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…
The International Monetary Fund (IMF) emphasized that Sri Lanka’s upcoming presidential elections are for the people to decide. During a press briefing, Julie Kozack, the IMF’s Spokesperson, explained that discussions on the next review of Sri Lanka’s economic program will take place after the elections, once a new government is in place. Kozack reiterated that…
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…
President Ranil Wickremesinghe emphasized that even if he successfully resolves the economic crisis that others have failed to address, the country’s economy will collapse again if the necessary economic transformations are interrupted midway. He urged citizens to carefully consider their future when making decisions in the upcoming presidential election. The President made these remarks during…
Sri Lanka Tourism officials on Friday expressed confidence of 2024 achieving the targeted 2.3 million arrivals based on robust year to date performance and provided favourable conditions prevail in the forthcoming winter season. Last week, year to date tourist arrivals crossed the 1.2 million mark and Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Chalaka Gajabahu…
Sri Lanka is witnessing renewed international support as it implements critical measures to emerge from its economic crisis. Japan has announced the resumption of funding for stalled infrastructure projects, marking a significant milestone in Sri Lanka’s debt restructuring efforts. This development follows the completion of a $10 billion restructuring agreement with official creditors, including Japan,…
In a move aimed at bolstering economic growth, the Central Bank of Sri Lanka (CBSL) has cut interest rates by 25 basis points. This decision, announced on July 24, reduces the Standing Deposit Facility Rate to 8.25% and the Standing Lending Facility Rate to 9.25%. The central bank’s move is intended to sustain the revival…
The latest report released by the Ministry of Finance reveals that the total unpaid debt and instalments amount to USD 8.6 billion over the past 24 months, following the government’s decision to temporarily suspend foreign debt payments. According to the Ministry of Finance, since the temporary suspension of foreign debt and instalment payments on April…
During a recent legal proceeding, former President Maithripala Sirisena faced serious allegations related to the accumulation of significant wealth during his time in office. Counsel Sanjeewa Jayawardena, representing the petitioners in 11 Fundamental Rights (FR) petitions associated with the Easter Sunday attack, presented these accusations in the Supreme Court. The wealth report indicated that Sirisena…
