Economy

Sri Lanka targets $ 879 m in local investments in 2025

Published

1 year ago

January 16, 2025

Sri Lanka expects about $ 879 million in investments from local investors in 2025 based on government incentives and an improved investment climate in the country, Economic Development Deputy Minister Prof. Anil Jayantha Fernando said.

Speaking in Parliament yesterday (7), he said that the government forecasts $ 879 million from local investors, an assumption based on the current situation and past trends.

He also added that the figure is forecasted based on the incentive packages that the government will provide, improvement in the investment climate and maintaining policy consistency.

Fernando said that the government will provide a conducive environment for local investors where they can have a level playing field with improved ease of doing business.

Moreover, he said that forecasts for foreign direct investments (FDIs) are also made based on the assumptions made for local investors.

However, Fernando said that the government is trying to move away from these assumptions as they have not been able to attract sufficient FDIs in the past based on these assumptions.

“We are trying our maximum to get at least $ 2 billion in FDIs annually, while priority will be given to investments to bring in new technology and capital requirements,” he added.

According to a response tabled at parliament by Finance and Planning Deputy Minister Harshana Suriyapperuma in December, the Board of Investment (BOI) has signed 74 projects in 2024, with an estimated investment of $ 608 million.

The statement said that the BOI signed 41 new projects and 33 project extensions between January and December 2024, the estimated total investment in the 74 projects is $ 608 million, which is only a mere $ 110 million growth in the second half of the year after recording $ 498 million investments in the first half.

Source – The Morning

Economy

Sri Lanka to Launch First Digital Motor Insurance Card from May 1

Published

2 days ago

April 25, 2026

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Sri Lanka’s Ministry of Finance, Planning, and Economic Development has announced that the country’s first digital motor insurance card will be introduced from May 1.

The Ministry stated that this initiative represents a significant step toward advancing national digitalization while also enhancing public safety.

By replacing physical plastic cards, the move is also expected to contribute to environmental sustainability across the country.

The Ministry added that the digital motor insurance card will be officially launched in collaboration with the Insurance Regulatory Commission of Sri Lanka, the Insurance Association of Sri Lanka, and the Sri Lanka Police.

Economy

Sri Lanka Confirms Hackers Diverted USD 2.5M Meant for Australian Debt Repayment

Published

3 days ago

April 24, 2026

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Sri Lanka’s Ministry of Finance has revealed that cyber hackers infiltrated the computer system of the External Resources Department, leading to the fraudulent diversion of a foreign debt repayment of nearly USD 2.5 million intended for Australia.

Addressing the issue, Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance, said the intrusion was first detected in January 2026, when officials became aware that hackers had attempted to gain unauthorized access to the External Resources Department’s systems and compromise them. Upon identifying the threat, the Ministry immediately alerted law‑enforcement authorities.

He said reports were lodged with the Sri Lanka Computer Emergency Readiness Team (SL‑CERT) and the Computer Crimes Investigation Division of the Sri Lanka Police to investigate the attempted system breach. In parallel, ministry officials instructed the External Resources Department to conduct an internal review to determine whether any further damage had occurred beyond the initial incident.

Subsequent investigations revealed that the cyberattack had taken place earlier than first detected. A review of previous months’ transactions uncovered that hackers had intercepted email communications linked to a government‑to‑government debt repayment involving Australia.

Economy

Hackers hit Sri Lanka Finance Ministry as USD 2.5M storm erupts

Published

4 days ago

April 23, 2026

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The Government is facing scrutiny following reports that $ 2.5 million (nearly Rs. 800 million) of Treasury funds was diverted during a foreign debt repayment, with the amount yet to reach the intended creditor country.

The funds were part of a bilateral payment to Australia amounting $ 22.9 million, with settlement due in September 2025.

The Treasury has appointed a Technical Investigation Committee to probe a suspected fraudulent payment involving $ 2.5 million linked to a bilateral transaction with Australia. The committee includes two Deputy Secretaries to the Treasury and will be co-chaired by A.N. Hapugala and S.S. Mudalige. The other members are National Planning Department Director General K.T.I. Premaratne, Legal Affairs Department Additional Director General A.K.D.D. Arandara, and Information Technology Management Department Assistant Director E.D. Shirantha.

The Committee has been tasked with probing the risk of fraudulent payment instructions received via email, which may have contributed to the disappearance of the funds remitted to Australia. It has been directed to carry out a comprehensive investigation into the incident and submit its report at the earliest.

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