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What’s Behind the World Bank’s Aid to Sri Lanka?
$1 Billion to Boost Jobs and Private Investment

ByEditor

The World Bank has pledged US$1 billion to support Sri Lanka’s economic recovery, focusing largely on private-sector-led investments that aim to create jobs and modernize key sectors such as energy, agriculture, tourism, and regional development. The funding package, to be delivered over three years, is expected to unlock significant private capital, especially in renewable energy…

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World Bank President to Visit Sri Lanka Amid Economic Recovery Efforts
first visit by a World Bank president to Sri Lanka

ByEditor

World Bank Group President Ajay Banga will visit Sri Lanka on Wednesday, May 7—the first visit by a World Bank president to the country in nearly two decades. The trip, made at the invitation of President Anura Kumara Dissanayake, comes as Sri Lanka navigates a challenging path toward economic recovery. Banga is expected to meet…

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China’s Mega Projects in Sri Lanka Face Delays
Amid Demands for More Concessions

ByEditor

Two major Chinese-backed projects in Sri Lanka — the Sinopec oil refinery in Hambantota and the Colombo Port development — have reportedly been delayed. According to sources, Sinopec has requested to increase the originally agreed local market supply quota of 20% for its oil products. The massive export-oriented refinery project, which involves an investment of…

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Choose Light with Meaning: Buy Locally Made Vesak Decorations and Brighten a Family’s Life

ByEditor

This Vesak season, Daily Reporter, Impactus and the Right to Life Human Rights Centre are calling on all Sri Lankans to make a small but powerful choice: buy locally made Vesak decorations and help a struggling family earn a living. In recent years, Chinese-made lanterns and LED lights have flooded the Sri Lankan market. They…

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Vehicle Imports Resume to Sri Lanka
1,560 Used Cars Arrive

ByEditor

Vehicle imports to Sri Lanka have resumed following the lifting of the import ban on February 1, but high taxes continue to limit sales, market sources say. New vehicle importers are currently processing orders, and it typically takes about four to six months for a new vehicle to arrive. Importers are required to register imported…

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Sri Lanka’s Trade Gap with China Hits Record High, Exceeding US$4 Billion
Imports from Sri Lanka in 2024 barely higher than the worth of durian fruit it imported from Malaysia

ByEditor

China’s trade surplus with Sri Lanka surged to an all-time high of over US$4 billion (Rs. 1.195 trillion) in 2024, nearly doubling from the previous year and highlighting the growing imbalance in bilateral commerce. According to official data, Sri Lanka exported just US$251.91 million worth of goods to China in 2024 — a 2% decline…

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How to Claim Withheld Tax on Fixed Deposits
Applicable for Individuals Earning Less Than Rs. 1.8 Million Annually

ByEditor

From April 1, 2025, the withholding tax on interest from fixed deposits in Sri Lanka has been increased from 5% to 10%. However, the Inland Revenue Department (IRD) states that individuals whose total annual income is less than Rs. 1.8 million are eligible to claim a refund of the tax deducted on interest. To do…

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US Tariff Hike May Deepen Sri Lanka’s Economic Struggles
Fitch Warns

ByEditor

Sri Lanka’s fragile economy could face further strain following the United States’ recent tariff hikes, warns Fitch Ratings. The global credit rating agency stated that countries with low external buffers and high debt burdens, like Sri Lanka, are particularly vulnerable to the ripple effects of the escalating US trade war. Currently rated CCC+, Sri Lanka…

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Sri Lanka to Reduce Prices of Liquid Milk and Yoghurt
After theFollowing VAT Exemption VAT Exemption

ByEditor

The prices of liquid milk and yoghurt made from locally sourced fresh milk are expected to decrease following the Sri Lankan government’s recent decision to exempt these products from Value Added Tax (VAT). This tax relief follows the enactment of the Value Added Tax (Amendment) Act No. 04 of 2025, which received certification on 11…