Kathiravelu Shanmugam Kugathasan of the Illankai Tamil Arasu Kadchi (ITAK) was sworn in as a Member of Parliament this morning (09). He took oaths before Speaker Mahinda Yapa Abeywardena soon after the parliamentary proceedings commenced. Last week, the Election Commission had named Kuhadasan to fill the parliamentary seat that fell vacant following the passing of…
The government has decided to impose taxes on 14 additional sectors, announced State Minister of Finance, Dr. Ranjith Siyambalapitiya. Among these sectors are large-scale private tutoring classes, private schools, private medical service centers, engineering service centers, and mining services. State Minister Siyambalapitiya stated that the Inland Revenue Department will conduct thorough investigations into the income…
Sri Lanka’s government debt stock has seen a notable reduction of 2.76%, amounting to Rs 803.2 billion, as of April 30, 2024. This decrease brings the total debt from Rs 29,150.4 billion on December 31, 2023, down to Rs 28,347.2 billion. A significant reduction was observed in the foreign debt stock, which fell by 9.2%…
Chethana Gomis Extending the principal loan repayment grace period till 2028 will save the country $500 crores. Sri Lanka has also concluded a debt restructuring agreement with International Sovereign Bondholders. Sri Lankan foreign debt amounts to USD 37 billion, comprising USD 10.6 billion in bilateral debt. Regarding accusations from many parties that the Government has…
Countries with a robust digital public infrastructure act as the cornerstone for progress in many developed countries. During the COVID-19 pandemic, many of these countries secured equitable economic advancements through digital tools. Effective Digital Public Infrastructure (DPI) has the potential to dramatically improve a country’s overall ability to reach the Sustainable Development Goals (SDGs) and…
Sri Lanka reached a groundbreaking agreement with its private creditors to restructure its debt, becoming the first country to utilize a Governance-Linked Bond (GLB). This innovative financial instrument was designed by Verité Research in Colombo. The Verité-GLB adjusts repayments based on the country’s achievement of mutually agreed governance benchmarks. If these benchmarks are met, Sri…
On June 3, 2024, Sri Lanka reached a groundbreaking agreement with its private creditors to restructure its debt, becoming the first country to utilize a Governance-Linked Bond (GLB). This innovative financial instrument was designed by Verité Research in Colombo. The Verité-GLB adjusts repayments based on the country’s achievement of mutually agreed governance benchmarks. If these…
1. Introduction Context: Restoring economic stability post debt default in 2022. Recent Achievement: Agreement with official creditors on loan repayment. Communication: National address and consistent updates to Parliament. 2. Four-Step Economic Plan IMF Extended Credit Facilities: Establish financial discipline. Debt Stabilization Plan: Collaboration with Lazard and Clifford Chance. Economic Policies: Secure foreign investment and promote…
The maritime world is abuzz with the news that the Megamax container ship, Ever Ace, was scheduled to dock at the Colombo East Container Terminal (CECT) of Colombo Port yesterday. This event marks the second visit of the Ever Ace to Colombo, but notably, it will be the first time the ship calls at a…
With less than a month before presidential elections are called, President Ranil Wickremesinghe has highlighted the success of his presidency as rescuing Sri Lanka from its international bankruptcy status that prevents it from doing business with the rest of the world. The signing of the agreement on international debt restructuring for USD 5.8 billion with…
