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Ceylon Exchange Mentoring, Level 04, 67 A Gregory’s Avenue, Colombo (2026)

28/05/2026

Yesterday (27th May 2026), the Executive Board of the International Monetary Fund approved the combined fifth and sixth reviews under Sri Lanka’s four-year Extended Fund Facility (EFF) program. The unlocking of $700 million in financing marks another major milestone in the country’s post-crisis recovery program.

In its official statement, the IMF said, “The EFF arrangement for Sri Lanka was approved by the Executive Board on 20 March 2023 in the amount of SDR 2.286 billion (395% of quota, or about $3 billion). The arrangement supports Sri Lanka’s reform program to durably restore macroeconomic stability by (i) restoring fiscal and debt sustainability while protecting the vulnerable, (ii) safeguarding price and financial sector stability, (iii) rebuilding external buffers, (iv) strengthening governance and reducing corruption vulnerabilities, and (v) advancing growth-oriented structural reform.”

“Fiscal earnings in 2026 are appropriate in response to the shocks, and the government is implementing a temporary relief package while also allocating additional spending to support recovery and reconstruction following Cyclone Ditwah. From 2027 onward, the authorities are appropriately committed to reverting to the primary balance target of 2.3% of GDP, as well as complying with the primary expenditure target."

Following the Executive Board’s discussion, Deputy Managing Director and Acting Chair Kenji Okamura said, “Sri Lanka’s strong implementation under the EFF arrangement has continued despite challenging circumstances. Gains from the economic recovery program helped preserve economic resilience and provided room to respond to Cyclone Ditwah and the Middle East war."

“The latter, however, has significantly worsened Sri Lanka’s economic outlook and tilted risks to the downside. For 2026, growth is projected to slow down by 3%. Higher oil priceswould increase inflation and weaken the currency account, which would also be adversely impacted by lower tourism receipts. The uncertainty regarding the war’s intensity and duration heightens risks to the outlook.

27/05/2026

Generating Rs. 10 billion in revenue can take just days for these corporate giants a reflection of the size, reach, and strength of their businesses.

26/05/2026

According to the latest data released by the Sri Lanka Export Development Board (EDB), Sri Lanka’s export sector posted its highest-ever April performance, with total earnings surpassing $1.38 billion, reflecting a 6% year-on-year (YoY) growth driven by strong merchandise exports.

Merchandise exports shipped in April were up 9.87% YoY to over $1.06 billion. However, estimated service earnings for April 2026 saw a decrease of 6.13% YoY to $317.16 million. Addressing the media, EDB Chairman and CEO Mangala Wijesinghe said, “Sri Lanka’record performance in April and during the first four months demonstrates the sector’s ability to navigate evolving global market conditions and its resilience,” said the Chairman. He also told the media that the 10% monthly export growth forecast has been revised to slightly above 8% based on current external factors.

As per the data shown, apparel and textiles remained the dominant contributor, reaching $1.6 billion, despite seeing a 7.4% YoY decrease. The contraction is largely due to reduced demand in major markets such as the US and the European Union. Agricultural exports witnessed a remarkable growth during the four months, along with food and beverage exports. However, tea exports, which compromised 12% of merchandise exports, declined by 5.58% YoY to $451.58 million.

On the services side, ICT/BPM and financial services showed positive growth during the first four months, increasing by 22.63% YoY to $581.7 million and 82.27% YoY, respectively. The growth has allowed the sector to surpass tea exports in terms of export contributions. Among Sri Lanka’s top 15 export markets, China, France, Australia, Mexico, and Japan all showed positive YoY growth in both April 2026 and the Jan-April period. The US, which is Sri Lanka’s single largest export destination, accounting for 22% of total merchandise exports, saw a marginal decline of 3.15% YoY to $196.37 million in April 2026. India consolidated itself as Sri Lanka’s second-largest export destination, surpassing the UK. Exports to the UK also declined by 15.18% to $62.40 million, while European markets also showed weaker performance.

25/05/2026

Dialog Axiata PLC has officially overtaken John Keells Holdings PLC to claim the top spot by market capitalization.

25/05/2026

According to Bloomberg, the Sri Lankan rupee has seen a remarkable turnaround, surging against the US dollar to emerge as Asia’s best-performing currency on Friday.

The Bloomberg report showed that the LKR strengthened as much as 2.7%, its biggest gain since March 2023, reversing losses from Thursday when it slid to a three-year low.

According to the Central Bank of Sri Lanka (CBSL), its Weekly Economic Indicator showed that the rupee’s year-to-date (YTD) depreciation stood at 4.5% by 15th May before surging to 7.2% by May 22nd, marking the sharpest deterioration of the currency this year.

The panic that gripped Sri Lanka’s foreign exchange market saw importers rush to secure dollars while exporters delayed conversions. The movement came amid heightened market anxiety over the economic fallout from the Middle East war and fears of rising energy prices. Dealers said that the CBSL capped the interbank USD spot rate at Rs. 330. Market speculation also emerged that the CBSL could shorten the mandatory conversion period for export proceeds from 90 days to 30 days.

International Monetary Fund (IMF) Mission Chief for Sri Lanka Evan Papageorgiou on Thursday also expressed confidence in Sri Lanka’s ability to manage economic pressures arising from the Middle East conflict. He said, “Recent global developments have brought renewed pressures, as is the case for many economies in a challenging external environment. Navigating these shocks is never straightforward, but Sri Lanka’s policy framework today is considerably stronger than in the past.” He also stressed the importance of maintaining policy consistency and allowing the economy to adjust to evolving market conditions to sustain the gains achieved under the reform program.

23/05/2026

Sri Lanka is expected to receive nearly US$ 1 billion in foreign funding inflows in the near future, according to Central Bank Governor Nandalal Weerasinghe. The expected inflows include around US$ 700 million in IMF-related support, along with nearly US$ 300 million from the World Bank and Asian Development Bank (ADB).

22/05/2026

A look at how banking sector investments performed over the past year 📊

Market movements, growth potential, and the power of long term investing, all in one breakdown.

21/05/2026

The international ridesharing platform Uber has announced the launch of hybrid subscriptions for motorbike and tuk-tuk drivers in Sri Lanka.

The new ‘earn first, pay later’ model will grant drivers greater flexibility by allowing them to start earning on the platform without upfront payments. Drivers will continue to benefit from the 0% commission on trips, allowing them to keep their earnings while paying the subscription fee separately.

With the hybrid subscriptions, drivers can choose a model that works best for their driving patterns, making it easier for both full-time and part-time drivers to access trips and earn on Uber. Flexibility and earning potential remain key priorities for drivers across Sri Lanka’s two-wheeler and three-wheeler ecosystem. The new model gives drivers greater control of how they interact with the platform and structure their earnings. While the time-based subscription is ideal for full-time drivers, the earning-based subscription is perfect for part-time drivers.

Kaushalya Gunaratne, Country Manager - Mobility, Uber Sri Lanka, commented on the launch, stating, “Drivers are at the heart of everything we do. We were among the first to introduce subscription models for moto and tuk drivers in Sri Lanka, and with hybrid subscriptions, we’re taking it further – giving drivers the benefit of zero commissions and the flexibility to choose what works best for them.

21/05/2026

Ambeon Capital PLC (AMC) has marked one of its strongest and most transformative years, delivering a consolidated Profit After Tax (PAT) of Rs. 3.242 billion for FY2025/26 that ended on March 31st 2026, representing a 104% year-on-year growth.

The Ambeon Group as a whole recorded a consolidated revenue of Rs. 19 billion, reflecting a 12% increase over the previous financial year. The growth was driven by consistent contributions from core business segments, which were complemented by enhanced operational efficiencies, disciplined cost management, and strategic portfolio optimisation across the Group.

Sujeewa Mudalige, Chairman of Ambeon Group, commented on the group’s performance, stating, “This excellent performance reflects the strength and maturity of Ambeon Capital PLC as the group's central investment platform. Our disciplined ex*****on, combined with strategic vision and prudent financial stewardship, has enabled us to unlock value across our portfolio and deliver strong, sustainable returns to our stakeholders.”

The group’s diversified portfolio spans information technology, real estate, group treasury, and strategic investments. These investments have been the cornerstone of the group's profitability, contributing Rs 2.425 billion to the group's earnings. The real estate cluster represented by Colombo City Holdings PLC achieved a PAT of Rs. 436 million. The technology cluster, led by MilleniumIT ESP, recorded a PAT of Rs. 59 million. The Financial Services cluster, led by Taprobane Capital Plus within AMC, delivered Rs 453 million.

The group has also expanded its footprint across several high-growth sectors via targeted investments. The Group acquired a 51% stake in Mylands Development PLC and increased its stake in Ceylon Hotels Corporation PLC to 13.33%. It also secured a 14.1% stake in Capital Metals PLC. Additionally, Ambeon Capital also acquired the controlling stake of Harischandra Mills PLC via Ambeon Essentials (Pvt) Ltd. The Group also increased its stake in DFCC Bank PLC to 9.91% and maintains its 9.93% stake in Seylan Bank PLC.

20/05/2026

Yesterday (19th May 2026), Parliament passed the controversial Inland Revenue (Amendment) Bill after the government refused to withdraw penal provisions criminalizing certain tax compliance failures. The refusal came with strong criticism from the Opposition and interventions by the Supreme Court on key clauses.

The amendment bill was introduced as a part of the government's broader revenue administration reforms under the IMF-supported fiscal consolidation plan. Under the amendments, failure to file annual income tax returns, failure to register for a Tax Identification Number (TIN), and failure to appear before the IRD when summoned may attract fines of up to Rs. 400,000, six months' imprisonment, or both. However. Criminal proceedings can only proceed after taxpayers are formally notified and given 30 days to comply, following safeguards mandated by the Supreme Court.

Opening the debate for the opposition, Samagi Jana Balawegaya MP Kabir Hashim said that "a successful tax system is not based on oppression and abuse of power. A successful tax system is based on trust, fairness, and a strong social contract.” He argued that Sri Lanka’s historically stronger tax-to-GDP ratios have been achieved without resorting to punitive enforcement against ordinary citizens and SMEs.

President’s Counsel and Opposition MP Faiszer Musthapha also criticized the amendments, warning that administrative non-compliance, which was once a civil matter, would now be considered a criminal offense. Musthapha also criticized the reduction of the VAT threshold, arguing that measures could pressure smaller retailers and businesses operating under narrow margins.

Responding on behalf of the government, Minister Chathuranga Abeysinghe commented, “The only ones who need to worry are willful tax evaders.” Minister Dr. Anil Jayantha Fernando also weighed in, stating, “This government has a responsibility to the people of the country to lay the foundations for a prosperous nation, and one aspect of that is a trustworthy, transparent, fair, and seamless tax administration.”

Ceylon Exchange Mentoring

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