News & market updates

Durdans Hospital signed an MoU with the National Insurance Trust Fund and the Ministry of Public Administration to expand the Agrahara insurance scheme, offering government employees ambulance services within Colombo and discounts on diagnostics, investigations and inpatient care.

Sajith Premadasa's SJS unveiled the 'A Win for All' presidential manifesto in Kandy, proposing a social market economy that prioritises private sector-led growth and includes programs for low-income families, children, pregnant mothers and senior citizens. The manifesto will be released to the public and business community on 4 September 2024.

A new book, "Oddamavadi: The Untold Story" by Roshanara de Mel and David Blacker, was launched and documents Sri Lanka's COVID-era mandatory cremation policy and its emotional, legal and social impact on the Muslim community. The book is published by Bay Owl and will be distributed to leading bookshops.

Sri Lanka's Cabinet approved a national AI strategy to position the country as a regional AI hub and boost competitiveness by 2030, aiming to modernise public services and enhance sectors such as agriculture, healthcare and education.

Port City Colombo onboarded 100+ companies as Authorised Persons by Aug 24, 2024; banks including COMB.N0000, SAMP.N0000, HNB.N0000, NDB.N0000, NTB.N0000 and DFCC.N0000 have applied to open offshore banking branches under the July 26, 2024 offshore banking regulations.

Lanka Alzheimer’s Foundation is running World Alzheimer’s Month activities in September, including lighting Lotus Tower red on Sept 1, a 5 km "Run to Remember" from Taj Samudra on Sept 7 and a "Memory Walk" from Cinnamon Grand on Sept 14 to raise awareness and screen for dementia.

Nawaloka Hospitals PLC's Bone Marrow Transplant Unit provides bone marrow and stem-cell transplants for blood cancers and disorders and has operated since September 2014. The unit features HEPA-filtered ICU rooms, a multidisciplinary UK-trained team and offers autologous and allogeneic transplants with patient support.

The ICA International Half-Marathon will be held on September 1, 2024 at Galle Face Green with over 1,400 athletes from 20 countries and prize money up to Rs.1,000,000 for top finishers. Event partners include Lanka IOC, Asiri Hospital/Asiri Surgical Hospital and Dialog TV.

Ceylinco Cancer Centre (owned by Ceylinco Healthcare Services Limited) acquired a Siemens SOMATOM go.Sim AI-supported CT Simulator for Rs 200 million to improve radiation therapy accuracy and patient comfort. The unit is dedicated to treatment planning and is the first such private-sector simulator in Sri Lanka.

President Ranil Wickremesinghe challenged opposition leaders to join an open virtual discussion with the IMF to clarify fiscal plans, warning that revising the IMF program could withhold funding that helps deliver about $700 million every six months. He said restarting talks could take 2–3 months plus board approval, risking a prolonged funding gap and stressed the need for a stronger rupee and transparent alternatives on taxes and public spending.

Korean entrepreneur Tong-Jo Mun told PM Dinesh Gunawardena his group seeks to invest in several solar energy projects and in fruit cultivation for export in Sri Lanka. They also discussed possible investments in fisheries, health and construction, and the government said it welcomes such investment as it aims to boost alternative energy.

About 30 investors have applied to Sri Lanka's plan to cultivate, process and export cannabis products, the State Minister said. Projects will be in Mirigama and Kandy Stage II, firms must deposit US$2m with the BOI and exports will face a levy; CBD extraction is the minimum value addition.

Government to raise public servants' salaries by 24–50% and provide a Rs.25,000 monthly cost-of-living allowance to all government employees for three years from January 2025; primary-level basic salary set at Rs.30,000 (total monthly income Rs.55,000). Pensioners to get Rs.12,500 COLA from Jan 2025, with plans to convert selected public institutions into publicly quoted companies, roll out e‑governance and reform the Agrahara medical insurance scheme.

Asiri Hospital Holdings PLC will be the official medical partner for the ICA International Half Marathon in Colombo on Sept 1, 2024, providing eight first-aid stations and two ambulances. The hospital will offer post-race evaluations and sponsor free OPD consultations for over 10,700 children in 360 orphanages.

MIOT International (Chennai) has introduced Genicular Artery Embolization, a minimally invasive, non-surgical procedure to reduce knee osteoarthritis pain that typically allows discharge within two days.

The Sri Lanka–Korea Business Council panel featured Advocata chair Murtaza Jafferjee warning that rising debt, high interest rates and sharp rupee depreciation threaten fiscal stability and require reforms; IMF projects about 3% annual GDP growth for 2024–29 contingent on disciplined policy.

The Sri Lanka Chamber of Pharmaceutical Industries appointed a new board at its 63rd AGM and pledged to continue advocating for quality, affordable and available medicines, including pushing for fair pricing mechanisms and import quality testing.

Sri Lanka launched a National Social Protection Policy led by the Ministry of Finance, establishing a technical committee and defining four pillars—social assistance, social care, social insurance, and labour-market/productive inclusion—to guide integrated implementation and reduce poverty and inequality.

Australia updated its travel advisory to Level 2 (amber), advising nationals to exercise a 'high degree of caution' in Sri Lanka ahead of the 21 Sept presidential election amid risks of demonstrations and violence. The advisory also notes eVisa suspension, tourist-targeted attack risks, limited medical services outside Colombo and dengue risk.

IFPRI has invited research and implementation submissions for the ‘Delivering for Nutrition in South Asia’ conference, to be held hybrid in Colombo and online on 3–5 Dec 2024; abstracts are due 19 Aug 2024.

Cabinet approved leasing Colombo Port City land for hospitals, schools and universities after investor proposals including Asiri Port City Hospital's $100m hospital and Gateway's $25m school and $25m university were submitted.

A charity classical concert featuring cellist Dushyanthi Perera and pianist Ramya de Livera Perera will be held Thursday 22nd at the Lionel Wendt to raise funds for the Lanka Alzheimer’s Foundation. LAF provides free therapeutic support, day care, counselling and memory screening for people with dementia.

The Indian Cultural Association will stage its 1st International Half-Marathon on Sept 1, 2024 in Colombo aiming to register over 1,400 athletes and offering Rs.1,000,000 to the winner; proceeds will fund ICA CSR initiatives and the event lists partners including Lanka IOC, Asiri Hospital and Dialog TV.

Sri Lankan delegates, including Hayleys Advantis and Ceylon Cold Stores, promoted greater regional economic integration and a proposed BIMSTEC FTA at the New Delhi summit, highlighting export opportunities in processed foods (sugar, spices, tea), pharmaceuticals and logistics.

A Ceylon Chamber delegation led by Hayleys Advantis and including Ceylon Cold Stores urged greater regional economic integration and establishment of a BIMSTEC FTA at the BIMSTEC Business Summit to boost trade in processed food (sugar, spices, tea), pharmaceuticals and logistics.

Cabinet approved leasing Colombo Port City land for an Asiri Port City Hospital, with Asiri Port City Hospital (Pvt) Ltd expected to invest $100m. Gateway International will invest $25m each in a university and a school on the site.

A. Baur & Co. Ltd (Baurs) has partnered with Fresenius Medical Care Lanka to distribute Fresenius dialysis devices and related products across Sri Lanka through Baurs' network and digital infrastructure. The tie-up aims to improve availability of dialysis solutions amid high chronic kidney disease prevalence.

USAID committed an additional US$24.5 million to Sri Lanka via a Development Objective Grant Agreement to support market-driven growth, environmental sustainability, resilience and good governance. The funds will back projects across government, NGOs and civil society including health, infrastructure and climate resilience.

USAID will provide a $24.5 million (Rs 7.2 billion) grant to Sri Lanka to support market-driven growth, environmental sustainability and good governance under a Development Objective Grant Agreement.