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 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…
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…
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…
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 –…
The Parliamentary Committee on Government Accounts has emphasized the critical need for the Labour Department to establish a continuously updated data system, stressing its importance for public safety. This urgent recommendation emerged from a meeting chaired by State Minister Lasantha Alagiyawanna, which reviewed the Auditor General’s reports for 2021 and 2022 and evaluated the current…
Sri Lanka is set to introduce a series of tax changes by next month aimed at increasing government revenue, according to a recent report by the International Monetary Fund (IMF). The report, which follows the IMF’s review of its program with Sri Lanka, outlines several key tax reforms. One of the major changes includes the…
While Sri Lanka’s macro-economic situation has improved, the impacts of the economic crisis together with associated austerity measures are affecting the poorest and already marginalized groups the most, said Volker Türk, the current High Commissioner for Human Rights. In his opening comments at the 56th session of the Human Rights Council, the UN Human Rights…
Sri Lanka Energy Project (SLEP) has received top honors at the 2024 annual conference for the Society for International Development, the premier U.S. event for international development professionals. The award was given in recognition of the innovative solar-powered electric vehicle battery swapping stations owned and operated by Sri Lanka’s Sling Mobility (Pvt.) Ltd., particularly highlighting…
