Category: Economy
‘s illicit markets
Research Intelligence Unit (RIUNIT) continues its groundbreaking efforts in shedding light on critical policy matters concerning Sri Lanka’s economic landscape. Their latest series of reports highlights the significance of illicit markets that operate within and beyond the island’s borders. Focused on combating illicit markets and their impact on the nation’s economy, RIUNIT’s latest policy papers […]
‘s First Review under the EFF Arrangement for Sri Lanka
The Ceylon Chamber of Commerce appreciates the Board approval of the International Monetary Fund’s (IMF) completion of its first review under the 48-month Extended Fund Facility (EFF) with Sri Lanka. This milestone, granting Sri Lanka access to approximately US$337 million, underscores the nation’s commitment to fulfilling key performance criteria and benchmarks. Notably, this includes the […]
‘s build a new country together: Eran
Eran Wickramaratne MP alleged that foreign investors do not come to this country not because of the lack of tax incentives, but because the country’s laws are not properly implemented. He said that the fact that Sri Lanka is ranked 99th in the international index of ease of doing business and 164th in the enforcement […]
‘s VAT Hike and Economic Policies
Patali Champika Ranawaka, leader of the United Republic Front and Member of Parliament, denounced the government’s decision to raise Value Added Tax (VAT) from 15% to 18%. He accused the administration of misleading Parliament and forcing through the increase disregarding public opinion. “The government’s actions display a shocking lack of discipline and decency,” Ranawaka declared. […]
‘s Economic Program, Disburses USD337 Mn
While Sri Lanka received a crucial USD337 million disbursement from the IMF today, the country’s path towards full economic recovery remains dependent on immediate and decisive action. The IMF’s positive review of the first phase of the Extended Fund Facility (EFF) program acknowledges progress, but also emphasizes key areas requiring urgent attention. While the IMF’s […]
Port City Colombo in round table discussion at Commonwealth Trade and Investment Summit
Port City Colombo (PCC) showcased its commitment to sustainable development and global economic cooperation at the third Commonwealth Trade and Investment Summit (CTIS) held in London recently. CTIS, known for bringing together senior business leaders and ministers from across the Commonwealth’s five regions, provided an ideal platform for PCC to engage in critical discussions on […]
Relations between Sri Lanka and EU reviewed in Brussels
The Ambassador of Sri Lanka to the European Union Grace Asirwatham, who is completing her tour of duty in Brussels by the end of December 2023, had a farewell meeting with Paola Pampaloni, Deputy Managing Director of the Asia Pacific Department of the European External Action Service (EEAS), on November 28, 2023. During the meeting, […]
Sri Lanka’s exports decreased by 14.6-pct in October 2023
Sri Lanka’s merchandise exports decreased by 14.6 % to US$ 898.0 Million in October 2023 compared to October 2022 as per the provisional data released by the Sri Lanka Customs. Also, it is a 13.13 % decrease when compared to the value recorded in September 2023. The decline in merchandise exports is due to decreased […]
Sri Lanka reaches debt restructuring deal with creditor nations: report
Sri Lanka has been informed of an apparent resolution regarding the restructuring of its debt with creditor nations. However, the awaited official confirmation letter from the creditor committee is yet to materialize, as stated by a government source, Reuters reported on Wednesday. Approximately a month subsequent to securing a deal with the Export-Import Bank of […]
Public Investment for Closing the SDG Financing Gap: Sri Lankan Perspective
Sri Lanka, like many nations, grapples with the challenge of bridging the gap between aspirations and resources to achieve the United Nations’ 2030 Agenda for Sustainable Development. A new study conducted by the Institute of Policy Studies of Sri Lanka (IPS) delves into this issue, highlighting the pivotal role of public investment in driving progress […]
Headline inflation is expected to converge towards 5-pct level over medium term, says CBSL
Sri Lanka’s Central Bank says that the spillover effects of tax measures and other developments are likely to be muted due to subdued underlying demand pressures; hence, this rise in inflation is expected to be transitory. A one-off upward movement in inflation is expected in the near term, driven mainly by the changes to the […]
Reliefs for Government Servants Extended in Budget 2024
The cost-of-living allowance for public servants will be increased to LKR 17,800 from LKR 7,800 with effect from 01 January 2024 and the payment will commence from 1 April 2024. The arrears owed from January to March will be paid in installments from October 2024 spread across 6 months. Cost of living allowance for Government […]