Sri Lanka is undergoing a significant debt restructuring process to stabilize its economy and meet fiscal targets set by the International Monetary Fund (IMF). The restructuring is aimed at achieving a primary budget surplus of 2.3% by 2025. Below is a detailed feature with technical details on Sri Lanka’s debt restructuring efforts. IMF Bailout Program…
In observance of the International Day in Support of Victims of Torture on June 26, 2024, it is imperative to highlight the urgent need for the effective implementation of anti-torture rules and regulations in Sri Lanka. This necessity is underscored by the recent landmark judgment delivered by the Matara High Court under the Convention Against…
In a significant step towards enhancing maritime safety and coordination, Sri Lanka has launched a Maritime Rescue Coordination Centre (MRCC) established with a USD 6 million grant from India. This state-of-the-art facility is equipped to monitor vast ocean territories encompassing not only Sri Lanka but also the Maldives, India, Indonesia, and Australia. The MRCC, inaugurated…
Sri Lanka is poised to sign a significant debt restructuring agreement with a group of creditor nations on Wednesday, a crucial step in stabilizing the country’s finances following a severe economic crisis. President Ranil Wickremesinghe informed his cabinet about the debt restructuring on Monday, Foreign Minister Ali Sabry revealed in a phone interview. The cabinet…
In a landmark judgment under the Convention Against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment Act, the Matara High Court sentenced three police officers, including the former Officer-in-Charge (OIC) of the Tissamaharama Police, to seven years of rigorous imprisonment each for their involvement in the abduction and torture of five individuals, including…
WASHINGTON, June 24, 2024— The World Bank’s Board of Executive Directors has approved $150 million in financing for Sri Lanka to improve the quality and utilization of its primary healthcare services. The newly approved Sri Lanka Primary Healthcare System Enhancing Project will help improve the quality of care and increase the use of primary medical…
by Ajith Perakum Jayasinghe The term “judicial cannibalism” is more metaphorical than a formal legal term. It combines the word “judicial,” related to the court system, with “cannibalism,” which means eating one’s own kind. This term can be translated as “judicial self-destruction,” suggesting that the judiciary is undermining its own principles and precedents. President Ranil…
The Sri Lankan government’s submission to the International Monetary Fund (IMF) for the 2024 Article IV Consultation and the Second Review under the Extended Fund Facility (EFF) has been met with significant criticism. Many argue that the stringent conditions imposed by the IMF exacerbate the country’s economic challenges, disproportionately affecting the poor and vulnerable. Critics…
Key Statistics Female Labour Force Participation in Sri Lanka: 29.4% Male Labour Force Participation in Sri Lanka: 67.4% Comparison with Other Countries: Indonesia: 53% Malaysia: 52% Vietnam: 68% Singapore: 62% Sri Lanka’s labour force participation rate for women remains alarmingly low, highlighting a significant gender disparity in the country’s employment landscape. According to recent data,…
Year Number of individuals granted CIF value (LKR) Applicable Luxury tax (LKR) Exemption (LKR) 2019 2,034 15,438,165,476 8,386,568,292 8,386,568,292 2020 1,470 10,949,550,670 5,952,819,964 5,952,819,964 2021 3 102,428,935 85,687,264 85,687,264 Total 3,507 26,490,145,081 14,425,075,520 14,425,075,520 2023 138 2,644,918,039 1,090,150,823 436,560,827 Total 138 2,644,918,039 1,090,150,823 436,560,827 Grand Total 3,645 29,135,063,120 15,515,226,343 14,861,636,347 Colombo, Sri Lanka –…
