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Sri Lanka to announce parameters of external & domestic debt operations before end-April
Sri Lankan authorities are currently exploring options for a domestic debt operation which is aimed at providing substantial liquidity relief to the government, the Letter of Intent sent to the IMF Managing Director showed. This will be carried out in line with the program parameters while preserving financial stability to avoid further eroding Sri Lanka’s […]
People’s Bank of China to consider renewing swap arrangement with CBSL for another 3 years: report
People’s Bank of China (PBoC) has indicated that it will consider renewing its swap arrangement with the CBSL in 2024 for another three years if there is no significant situation change, the IMF Staff Report highlighted. However, the PBOC swap ($1.4bn in 2022) will become usable once Gross international reserves (GIR) rise above 3 months […]
Ceylon Chamber congratulates Govt on securing IMF Program; stresses continued implementation of reforms
The Ceylon Chamber of Commerce congratulates the Government on securing the Extended Fund Facility (EFF) with the IMF. Full Statement We appreciate the efforts of the Government led by the President, the Governor of the Central Bank of Sri Lanka, Secretary to the Treasury, other key officials and independent experts who have assisted in this […]
Wealth transfer tax & inheritance tax to be introduced in Sri Lanka
To reach a primary fiscal surplus of 2.3 percent of GDP by 2025, Sri Lanka will revamp the property tax system and introduce a wealth transfer tax. In particular, Sri Lanka will introduce a nationwide real property tax, and adjust the system of transfers between the central and provincial governments. “Wealth tax is part of […]
IMF starts an in-depth governance diagnostic exercise on Sri Lanka, a first in Asia
The IMF is conducting an in-depth governance diagnostic exercise, which will assess corruption and governance vulnerabilities in Sri Lanka and provide prioritized and sequenced recommendations. Sri Lanka will be the first country in Asia to undergo a governance diagnostic exercise by the IMF. “We look forward to further engagement and collaboration with stakeholders and civil […]
‘s path to recovery
IMF Managing Director Kristalina Georgieva says that it is now important for the authorities and creditors to make swift progress toward restoring debt sustainability consistent with the IMF-supported program. “The authorities’ commitments to transparently achieve a debt resolution, consistent with the program parameters and equitable burden sharing among creditors in a timely fashion, are welcome,” […]
IMF Executive Board Approves USD3 Bn Under the Extended Fund Facility (EFF) Arrangement
The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.The economy is facing significant challenges stemming […]
Opinion: IMF Programme #17, Takes two to tango
By Daniel Alphonsus Countries never learn from others’ mistakes, they only learn from their own. Sri Lanka is an exception: we don’t even learn from our folly. Apparently neither does the IMF. Sri Lanka’s 17th IMF programme is set to be approved on March 20th. Is it welcome? Yes. Will it break Sri Lanka’s reform-regress-run […]
Ceylinco Life retains market leadership for 19th consecutive year in 2022
Ceylinco Life policyholders received a mammoth Rs 18.9 billion in net claims and benefits in 2022, as the Company achieved its 19th consecutive year of market leadership in Sri Lanka’s life insurance sector with gross written premium income of Rs 29.16 billion for the 12 months ending 31 st December. Premium income grew by a […]
Ekva to energise Sri Lanka’s startups
Ekva LLC, a US company with strong Sri Lankan roots spearheaded by Amith Boteju, CEO will be in Sri Lanka to find promising startups in any industry for the company’s accelerator. “We aim to invest and guide promising startups to build sustainable businesses and raise funds. Selected startups will be offered an investment from Ekva […]