Category: Economy
Next Steps in Sri Lanka’s Economic Program Outlined by IMF
The International Monetary Fund (IMF) has recently approved the first review of Sri Lanka’s economic program, marking a significant milestone in the country’s economic recovery. However, the focus now shifts to the next steps in the program. “Program performance has been satisfactory, as signaled by the completion of the review,” says Julie Kozack, Director of […]
SL economy to record positive growth rates and gain further momentum over medium term: CB Governor
Sri Lanka has entered a path of recovery following the worst economic crisis in its postindependence history while the policy measures that were taken by the Government and the Central Bank during 2022 and 2023 helped restore macroeconomic stability, the Governor of the Central Bank said. Governor P. Nandalal Weerasinghe announcing the Central Bank’s annual […]
Uncertain Economic Outlook for Sri Lanka Amid Debt Restructuring & Structural Reforms: World Bank
The economic future of Sri Lanka remains uncertain, as the country navigates debt restructuring negotiations with private creditors and implements structural reforms to boost growth potential, according to the World Bank’s latest Global Economic Prospects report. The report highlighted that the economy contracted by an estimated 3.8 percent in 2023, and credit to the private […]
Sri Lanka and DFC Discuss Deepening Collaboration for Economic Growth
Following a significant investment in the Colombo Port expansion, Sri Lanka seeks to broaden its partnership with the U.S. International Development Finance Corporation (DFC). Ambassador Mahinda Samarasinghe met with DFC CEO Scott Nathan on December 8th to explore avenues for deeper collaboration aimed at boosting Sri Lanka’s economic growth with potential areas of collaboration, including […]
Sri Lankan Small Businesses Seek Breathing Room: Parate Law Suspension Talks Underway
A crucial meeting is set to take place tomorrow (21) at the Jasmine Hall, Bandaranaike Conference Hall, Colombo, between the Minister of Justice, Wijeyadasa Rajapakshe, Plantation Industries Minister Dr. Ramesh Pathirana, and Sri Lankan small businessmen. The discussion will focus on the temporary suspension of the seizure of property under Parate executions. The Sri Lankan […]
World Bank Releases Additional USD250 Million for Sri Lanka to Sustain Economic Reforms
The World Bank released the second tranche of the US$500 million Sri Lanka Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation (DPO), considering the continued satisfactory progress made by government with the reform program. The RESET DPO, which provides budget support to the government was approved on June 28, 2023. This is the first in […]
‘s illicit markets
Research Intelligence Unit (RIUNIT) continues its groundbreaking efforts in shedding light on critical policy matters concerning Sri Lanka’s economic landscape. Their latest series of reports highlights the significance of illicit markets that operate within and beyond the island’s borders. Focused on combating illicit markets and their impact on the nation’s economy, RIUNIT’s latest policy papers […]
‘s First Review under the EFF Arrangement for Sri Lanka
The Ceylon Chamber of Commerce appreciates the Board approval of the International Monetary Fund’s (IMF) completion of its first review under the 48-month Extended Fund Facility (EFF) with Sri Lanka. This milestone, granting Sri Lanka access to approximately US$337 million, underscores the nation’s commitment to fulfilling key performance criteria and benchmarks. Notably, this includes the […]
‘s build a new country together: Eran
Eran Wickramaratne MP alleged that foreign investors do not come to this country not because of the lack of tax incentives, but because the country’s laws are not properly implemented. He said that the fact that Sri Lanka is ranked 99th in the international index of ease of doing business and 164th in the enforcement […]
‘s VAT Hike and Economic Policies
Patali Champika Ranawaka, leader of the United Republic Front and Member of Parliament, denounced the government’s decision to raise Value Added Tax (VAT) from 15% to 18%. He accused the administration of misleading Parliament and forcing through the increase disregarding public opinion. “The government’s actions display a shocking lack of discipline and decency,” Ranawaka declared. […]
‘s Economic Program, Disburses USD337 Mn
While Sri Lanka received a crucial USD337 million disbursement from the IMF today, the country’s path towards full economic recovery remains dependent on immediate and decisive action. The IMF’s positive review of the first phase of the Extended Fund Facility (EFF) program acknowledges progress, but also emphasizes key areas requiring urgent attention. While the IMF’s […]
Port City Colombo in round table discussion at Commonwealth Trade and Investment Summit
Port City Colombo (PCC) showcased its commitment to sustainable development and global economic cooperation at the third Commonwealth Trade and Investment Summit (CTIS) held in London recently. CTIS, known for bringing together senior business leaders and ministers from across the Commonwealth’s five regions, provided an ideal platform for PCC to engage in critical discussions on […]