Category: Economy
‘s EFF, Unlocking USD350 Mn in Support
The International Monetary Fund (IMF) Executive Board has successfully completed the Fourth Review under Sri Lanka’s 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about USD 350 million). This latest disbursement brings the total IMF financial support provided to Sri Lanka so far to SDR 1.27 billion (about USD […]
IMF Chief Warns Sri Lanka Against “Reform Fatigue,” Hails “Remarkable Progress” Post-Crisis
The International Monetary Fund (IMF) today lauded Sri Lanka’s “remarkable progress” in its economic recovery but issued a stark warning against abandoning crucial reforms. Speaking at a conference in Colombo, IMF First Deputy Managing Director Gita Gopinath emphasized that the island nation’s current path “this time must be different.” Gopinath highlighted significant strides since the […]
Sri Lanka records 4.8-pct GDP growth rate for 1Q 2025
Issuing a communiqué, on releasing National Accounts Estimates, the DCS states that the GDP growth rate for the first quarter of 2025 has been estimated as 4.8 percent of positive growth rate. Accordingly, the Gross Domestic Product for Sri Lanka for the first quarter of the year 2025 at constant price (2015) has increased up […]
Discussion Focused on a Long-Term Industrial Development Strategy to Overcome Export Barriers
A discussion on the challenges facing Sri Lanka’s export industry was held this morning (28) at the Presidential Secretariat, under the patronage of President Anura Kumara Disanayake. The meeting brought together heads of institutions under the Ministry of Industry and Entrepreneurship Development, as well as officials from the Ministry of Finance and Planning. The discussion […]
‘s Electricity Reforms, Financing Assurances Review for Next Tranche
The much-anticipated approval of Sri Lanka’s Extended Fund Facility (EFF) program by the International Monetary Fund (IMF) Executive Board is expected “in the coming weeks,” but its precise timing hinges on two key contingencies, according to Julie Kozack, Director of the IMF’s Communications Department. During a press briefing on May 22, 2025, Kozack addressed questions […]
CSE and NCE Partner to Empower Sri Lankan Exporters
The Colombo Stock Exchange (CSE) and the National Chamber of Exporters of Sri Lanka (NCE) entered into a strategic partnership to support Sri Lankan exporters by enhancing their access to capital market opportunities and broadening visibility for their businesses. The partnership agreement was signed by Mr. Shiham Marikar, Secretary General / CEO, The National Chamber […]
Sri Lanka delegation agrees to work with US in lowering tariff and non-tariff barriers
Statement by the Government of Sri Lanka on discussions held in Washington DC with United States Trade Representative (USTR) Office on reciprocal tariff A Sri Lankan delegation met with US Trade Representative Ambassador Jamieson Greer on the 22nd of April, 2025 at the US Trade Representative Office in Washington D.C. Sri Lankan delegation on the […]
IMF Reaches Staff-Level Agreement on Fourth Review under EFF with Sri Lanka; Global Trade Policy Uncertainty Poses Risks
IMF staff and the Sri Lankan authorities have reached staff-level agreement on economic policies to conclude the Fourth Review of Sri Lanka’s reform program supported by the IMF’s Extended Fund Facility. Once the review is approved by the IMF Executive Board, Sri Lanka will have access to about US$344 million in financing. Program performance remains […]
Pilot Project Launched in Southern Province to Strengthen Regional Contribution to Export Development
A strategic discussion aimed at enhancing the contribution of provincial export development was held on 22nd April 2025 under the patronage of Hon. Sunil Handunnetti, Minister of Industry and Entrepreneurship Development, at the Matara District Secretariat. The event marked the initiation of a pilot project in the Southern Province, designed to develop and implement a […]
‘s Q1 2025 Exports Surge by 5.87-pct, Reaching USS 4.21 Bn
Sri Lanka has demonstrated remarkable resilience and growth in its export sector during the first quarter of 2025, with total exports reaching US$ 4,212.13 Mn, reflecting a robust 5.87% growth compared to the same period last year. March 2025 proved particularly successful with total exports, including both merchandise and services, reaching US$ 1,507.90 Mn. This […]
SL Economy Outpaces Growth Projections, More Efforts Needed to Reduce Poverty, Boost Growth: WB
Sri Lanka’s economy has made a remarkable recovery in 2024, surpassing growth expectations by recording 5 percent growth, compared to the projected 4.4 percent, says the World Bank. This growth has been driven by strong performances in industry and services, particularly in construction and tourism-related services. In 2025, growth is expected to moderate to 3.5 […]
IMF staff team concludes visit to SL; discussions to continue toward reaching an agreement in near term
An International Monetary Fund (IMF) team led by Evan Papageorgiou visited Colombo from April 3 to 11, 2025. After constructive discussions in Colombo, Mr. Papageorgiou issued the following statement: “Sri Lanka’s ambitious reform agenda supported by the IMF Extended Fund Facility (EFF) continues to deliver commendable outcomes. The post-crisis growth rebound of 5 percent in […]