Category: Economy
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 […]
‘s November Exports Reach USD 1.27 Bn Amidst Minimal Growth
Total exports for November 2024, including both merchandise and services, were recorded at US$ 1,269.33 million, reflecting a marginal increase of 0.04% compared to the same period in 2023. As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in November 2024 amounted to US$ 943.1 million, reflecting a 5.6% […]
” from Restricted Default
Fitch Ratings has upgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’, from ‘RD’ (Restricted Default). Fitch typically does not assign an Outlook to sovereigns with a rating of ‘CCC+’ or below. Fitch has also upgraded the Local-Currency IDR to ‘CCC+’, from ‘CCC-‘, to align with the Long-Term Foreign-Currency IDR, as the risk […]
‘s GDP Growth at 5.5-pct in Q3 2024
Sri Lanka has experienced a economic upturn, with the Gross Domestic Product (GDP) expanding by 5.5% in the third quarter of 2024 compared to the same period last year. The GDP for the third quarter of 2024 at constant price (2015) has increased up to Rs. 3,151,941 million from Rs. 2,987,544 million which recorded in […]
Sri Lanka Reports High Participation in ISB Exchange Offer, Aiming for 98-pct Conversion
Sri Lanka’s Ministry of Finance has announced the successful expiration of its Consent Solicitation and Exchange Offer for International Sovereign Bonds (ISBs). The preliminary results show a remarkably high participation rate among market participants, signaling strong confidence in the country’s financial restructuring efforts. On 25 November 2024, Sri Lanka issued an Invitation to ISB holders […]
TISL Unveils Landmark Research on Private Sector Corruption Risks
Transparency International Sri Lanka (TISL) launched its ‘Corruption Risk Mapping Research: A Study on Sri Lanka’s Private Sector’ on December 12 at the BMICH in Colombo. This report presents an in-depth analysis of corruption risks within Sri Lanka’s private sector and explores potential measures to address them. Compiled by an Independent Researcher, this research documents […]
Strengthening sustainability: JAAF and Solidaridad chart path for EU market alignment
The Joint Apparel Association Forum (JAAF) and Solidaridad, a civil society organization, recently co-hosted a one-day workshop in Colombo to address the European Union’s Corporate Sustainability Due Diligence Directive (CSDDD). Introduced in 2023, the CSDDD requires companies in EU-bound supply chains to meet stringent environmental and human rights standards. While Sri Lankan suppliers are not […]
The UK-Sri Lanka Trade Mission Highlights Export Potential of Women-Led Businesses in Jaffna
The United Kingdom (UK)-Sri Lanka Trade Mission, co-organized by the International Trade Centre (ITC) and the Sri Lanka Export Development Board (EDB), successfully concluded its Jaffna program on 4th December 2024. This initiative highlighted the export potential of women-led businesses in Sri Lanka, particularly in the Northern region. The programme, part of the UK Government-funded […]