Sri Lankan stocks extended gains as markets reopened post a three-day holiday, after a plan to revamp domestic debt eased concern over financial sector stability.

The World Bank approved $700 million in budgetary and welfare support for Sri Lanka on Thursday, in the biggest funding tranche for the crisis-hit island nation since an International Monetary Fund (IMF) deal in March.

The Sri Lanka Export Development Board (EDB) successfully organized the inaugural "EDB Open Day" program, aimed at providing guidance to innovative entrepreneurs and encourage their participation in the export sector.

Sri Lanka had met 29 of the 100 trackable commitments of the International Monetary Fund (IMF) programme and had failed on three as of the end of May 2023, according to ‘The IMF Tracker’ dashboard of Verité Research.

Sri Lanka’s domestic lenders will start making a profit in an interest rate-falling environment as bond prices rise, while continuous fall in Government bond yields may make the public debt sustainable, a Bloomberg report said.

Several leading local and foreign heads of leading companies appreciated the Government’s genuine efforts to recover the country from the crisis and extended their support in rebuilding the country focusing on areas in which they could contribute to.

A group of Spanish travel influencers who visited Sri Lanka. PIC: Sri Lanka Tourism

People’s Leasing and Finance PLC, a leading financial services provider in Sri Lanka, last week announced the signing of two of the country’s top cricketing stars, Dananjaya De Silva and Kamindu Mendis, as its brand ambassadors.

Mag City, Sri Lanka's premier automobile maintenance chain with the ability to service many vehicles at any given moment has now opened a state-of-the-art facility in Gatambe, Kandy, adding to an already well-established network of service points across the island.