Category: Economy
Sri Lanka’s Revenue Raising Drive Key to Credit Profile: Fitch Ratings
The Sri Lankan government’s budget highlights the authorities’ commitment to raising fiscal revenues as a share of GDP – an approach that, if successful, would alleviate a long-standing weakness in the sovereign’s credit profile, says Fitch Ratings. Nonetheless, risks to the fiscal outlook remain significant, and plans to slow the pace of fiscal consolidation could […]
Agreement between the UAE and Sri Lanka to Strengthen Economic and Investment Relations
Coinciding with the President’s three-day official visit to the United Arab Emirates (UAE) to attend the World Governments Summit 2025, Sri Lanka and the UAE reached an agreement on Reciprocal Promotion and Protection of Investments to strengthen economic and investment relations between the two countries. The agreement was signed by Mohamed Bin Hadi Al Hussaini, […]
2025 Budget Must Meet EFF Program Parameters for Executive Board Approval: IMF
The International Monetary Fund (IMF) has stressed the importance of the 2025 budget aligning with the parameters of the Extended Fund Facility (EFF) program, as the Executive Board prepares for its upcoming review. Ms. Julie Kozack, Director of the Communications Department at the IMF, highlighted this during a recent press briefing. On November 23rd, 2024, […]
EDCM Resumes Operations after 28 Years; targeting USD 36 Bn in Export Revenue by 2030
In line with the new government’s policy of “A Thriving Nation- A Beautiful Life,” President Anura Kumara Disanayake directed officials to take the necessary steps to increase export revenue to $36 billion by 2030. The President expressed these views during the meeting of the Export Development Council of Ministers (EDCM), held today (27) at […]
Total exports for December 2024 increased by 9.21-pct compared to 2023
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in December 2024 amounted to US$ 1,042.5 million, reflecting an 4.06% increase compared to December 2023. This was mainly due to the increase in earnings from export of Apparel & Textiles, Tea, Rubber based products, Coconut based products, Spices & […]
Quarterly Headline Inflation Projected to Hit Target Range of 5-pct ±2-pct by Q3 2025: CBSL
According to a recent report submitted by the Central Bank of Sri Lanka (CBSL), quarterly headline inflation is projected to reach the target range of 5% ±2% by the third quarter of 2025. This report, mandated by Section 26(5) of the Central Bank of Sri Lanka Act, No. 16 of 2023 (CBA), was submitted to […]
World Bank Vice President Visits Sri Lanka, Reaffirms Support for Education, Renewable Energy
World Bank Vice President for South Asia, Martin Raiser, concluded a 2-day visit to Sri Lanka yesterday, where he met with His Excellency President Anura Kumara Dissanayake, Hon. Prime Minister Harini Amarasuriya and other government officials, private investors, and development partners to discuss the country’s ongoing efforts towards economic recovery and long-term growth. Raiser was […]
Sri Lanka’s Economy, Hare or Tortoise?
By Jekhan Aruliah I was listening to a very eloquent speaker on YouTube. He commented, as our public speakers often do, that we in Sri Lanka are a blessed nation. Blessed with abundant natural assets, our forests and beaches etc, and copious human talents. And yet this blessed nation is chronically poor and in 2022 […]
Real GDP projected to have grown by 5-pct in 2024; gross official reserves at USD 6.1bn by end 2024: CBSL
Sri Lanka’s real GDP is projected to have grown by around 5.0% in 2024, registering the highest annual growth since 2017, the Central Bank said launching its Policy Agenda for 2025. This higher-than-expected growth also provides evidence that deflation in recent months was not due to demand factors but mainly due to supply-side factors, including […]
IRD Publishes Procedure for Withholding Tax on Nonresident Payments in Gazette
The Inland Revenue Department (IRD) announced that a notification specifying the procedure for withholding tax on any payment to a nonresident person, under Section 86 (7) of the Inland Revenue Act, No. 24 of 2017, has been published in the official gazette. This notification outlines the detailed steps and requirements for withholding tax on payments […]
VIDEO: Withholding Tax Hike, A System Inefficiency – Tax Experts
In this insightful discussion, tax experts N. R. Gajendran and Suresh Perera analyze how the new reforms will affect the general public and the broader economy. N. R. Gajendran, highlights that while the government has promised to provide relief to individuals who were unfairly taxed, the practical implementation of this promise is fraught with challenges. […]
CCC Clarifies Non-Involvement in Media Statements on Finance Ministry & CBSL Directives
The Ceylon Chamber of Commerce has categorically clarified that it is in no way connected to or involved with the statements recently attributed to “The Sri Lanka Chamber of Commerce” regarding directives issued by the Deputy Minister of Finance and the Central Bank of Sri Lanka. The Chamber confirmed that no employee or representative of […]