Economy

Japan Officially Notifies Sri Lanka of Its Decision to Resume Disbursement to Yen Loan Projects

Published

1 year ago

July 25, 2024

Following the completion of the signing of Memorandum of Understanding (MOU) between the Official Creditor Committee (OCC) and Sri Lanka on 23 July and the expression of the willingness by the Government of Sri Lanka to swiftly conclude a bilateral agreement on debt restructuring, the Government of Japan has officially decided to resume disbursement to Yen Loan Projects, which had been suspended since the default of Sri Lanka in 2022.

On 24 July, the Government of Sri Lanka, the Embassy of Japan and Japan International Cooperation Agency (JICA) Sri Lanka Office held a joint press conference to inaugurate this milestone decision at Ministry of Treasury.

While congratulating the completion of the MOU on debt restructuring between Sri Lanka and the OCC, Ambassador MIZUKOSHI Hideaki highlighted the unprecedented initiative and outstanding contribution by the Government of Japan, as a co-chair of the OCC, in leading and concluding the public debt restructuring.

Ambassador MIZUKOSHI also commended Sri Lankan authorities for their ongoing efforts in implementing the comprehensive economic and social reforms essential to guide the country back to a sustainable path. He stated that all the suspended yen loan projects are crucial infrastructures that promote Sri Lanka’s economic growth and further reaffirmed Japan’s continuous and unwavering commitment to supporting Sri Lanka.

On behalf of Mr. YAMADA Tetsuya, Chief Representative of JICA Sri Lanka Office, Ms. IDE Yuri, Senior Representative, handed over the official letter on this decision to Mr. Mahinda Siriwardana, Secretary to the Treasury, which is addressed to Hon. President Wickremesinghe from Dr. TANAKA Akihiko, President of JICA.

Ms. IDE Yuri expressed her hope that the resumption of Yen Loan Projects will contribute to stabilizing the economy and society of Sri Lanka and help gain momentum toward long-term sustainable growth, thus paving the way for Sri Lanka to recover trust and confidence from the people and private businesses of both Sri Lanka and the world.

Secretary Siriwardana expressed his profound gratitude for this decision and sincere appreciation for Japan’s excellent initiative and long-term dedication in the debt restructuring. It is hoped that the resumption of disbursement to Yen Loan Projects would further strengthen the bond between Japan and Sri Lanka, as well as help this island nation bring itself back on track for further economic development, serving as a hub in the Indian Ocean.

Economy

Sri lanka’s domestic exports rise by 5.2%

Published

1 day ago

November 6, 2025

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The Central Bank of Sri Lanka (CBSL) reports that domestic exports of goods and materials have grown by 5.2% during the first nine months of this year, compared to the same period in 2024.

According to official data, export earnings for the period reached US$ 10,215.1 million, up from US$ 9,518.1 million recorded last year.

The increase reflects a steady improvement in the country’s export performance, supported by higher demand and stronger production across key sectors.

Economy

SriLankan Airlines group loses Rs10.7bn in three months, operating losses up

Published

4 days ago

November 3, 2025

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State-run SriLankan Airlines group has lost 10.7 billion rupees in the three months to June 2025, down from 12.9 billion rupees last year but operating losses had widened, despite improvement in traffic, a Finance Ministry report said.

SriLankan had posted revenues of 51.7 billion rupees, up 1.5 billion rupees in the June quarter, helped by high higher traffic volumes and a big improvement in load factor to 82.3 percent a from 74.8 last year.

The airline had carried more than one million passengers across 3,217 flights during the quarter, with traffic growing 23 percent, the report said.

But cargo revenue had declined 13 percent to 7.1 billion rupees, and other revenues had also fallen, bringing net traffic revenues to 62.7 billion rupees, down from 63.8 billion rupees last year.SriLankan Airlines group loses Rs10.7bn in three months, operating losses up

Economy

Sri Lanka is the second most expensive country in South Asia to live in

Published

5 days ago

November 2, 2025

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Sri Lanka is the second most expensive South Asian Association for Regional Cooperation (SAARC) country to live with cost of living for an individual being $506 or Rs. 153,899 excluding rent to live a comfortable life according to Numbeo, a user-generated cost-of-living statistics website.

According to the website for a family of four living in the city of Colombo, the monthly costs are Rs. 570,997 excluding rent to live comfortably. This includes the cost of childcare, groceries, outings, dining, school fees, house expenses, vehicle expenses etc.

Numbeo is the world’s largest cost of living database and a crowd sourced global resource for quality of life data. It provides insights into cost of living. According to the site Maldives is considered the most expensive SAARC country to live in comfortably with a cost of $840.4 per person.

Source – Dailymirror