Ethiopia failed to make an interest payment on Bond making it the latest defaulter in Africa. 11th of December was the deadline for the Horn of Africa country to pay a $33 million coupon with a grace period ending on Monday. Ethiopia now joins a growing list of countries including Zambia, Ghana and Sri Lanka…
Colombo, December 21, 2023: The Sri Lankan government’s commitment to social welfare continues, with over 51.9 billion rupees (approximately 160 million USD) disbursed to 1.4 million needy families under the Aswesuma program in the past six months. State Minister of Finance Shehan Semasinghe announced this significant milestone today, highlighting the ongoing support for vulnerable populations….
Colombo, December 21, 2023 (Daily Reporter): Sri Lanka’s economic horizons are brightening as a much-needed international aid package of $787 million bolsters its foreign exchange reserves and fuels optimism for a sustained recovery. This month alone, the island nation received disbursements of $337 million from the International Monetary Fund (IMF), $200 million from the World…
Exemption of goods and services under the Value Added Tax Act, No. 14 of 2002 [as last amended by the Value Added Tax (Amendment) Act, No. 32 of 2023]: (a) The supply or import of: (i) Wheat and Wheat Flour (ii) Infant Milk Powder (iii) Pharmaceutical Products and Drugs (other than cosmetics), prescribed for therapeutic…
Sri Lanka’s upcoming Employment Act is set to bring major changes for plantation workers, focusing on holding plantation companies (RPCs) directly responsible for deplorable working conditions. “We’re revamping our labour laws to hold all employers accountable, especially in tea estates,” declared Jeevan Thondaman, Sri Lanka’s Minister of Estate Infrastructure Development. His Twitter statement went straight…
In a press briefing today, Peter Breuer, Senior Mission Chief for Sri Lanka at the International Monetary Fund (IMF), announced the release of $337 million in additional funding for the island nation. This brings the total IMF support under the 48-month Extended Fund Facility to $670 million, part of a crucial $3 billion bailout package…
International Monetary Fund (IMF) says that continued ownership of reforms is essential to rebuild fiscal credibility to improve governance and reduce corruption vulnerabilities. Releasing the second tranch of the IMF’s $ 2.9 billion extended fund facility, IMF said that as part of the IMF-supported arrangement, Sri Lanka has undertaken significant reforms to pave the way…
Sri Lanka’s debt restructuring efforts have reached a crucial juncture as negotiations with international creditors intensify. The country’s crippling debt burden, which stands at a staggering 129% of its GDP, has been a major factor in the ongoing economic crisis. In recent weeks, there have been encouraging signs of progress towards a comprehensive debt restructuring…
James Finlay Kenya has completed its sale to Sri Lanka-based Browns Investments PLC. In the deal, 15 per cent of the sale value has been reserved for the local community through the Kipsigis Highlands Multipurpose Cooperative Society (KHMCS). The estate will now trade as Browns Plantations Kenya, the first investment by the multinational in the…
Sri Lanka and a group of its creditor nations said on Wednesday they have reached an agreement in principle on debt restructuring, a key step needed for the South Asian nation to emerge from its severe economic crunch. The deal will help Sri Lanka clear the first review of a bailout under the International Monetary…
