Category: Economy
USD 203Mn from ADB & JFPR for Food Security & Livelihood Recovery Emergency Assistance Project
The Government of Sri Lanka is planning to borrow USD 200 million from the Asian Development Bank (ADB) to finance the implementation of Food Security and Livelihood Recovery Emergency Assistance Project which is expected to ensure access to food and protect livelihoods of the poor and vulnerable, especially women and children. The loan of USD […]
Multiple crises halt progress as 9 out of 10 countries fall backwards in human development, Report
The world is lurching from crisis to crisis, trapped in a cycle of firefighting and unable to tackle the roots of the troubles that confront us. Without a sharp change of course, we may be heading towards even more deprivations and injustices, warns the United Nations Development Programme (UNDP). The latest Human Development Report, “Uncertain […]
Exporters urge product testing laboratories to pull up their socks
Sri Lanka’s leading food and organic product exporters urged the nation’s premier product testing laboratories to enhance their levels of efficiency and effectiveness to enable them to provide a superior service to their overseas customers. These sentiments were aired at a meeting organized by the Sri Lanka Export Development Board (EDB) on 30th August, 2022, […]
CA Sri Lanka felicitates new Commissioner General of Inland Revenue; inaugurates tax symposium
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently felicitated the newly appointed Commissioner General of Inland Revenue Ranjith Hapuarachchi and inaugurated its first ever tax symposium on the theme “Prudent Tax Policies for Economic Stability.” The event was held in the presence of Sanjaya Bandara, President of CA Sri Lanka, Heshana […]
‘s export earning up 12.9-pct from Jan-Jul
Earnings from exports increased in July 2022, while import expenditure declined for the fifth consecutive month, on a year-on-year basis. The notable decline in import expenditure in July 2022 reflected the impact of overall moderation of activity amidst forex liquidity strains in the banking system, while the policy measures to curtail non-urgent import expenditure also […]
Onus on Debt Negotiations after Sri Lanka’s IMF Staff Agreement: Fitch Ratings
The IMF staff-level agreement with Sri Lanka on a USD2.9 billion programme, confirmed on 1 September, appears to signal a sharp change in policy settings in order to achieve macroeconomic stability, including through large fiscal adjustment, greater exchange-rate flexibility and more central bank autonomy, says Fitch Ratings. This should facilitate negotiations with official and private […]
‘s debt restructuring
Japanese Finance Minister Shunichi Suzuki on Friday urged all creditor nations to discuss Sri Lanka’s debt restructuring, the Reuters news agency reported. “It’s important for all creditor nations, including China and India, to gather to discuss Sri Lanka’s debt restructuring,” Suzuki told a news conference. Sri Lanka has reached a preliminary agreement with the IMF […]
Ceylon Chamber congratulates Govt on reaching Staff-level Agreement with IMF
The Ceylon Chamber of Commerce congratulates the Government led by the President, the Governor of the Central Bank of Sri Lanka, Secretary to the Treasury and other key officials on reaching a staff-level agreement with the IMF for a 4-year Extended-Fund Facility program(EFF). We hope that the next steps in gaining IMF board approval for […]
‘s tax reforms: Staff Mission
The IMF-supported reform program will implement major tax reforms in Sri Lanka including making the personal income tax more progressive and broadening the tax base for corporate income tax and VAT. Mission Chief for Sri Lanka, Masahiro Nozaki, said that a wealth tax is being considered as part of more progressive tax reform in which […]
Financing assurances from creditors crucial before IMF financial support: Staff Mission
Financing assurances to restore debt sustainability from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors are crucial before the IMF can provide financial support to Sri Lanka, after reaching a staff-level agreement, the IMF team said. The objectives of Sri Lanka’s new Fund-supported program are […]
IMF Staff Reaches Staff-Level Agreement on an EFF Arrangement with Sri Lanka: IMF
IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about US$2.9 billion. The objectives of Sri Lanka’s new Fund-supported program are to restore macroeconomic stability and debt sustainability, while safeguarding financial stability, protecting the vulnerable, […]
Sri Lanka strikes staff-level pact with IMF on loan: reports
Sri Lanka and the International Monetary Fund (IMF) have reached a preliminary, staff-level agreement on an emergency loan and a formal announcement is likely on Thursday, the Reuters news agency reported. A hybrid press conference on the IMF Sri Lanka Extended Fund Facility Mission will be held on Thursday, at 11.00 a.m. at the Central […]