The International Monetary Fund recently completed a review of the Sri Lankan economy which indicated an economic growth rate of 4.8 percent in 2015 and forecasted growth of 4.9 percent in 2016. It also stated that they were working together with the government in a proposed USD 1 billion Extended Fund Facility (EFF) which will hopefully boost Sri Lanka’s outlook.

Sri Lanka continues to be the ‘tourist haven’ it is popularly known for with tourist arrivals climbing nearly 18 percent from 2014. Government data shows that Sri Lanka recorded more than 1.8 million arrivals in 2015; a definite boost to the local economy.

The Central Bank also recently released its annual report for 2015. Some of the key highlights of this report were;
• Economic growth registered at 4.8 percent
• Increase in labour productivity
• Growth in earnings from tourism

However 2015 also saw a significant depreciation of the US Dollar from early September 2015. The government in a bid to keep the rupee floating high has embarked on many international trade partnerships mainly in infrastructure development.

In a recent move to deter losses the current economy was facing, the government has announced its plan to convert the national carrier; Sri Lankan Airlines into a Public-Private Partnership (PP) BY October 2016. They are currently on the look for interested business associates to come forward for this partnership. A highlight of this partnership would be that profits earned through this partnership would be allocated towards developing the health and education sectors.

This additional allocation towards the education sector along with the 30% increase of the total budgetary allocation for higher education proposed late last year will definitely help boost the current education market in Sri Lanka and open doors to huge potential.

For more information on the current Sri Lanka context and to find out how we could support you, please email,

Chamath Peiris
Manager Higher Education and Education Services
Chamath.Peiris@britishcouncil.org and siemsouthasia@britishcouncil.org