per cent compared with the same month last year.

Statistics released by the Sri Lanka Tourism Development Authority (SLTDA) reveal that 124,551 international visitors entered the country during June 2026, down from 138,241 arrivals recorded in June 2025. The latest figures also mark a drop from May this year, when Sri Lanka welcomed 145,745 tourists.

India remained Sri Lanka’s largest source market, contributing 43,423 visitors during June and accounting for approximately 35 per cent of total arrivals for the month. The United Kingdom ranked second with 10,474 visitors, followed by Australia with 8,710, China with 8,224 and the United States with 3,806 arrivals.

Despite the slowdown in June, the tourism sector has continued to post positive results overall this year. The cumulative number of international visitors for 2026 has now reached 1,146,573, reflecting sustained demand from several of Sri Lanka’s key tourism markets.

India continues to dominate year-to-date arrivals with 293,683 visitors, while the United Kingdom has contributed 108,567 tourists. Russia and China have also remained among the country’s leading markets, recording 77,349 and 76,171 arrivals respectively.

Industry observers note that although seasonal travel patterns and global economic conditions may have contributed to the softer performance in June, Sri Lanka’s tourism industry remains on course for another year of steady growth, supported by strong regional demand and continued promotional efforts in overseas markets.

July 02, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has expanded its list of entities identified as operating prohibited pyramid schemes, adding Infinity Rover (Pvt) Ltd following the conclusion of a formal investigation.

In a statement, the CBSL said the company had been found to have engaged in, operated and promoted a scheme prohibited under Section 83(C) of the Banking Act, No. 30 of 1988, as amended. As a result, the institution has revised its official list of organisations and digital platforms determined to be in violation of the law.

The Central Bank reiterated that participation in pyramid schemes carries significant financial risks and reminded the public to exercise caution before investing in businesses that promise unusually high or guaranteed returns, particularly those that rely on recruiting new members rather than legitimate commercial activity.

With the latest addition, the number of entities identified by the CBSL as prohibited pyramid schemes has risen to 25. The updated list comprises:

1. Tiens Lanka Health Care (Pvt) Ltd
2. Best Life International (Pvt) Ltd
3. Mark-Wo International (Pvt) Ltd
4. V M L International (Pvt) Ltd
5. Global Lifestyle Lanka (Pvt) Ltd
6. Fast3Cycle International (Pvt) Ltd
7. Sport Chain App / Sport Chain ZS Society Sri Lanka
8. OnmaxDT
9. MTFE App, MTFE SL Group, MTFE Success Lanka and MTFE DSCC Group
10. Fastwin (Pvt) Ltd
11. Fruugo Oline App / Fruugo Oline (Pvt) Ltd
12. Ride to Three Freedom (Pvt) Ltd
13. Qnet / Questnet
14. Era Miracle (Pvt) Ltd and Genesis Business School
15. Ledger Block
16. Isimaga International (Pvt) Ltd
17. Beecoin App and Sunbird Foundation
18. Windex Trading
19. The Enrich Life (Pvt) Ltd
20. Smart Win Entrepreneur (Pvt) Ltd
21. Net Fore International (Pvt) Ltd / Netrrix
22. Pro Care (Pvt) Ltd and Shade of Procare (Pvt) Ltd
23. SGO / sgomine.com
24. I.C.A.N. Advertising (Pvt) Ltd and its affiliated platforms – icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercuts.net and bannercuts.org
25. Infinity Rover (Pvt) Ltd