Cabinet approves land for Nanoscience Park
The Cabinet of Ministers approved the transfer of land for the establishment of a Nanoscience Park and the Faculty of Technology at the University of Colombo at the Cabinet meeting held yesterday 21 July,2025. This decision was made following a proposal by the Minister of Urban Development, Construction, and Housing. The Urban Development Authority (UDA) had acquired 91.40 hectares (225 …
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Sri Lanka to procure US West Texas Intermediate crude oil?
The government is reportedly looking at the possibility of procuring US West Texas Intermediate (WTI) crude oil in a bid to reduce the trade deficit between Sri Lanka and the United States.
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State revenue up by nearly 20% in first five months of 2025
The state revenue has surged to Rs. 1,942.36 billion during the first five months of 2025, marking a 19.95%
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President and IMF delegation discuss next review of EFF
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CNL Reporter
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July 22, 2025
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Political
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EFF
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0 Comments
President Anura Kumara Dissanayake and representatives of the International Monetary Fund (IMF) have held
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Committee recommends removal of Deshabandu
Parliament was informed today July 22, that the special committee appointed to investigate suspended IGP Deshabandu Tennakoon has recommended his removal from office. Speaker Dr. Jagath Wickramaratne stated that the committee’s report, submitted to Parliament, had unanimously found Tennakoon guilty of serious misconduct and abuse of power. This recommendation follows a series of serious allegations, including Tennakoon’s alleged involvement in …
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IMF warns of trade threats to SL’s growth
Sri Lanka’s economy is expected to grow by 3.5% this year, after recording 5% growth last year, according to the World Bank, showing signs of steady recovery from the 2022 financial crisis. However, the International Monetary Fund (IMF) warns that global trade issues, especially with the United States could slow down that progress. In a statement issued after completing its …
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SL ahead in digital finance access, says WB report
The Global Findex 2025 report by the World Bank highlights that Sri Lanka has performed better than many South Asian countries in providing access to bank accounts and digital payments. According to the report, over 650 million adults globally still don’t have a financial account, and many lack access to mobile phones or digital financial services. More than half of …
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Central Expressway Project gets China’s Exim Bank funding soon
Funding from China’s Export-Import (Exim) Bank could resume by September or October to continue the construction of the long-delayed Central Expressway Project (CEP), the Road Development Authority (RDA) announced. RDA Chairman T. Paskaran confirmed that negotiations with the bank were ongoing, in the aftermath of disbursements being suspended due to Sri Lanka’s economic crisis. “Negotiations with the donor are currently …
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Sri Lanka to Impose 18% VAT on PayPal, Stripe and Crypto Transactions
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CNL Reporter
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July 21, 2025
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Political
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PayPal
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In a controversial move likely to impact online payments and digital commerce, Sri Lanka will impose an 18 percent Value Added Tax (VAT) on foreign financial platforms such as PayPal,
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Govt. Revenue Surges to Rs. 2 Trillion in Five Months, Budget Deficit Narrows
Sri Lanka’s government revenue collection showed strong momentum in May 2025, recording Rs. 486 billion—the highest monthly figure so far this year.
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