ECONOMY

Sri Lanka is at a historic juncture. Faced with its worst economic crisis since the Great Depression and having defaulted on its external debt for the first time, the country recently saw unprecedented protests demanding systemic change. The former president Gotabaya Rajapaksa was literally chased away in 2022, as protesters stormed his residence and swam…

Sri Lanka Customs has refuted a claim made by NPP Presidential Candidate Anura Kumara Dissanayake, who alleged that the department has an outstanding tax arrear of 1.1 trillion rupees. According to the Customs Department, the actual amount of outstanding taxes is 58 billion rupees. Customs officials clarified that the 58 billion rupees in tax arrears…

Justice Minister M.U.M. Ali Sabry announced that the government has gazetted a new law aimed at recovering assets acquired through criminal activities. This legislation will empower authorities to pursue legal action against individuals holding unlawfully obtained wealth and enforce stricter measures against corruption. The minister highlighted the Anti-Corruption Act No. 19 of 2013, which was…

When a country faces a severe financial crisis, it becomes increasingly clear that moving forward without the agreements and conditional frameworks of the International Monetary Fund (IMF) is nearly impossible. Global experiences have demonstrated time and again that economies emerging from financial turmoil often require the structured support and oversight of the IMF to stabilize…