Category: Economy
Increases to VAT rates & removal of exemptions hurt poorest; PAYE & PIT highly progressive: IPS Economist
The Institute of Policy Studies of Sri Lanka (IPS) recently hosted a knowledge-sharing and networking event to mark the release of its annual flagship report, Sri Lanka: State of the Economy 2024. This year’s report, themed “Economic Scars of Multiple Crises: From Data to Policy,” presents a comprehensive analysis of Sri Lanka’s ongoing economic recovery, […]
Political Risks to Sri Lanka’s Debt Restructuring Agreement Recede: Fitch Ratings
The Sri Lankan authorities’ confirmation that they endorse the targets set under the country’s IMF programme, and intend to implement debt restructuring based on the terms agreed with international sovereign bondholders in September, reduces risks to the debt treatment process associated with the outcome of the presidential election on 21 September, says Fitch Ratings. Full […]
World Bank Signs Additional USD 200 Mn to Support Sri Lanka’s Economic Reforms
The World Bank and the Government of Sri Lanka today signed the Second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO) for $200 million. This is the second operation in a two-part series that began in 2022. The first operation, totaling $500 million, was disbursed in June and December 2023. The Second RESET DPO aims to support […]
Successful IMF and OCC Agreement Paves Way for Debt Relief: Ceylon Chamber Welcomes Progress
The Ceylon Chamber of Commerce commends the Government of Sri Lanka on the successful completion of consultations with the Official Creditor Committee (OCC) and the International Monetary Fund (IMF) regarding the Agreement in Principle (AIP) reached with international and local holders of International Sovereign Bonds (ISBs). This marks significant progress towards achieving external debt restructuring […]
‘s Finance Ministry announces successful completion of OCC & IMF consultation process
Sri Lanka’s government announced that, following the Agreement in Principle reached with representatives of its international and local holders of International Sovereign Bonds, the Sri Lankan authorities have now completed their consultations with Sri Lanka’s Official Creditor Committee and the IMF regarding the compliance of the AIP terms with the Comparability of Treatment principle and […]
End-of-Mission Statement: IMF Team to Continue Engagement with SL’s Economic Team for Third Review
An International Monetary Fund (IMF) team, led by Mr. Krishna Srinivasan, Director for the Asia Pacific Department, visited Colombo from October 2-4, 2024. During the visit, Mr. Srinivasan held discussions with key Sri Lankan officials, including President Dissanayake, Prime Minister Amarasuriya, Minister Herath, Governor Weerasinghe, and Secretary to the Treasury Siriwardena. In a statement issued […]
Government Plans Relief for High VAT & Income Taxes, President Tells IMF Delegation
President Anura Kumara Dissanayake engaged directly with an IMF delegation yesterday, including Director of the Asia Pacific Department Krishna Srinivasan and Senior Mission Chief Dr. Peter Breuer, to discuss the progress of Sri Lanka’s ongoing IMF programme. The President was accompanied by key Sri Lankan officials, including Central Bank Governor Dr. Nandalal Weerasinghe, Secretary to […]
IMF to Announce Dates for Third Review under EFF Program for Sri Lanka
The International Monetary Fund (IMF) will soon announce the dates for the third review under the Extended Fund Facility (EFF) program for Sri Lanka, according to Ms. Julie Kozack, Director of the Communications Department at the IMF. This announcement was made during a recent press briefing. Ms. Kozack highlighted the progress made since the IMF […]
High-Level IMF Team Meets Sri Lankan Government to Discuss Economic Reforms
A high-level delegation from the International Monetary Fund (IMF) arrived in Sri Lanka today (02) to engage with the newly formed government led by President Anura Kumara Dissanayake. The primary objective of the visit was to initiate discussions on the progress of the IMF Program and necessary steps towards the release of the fourth tranche […]
Sri Lanka’s August 2024 Merchandise Exports Rise by 4.2-pct to USD 1.2 Bn
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in August 2024 amounted to US$ 1,165.4 million, recorded an increase of 4.18 % compared to the month of August 2023. This was mainly due to the increase in earnings from export of Apparel & Textiles, Tea, Rubber based products, […]
Japan to Restart 11 Stalled Projects in Sri Lanka with Government Support
The Japanese Ambassador to Sri Lanka, MIZUKOSHI Hideaki, affirmed that the Japanese government is committed to fully supporting efforts to combat corruption and irregularities, a key priority of President Anura Kumara Dissanayake’s administration. He expressed readiness to continue close collaboration with Sri Lanka. Ambassador Mizukoshi made these remarks during a meeting with the Secretary to […]
IMF Congratulates Newly Elected President
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, extended her congratulations to Anura Kumara Dissanayake on his election as the new President of Sri Lanka. In her special message, she reaffirmed the IMF’s commitment to remaining a strong partner to Sri Lanka and expressed her hope to further strengthen the mutually beneficial […]