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Visa: End-of-Year Tourist Transactions Up by 40% in Sri Lanka This Holiday Season 

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Visa: End-of-Year Tourist Transactions Up by 40% in Sri Lanka This Holiday Season 

• Surge in card transactions by tourists was driven largely by in-store use of debit cards

• Domestic debit spends grew by 45% while cross-border debit spends grew by almost 30%

• Domestic cardholders in Sri Lanka spent 35%+ more than in 2023 Holiday Season, buoyed by increasing penetration of contactless payments

Colombo, February 05, 2025: Visa (NYSE: V), the global leader in digital payments, today announced that Visa saw a marked uptick in spending by both tourists and domestic consumers in Sri Lanka during the holiday season at the end of 2024. Visa Consulting & Analytics (VCA), Visa’s advisory arm, highlighted key findings of consumer spend patterns during this period that saw an increase in commerce across payment options and channels.

An analysis of end-of-year spends of 2023 and 2024 showcased 40% increase in cross-border card transactions in physical stores, with a clear preference for using debit cards, that witnessed almost 50% increase over last year. The more than 35% surge in domestic card spends over the previous year was anchored by higher debit card spends, both online (~55%) and in-store (more than 40%).

Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa said, “We are thrilled to see the remarkable uptick in spending driven by Sri Lankans and our valued international visitors, a testament to the resilience and vibrancy of our country. At Visa, we are proud to play an integral role in facilitating the dynamic payments ecosystem and ensuring that holiday and travel experiences are seamless, convenient, secure, and truly memorable for everyone.”

With an influx of over 2 million tourists in 2024 and expected to reach 3 million in 2025, there was a palpable surge of 40% in cross-border transactions through debit and credit cards over last year. This was due to a 45% increase in debit card usage as well as more than 30% growth in credit usage. More than 50% of this growth was contributed by 9 countries, namely Australia, Canada, France, Germany, UAE, India, Japan, UK and USA.Interestingly, the country also saw tourists from at least 13 new countries like Afghanistan and Barbados that had not previously performed digital transactions in the island nation.

Avanthi points out, “The majority of spends by tourists was witnessed in categories like lodging, airline bookings, restaurants, retail shopping and other travel-related expenses. Meanwhile, domestic consumer spends were concentratedprimarily on everyday categories like food and grocery, apparel, restaurants and fuel.”

She further added, “We remain committed towards accelerating the adoption and acceptance of digital payment methods and are delighted to be a part of Sri Lanka’s growth story. Visa continues partnering with all ecosystem and remains committed to innovation and excellence that empowers both local and global commerce.”

About Visa Inc. 

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com. 

Contact: 
Uma Balakrishnan

[email protected]

Sri Lanka Aims to Become an Indian Ocean Hub: Minister Vijitha Herath

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Sri Lanka Aims to Become an Indian Ocean Hub: Minister Vijitha Herath

Sri Lanka’s Minister of Foreign Affairs, Foreign Employment, and Tourism, Vijitha Herath, outlined the country’s vision of becoming a key hub in the Indian Ocean during his keynote address at the 26th ARF Heads of Defense Universities, Colleges, and Institutions Meeting (HDUCIM).

Speaking at the event, co-chaired by Sri Lanka and Cambodia at the General Sir John Kotelawala Defense University (KDU), Minister Herath highlighted Sri Lanka’s strategic location and resources as crucial factors in promoting trade, connectivity, economic development, and regional stability.

He also emphasized Sri Lanka’s commitment to upholding international humanitarian law, welcoming the recent ceasefire agreement in Palestine as a step toward sustainable peace. He reiterated Sri Lanka’s support for global efforts to ensure stability through diplomatic dialogue and multilateral cooperation.

Addressing geopolitical challenges, Minister Herath stressed the importance of maintaining neutrality while fostering strategic partnerships within the ASEAN framework. He noted the need for adapting defense strategies to contemporary power rivalries and economic uncertainties.

The HDUCIM gathering brought together defense officials, academics, and experts to enhance cooperation in defense education and strategic studies across the region.

SriLankan Airlines Launches AI-Powered Chatbot ‘Yaana’ for Customer Support

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SriLankan Airlines Launches AI-Powered Chatbot ‘Yaana’ for Customer Support

SriLankan Airlines has introduced an artificial intelligence-powered chatbot named ‘Yaana’ to enhance customer support and streamline passenger inquiries.

‘Yaana’ integrates advanced AI and natural language processing technologies to assist with various customer queries efficiently. According to Dimuthu Tennakoon, Head of Worldwide Sales and Distribution at SriLankan Airlines, the chatbot has already managed nearly 12,000 inquiries, resolving 88% of them autonomously.

Developed in collaboration with CodeGen International, ‘Yaana’ is now available on the airline’s corporate website. It is designed to operate in multiple languages, including English, French, and Spanish, ensuring accessibility for a broader customer base.

Health Ministry Places Early Orders for 2025 Medical Supplies

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Health Ministry Places Early Orders for 2025 Medical Supplies

The Ministry of Health has placed advance orders for 862 essential medicines and over 5,000 surgical items required for 2025, marking the first time such a proactive measure has been taken, Health and Media Minister Dr. Nalinda Jayathissa announced.

Key institutions, including the National Medicines Regulatory Authority (NMRA), the State Pharmaceutical Corporation (SPC), and the Medical Supplies Division (MSD), are collaborating to streamline the procurement process.

“For the first time in history, the MSD has, by January 31, placed an order for 862 essential medicines and surgical items needed for the next year through the SPC. This was made possible due to the voluntary service of employees in these institutions,” Minister Jayathissa stated.

Additionally, the NMRA has significantly reduced its backlog of 2,100 pending drug registrations to 447, with 330 files processed in January alone.

The Minister acknowledged that delays in medical supply distribution have been a persistent issue, with state pharmaceutical procurement taking up to nine months. To further improve efficiency, the government has already begun placing orders for 2026 medical supplies.

Lanka Salt Company Increases Prices Amid Rising Import Costs

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Lanka Salt Company Increases Prices Amid Rising Import Costs

The Lanka Salt Company in Hambantota has announced an increase in salt prices, citing the rising cost of imported salt as the primary reason for the hike.

According to the company, the price of a 400-gram packet of salt powder has risen by Rs. 20, from Rs. 100 to Rs. 120, while the price of a one-kilogram packet of crystal salt has increased by Rs. 60, from Rs. 120 to Rs. 180. However, officials clarified that this price adjustment is a temporary measure.

Sri Lanka’s annual salt demand is approximately 20,000 metric tons, but adverse weather conditions in the last quarter of the previous year caused a decline in local production. In response, the government approved the temporary importation of 12,000 metric tons of salt from India to address the shortfall.

Despite these imports, the State Trading Corporation has assured that relying on foreign salt will not be a long-term solution. Local salt production is expected to resume at the Hambantota Salt Works by March, stabilizing domestic supply.

The Hambantota Salt Company has also assured that prices will be reduced once the new harvest becomes available. Currently, the Hambantota Salt Works accounts for 50% of the country’s salt production, while the Paranthan and Puttalam Salt Works also contribute significantly to the national supply.

President Holds Talks with IMF Delegation on Extended Fund Facility Progress

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President Holds Talks with IMF Delegation on Extended Fund Facility Progress

A high-level discussion on the progress of Sri Lanka’s Extended Fund Facility (EFF) agreement with the International Monetary Fund (IMF) took place yesterday (06) at the Presidential Secretariat, led by President Anura Kumara Dissanayake and an IMF delegation.

According to the President’s Media Division (PMD), the government has already reached a staff-level agreement with the IMF on the third review of the USD 3 billion extended arrangement. The review details are expected to be presented to the IMF Board of Directors by the end of this month.

The discussions focused on the implementation progress and the government’s commitment to continuing the program. Once the IMF Executive Board grants approval, Sri Lanka is set to receive the fourth tranche of the extended loan, amounting to USD 333 million.

The meeting was attended by IMF Executive Director Dr. Krishnamurthy Subramanian, Alternate Executive Director Dr. P. K. G. Harischandra, Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Finance Mahinda Siriwadana, and Central Bank Governor Dr. Nandalal Weerasinghe.

Government to Implement Policy to Address Coconut Shortage

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Government to Implement Policy to Address Coconut Shortage

Prime Minister Dr. Harini Amarasuriya informed Parliament yesterday (05) that the ongoing coconut shortage has resulted from the lack of a comprehensive government policy on coconut cultivation.

She stated that the current administration is developing a structured policy to enhance coconut cultivation and has already initiated several short-term programs to address the issue. Additionally, she confirmed that the government has allocated increased funds in this year’s budget to support coconut cultivation.

The Prime Minister highlighted that institutions under the Ministry of Plantations and Community Infrastructure are actively working to boost coconut production. Measures include testing for high-yield coconut varieties, identifying effective agricultural practices, providing technical guidance to control pests and diseases, and proposing policies to strengthen the coconut sector. These efforts aim to prevent future shortages and ensure a stable supply of coconuts.

Mahinda Rajapaksa Challenges Security Reduction in Supreme Court

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Mahinda Rajapaksa Challenges Security Reduction in Supreme Court

The Supreme Court has scheduled March 19 for the support hearing of a Fundamental Rights petition filed by former President Mahinda Rajapaksa, contesting the government’s decision to reduce his security detail.

A three-judge bench, comprising Justices Preethi Padman Surasena, Janak de Silva, and Sampath Abayakoon, fixed the date following a request by Additional Solicitor General Varunika Hettige, who appeared on behalf of the Attorney General. She sought additional time to obtain instructions from the respondents and file objections.

The petition names Prime Minister Dr. Harini Amarasuriya, the Cabinet of Ministers, and several others as respondents. Rajapaksa argues that the government arbitrarily reduced his security detail to 60 officers without conducting a proper security assessment. He maintains that, as the leader who ended the three-decade-long war against the LTTE, he continues to face terrorist threats.

Through the petition, Rajapaksa seeks a declaration that his Fundamental Rights were violated by the government’s decision. President’s Counsel Ali Sabry represented the former President in the case.

Sri Lanka Advances Climate-Smart Agriculture with Public-Private-People Forum

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Sri Lanka Advances Climate-Smart Agriculture with Public-Private-People Forum

The inaugural Catalysing Climate-Smart Agriculture: Public-Private-People Forum was recently held in Colombo, bringing together key stakeholders from the private sector, government, civil society, and international development partners. The forum aimed to address pressing challenges in Sri Lanka’s agriculture sector by promoting climate-smart solutions.

Jointly organized by the Ministry of Environment and the Food and Agriculture Organization of the United Nations (FAO), the event served as a strategic platform for dialogue and collaboration. Discussions focused on policy, regulatory, and fiscal reforms, alongside digital innovations, to enhance resilience, reduce emissions, and support national climate goals.

Collective Action for Sustainable Agriculture

Dr. R.D.S. Jayatunga, Additional Secretary of the Ministry of Environment, underscored the forum’s importance, stating, “This platform demonstrates the power of collective action in tackling one of the most critical challenges of our time. By uniting expertise and resources from the public, private, and community sectors, we can develop innovative solutions to strengthen agricultural resilience and secure sustainable livelihoods for millions of Sri Lankans.”

Assistant FAO Representative (Programme) Nalin Munasinghe echoed this sentiment, highlighting the significance of partnerships. “Sri Lanka’s agriculture sector stands at a crossroads. Through collaborative initiatives like this, we can foster climate-resilient growth that protects livelihoods and ensures long-term food security.”

Key Challenges and Solutions

The forum examined the significant impact of climate change on agriculture, including erratic rainfall, prolonged droughts, rising temperatures, and pest outbreaks. Stakeholders validated findings from a comprehensive Barriers Assessment and explored actionable solutions to boost private sector investment.

Proposed measures included policy reforms, financial incentives, and improved coordination mechanisms to align investments with global financing opportunities and local needs.

A key outcome of the forum was the validation of an actionable roadmap aimed at:

  • Removing barriers to private sector investment in climate-smart agriculture
  • Strengthening collaboration between public, private, and community sectors
  • Leveraging international climate financing and digital innovations to scale best practices

The roadmap also recommended establishing a Private Sector Working Group to sustain momentum and ensure continued engagement among stakeholders.

Towards a Climate-Resilient Future

The forum featured expert insights on global best practices, including strategies from the Climate-Smart Agriculture Investment Plan. Representatives from academia, civil society, and the financial sector contributed their perspectives, ensuring an inclusive approach to solution development.

The outcomes of this initiative will inform future efforts to strengthen Sri Lanka’s agriculture sector, with a focus on sustainability, resilience, and meeting national climate commitments.

Government Launches Digital Facilities to Streamline Public Services

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Government Launches Digital Facilities to Streamline Public Services

The Sri Lankan Government, under the leadership of President Anura Kumara Dissanayake, will launch three new digital facilities today (7) at the Presidential Secretariat, including the GOVPAY system, aimed at reducing costs and processing time for public services.

Key Highlights of the Initiative:

  • GOVPAY System – A centralized online payment platform for accessing government services digitally, initially covering 16 government institutions.
  • EBMD Facility – A new service allowing Sri Lankans abroad to obtain birth, death, and marriage certificatesthrough their respective embassies, integrated with the Registrar General’s Department to reduce delays.
  • Digital Expansion in Public Services – The President’s Fund services will now be accessible at 341 Divisional Secretariats nationwide, with trained officers and the required technology in place.

Government’s Digitalization Drive

  • Minimizing cash usage and transitioning towards a cashless economy.
  • Enhancing digital infrastructure for improved public service efficiency.
  • Empowering SMEs, as over 400,000 small and medium-sized enterprises are already using QR-based transactions.

Officials, including Digital Economy Deputy Minister Eranga Weerarathna, Presidential Fund Secretary Roshan Gamage, Foreign Affairs Ministry Additional Secretary M.K. Pathmanathan, and Lanka Pay CEO Channa De Silva, emphasized that further digital enhancements will soon be introduced to expand and expedite public service accessibility.

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