India Drives Tourism Boom, While Russia Takes Second Place Sri Lanka’s tourism industry celebrated a strong 2023, welcoming 1,487,303 tourists despite falling just short of the ambitious 1.5 million target. This impressive figure marks a 106.6% increase compared to 2022, showcasing a significant rebound for the island nation. India emerged as the undisputed leader, sending…
A glimmer of hope shines on Sri Lanka’s horizon as the island nation gears up to finalize a historic free trade agreement (FTA) with Thailand. After the successful conclusion of the 9th round of negotiations in December 2023, Thai Prime Minister Srettha Thavisin is set to visit Sri Lanka in February 2024 to officially sign…
Japanese Finance Minister Shunichi Suzuki announced on Tuesday that he will embark on visits to Cambodia and Sri Lanka in January. During these visits, Suzuki aims to address economic challenges and strengthen financial cooperation between Tokyo and the two nations. The finance minister is set to emphasize the critical need to advance debt restructuring efforts…
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…
