Economy

ADB Boosts Sri Lanka Funding to USD 480 Million, Fast-Tracks USD 200 Million

Published

2 months ago

March 25, 2026

The Asian Development Bank (ADB) has agreed to increase the funding approved for Sri Lanka this year from USD 380 million to USD 480 million, and to fast-track the release of USD 200 million in view of the prevailing situation.

This was disclosed during a meeting at the Presidential Secretariat between President Anura Kumara Dissanayake and a delegation led by ADB President Masato Kanda, who is currently on an official visit to Sri Lanka.

During the meeting, extensive discussions were held on how the Asian Development Bank could support Sri Lanka in achieving its future development objectives.

President Dissanayake stated that the government expects ADB assistance for its programme to rebuild the country following the recent disaster situation.

ADB President Masato Kanda commended the government’s efforts to maintain economic stability despite the post-disaster conditions and the current conflict situation in the Middle East. He said the ADB is prepared to provide all necessary support for rebuilding infrastructure damaged by Cyclone Ditwah.

Economy

Govt Approves Rs.112 B Central Expressway Phase Without New Loans

Published

1 day ago

May 12, 2026

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“Rs. 112 Billion. 100% funded by the Government of Sri Lanka. Zero new loans.”

Minister Bimal Rathnayake says Cabinet approval for the Rambukkana–Galagedera phase of the Central Expressway is proof of Sri Lanka’s economic recovery, adding that what was once a “distant dream” is now a funded reality under the Finance Ministry’s leadership over the past 18 months.

Economy

Sri Lanka’s official reserves fall below US$ 7 billion

Published

3 days ago

May 10, 2026

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Sri Lanka’s official reserve assets fell below the US$ 7 billion mark again in April 2026, according to the latest data released by the Central Bank of Sri Lanka.

The country’s total official reserve assets declined from US$ 7.026 billion recorded at the end of March 2026 to US$ 6.759 billion by the end of April.

Data also showed that foreign exchange reserves — the main component of official reserves — dropped from US$ 6.8 billion to US$ 6.505 billion during the month.

Meanwhile, Sri Lanka’s gold reserves declined slightly from US$ 222 million to US$ 219 million.

Economy

PayPal to launch in Sri Lanka from May 15

Published

5 days ago

May 8, 2026

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PayPal is set to launch in Sri Lanka on 15 May, in a move expected to expand formal digital payment channels, initially starting with business-to-business (B2B) payments to exporters.

According to sources, the initial rollout will focus on enabling inward payments to exporters, with several local banks already appointed as agents for the service.

While an official announcement is yet to be made, sources said the launch is currently scheduled for 15 May, with the Presidential Secretariat likely to host the event.

Banking sector officials have already participated in familiarisation sessions relating to PayPal’s entry into Sri Lanka, while PayPal representatives are understood to have visited the country last month for discussions with local stakeholders and financial institutions regarding the rollout framework.

The move follows months of engagement between the Government, the Central Bank of Sri Lanka (CBSL), and the private sector, aimed at enabling regulated inward remittance functionality through the global online payments platform.

In February, Digital Economy Ministry Secretary Waruna Sri Dhanapala said Sri Lanka had entered the final stage of enabling inward remittances through PayPal, describing it as a key milestone in modernising the country’s digital payments ecosystem.