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…
The Doing Good Index (DGI) 2024 evaluates the environment for social investment in Sri Lanka across four sub-indexes: Regulations, Tax and Fiscal Policy, Procurement, and Ecosystem. Here’s a summary of Sri Lanka’s performance compared to the Asia average: 1. Regulations: Number of Clearances Required to Register: Sri Lanka requires only one clearance to register a…
India, the world’s largest democracy, has a profound influence on its neighbouring countries, including Sri Lanka. The Indian general election, a massive democratic exercise involving over 900 million eligible voters, determines the political direction of the country for the next five years. In the recent election, Prime Minister Narendra Modi secured a significant victory with…
State Minister of Finance Shehan Semasinghe said that the impact of political power struggles must not be detrimental to addressing the economic crisis. He detailed the government’s strategic measures since 2022, which have been crucial in stabilizing the economy. The Minister emphasized that the decisions taken by the President and the government, supported by parliamentary…
The Ministry of Agriculture and Plantation Industries announced a substantial investment of 20.6 billion rupees in upcoming months to enhance rural development and elevate living standards for citizens. Minister Mahinda Amaraweera emphasized that the government is commited to implementing a range of projects to achieve these goals. As part of this effort, officials have been…
In a detailed address to the parliament today, Sri Lankan President Ranil Wickremesinghe presented a comprehensive update on the nation’s economic recovery and restructuring efforts, detailing significant strides made since the implementation of stringent economic reforms in mid-2023. President Wickremesinghe began his address by confirming that these reforms have initiated a period of economic growth,…
President Ranil Wickremesinghe stressed that the enhancement of the rural economy pivots on agricultural advancement. He highlighted the pivotal role of dedicated government officials at the grassroots level in ensuring the success of various government initiatives aimed at rural development, notably the agricultural modernization program. The President made these remarks during his address at the…
The Central Bank expects the economy to grow by 3% this year as the benefits of the eased monetary policy stance and low inflation environment continue to be gradually channelled into the economy. The outlook comes on the back of the economy recording a positive performance in the second half of 2023 following six quarters…
