Category: Economy and Markets
Sri Lanka Bank’s Association welcomes budget as “Positive,” stresses importance of implementation
Sri Lanka’s banks have welcomed the maiden budget of the new government, describing it as “positive” and one that seeks to maintain policy consistency, especially on the fiscal path. In a statement, the Sri Lanka Banks’ Association (SLBA), which represents all licensed banks in Sri Lanka, commended the budget proposals presented to Parliament by President […]
‘s Ratings
Sri Lanka’s 2025 budget signals a strong commitment to adhering to the International Monetary Fund (IMF) programme, with a focus on achieving a primary surplus and introducing new revenue sources to offset shortfalls resulting from tax policy changes. Christian Fang, Vice President – Senior Analyst at Moody’s Ratings, stated, “Sri Lanka’s draft 2025 budget demonstrates […]
Sri Lanka Announces Bus Sector Modernization with New Fleet of 300 Advanced Buses
The government has proposed the introduction of a modern and comfortable fleet of technologically advanced buses on a pilot basis. As part of this initiative, 100 air-suspension, low-floor, comfortable buses will be deployed along three main road corridors within Colombo city. The government has proposed allocating Rs. 3,000 million for the procurement of these 100 […]
Govt Allocates Rs. 20 Bn to Sign Deal with Banks for SriLankan Airlines Legacy Debt Settlement
To address the financial burdens of SriLankan Airlines (SLA), the government has announced a plan to settle the airline’s legacy debt. Despite previous governments’ attempts to divest state ownership and attract private investment, SLA continues to play a crucial role in the transportation of passengers and cargo by air. To alleviate the financial strain, the […]
Government Announces Special Interest Scheme for Senior Citizens with 3-pct Additional Interest
The government has introduced a Special Interest Scheme to be implemented from July 2025. Under this scheme, individuals above 60 years of age will be eligible for one-year fixed deposits of up to Rs. 1 million, with an additional interest rate of 3 percent above the prevailing market rates. To support this scheme, the government […]
Budget 2025: Tax Relief on Interest Income – Exempting WHT Up to Rs.1.8Mn
The government has announced new provisions that will impact senior citizens and individuals with lower assessable incomes. Financial institutions will not deduct withholding tax on interest paid on deposits made by senior citizens, provided their assessable income from all sources does not exceed Rs.1,800,000/- for any year of assessment. Senior citizens must submit a declaration […]
Final draft of the Budget 2025 Presented for Presidential Review
The final draft of the Budget 2025 was presented for the review of President Anura Kumara Disanayake today (16) at the Presidential Secretariat. Secretary to the Ministry of Finance, Mahinda Siriwardana, was also attend at this occasion. The President, who also serves as the Minister of Finance, Planning, and Economic Development, is set to deliver […]
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, […]