With a view to ensure continuity of businesses and job security of employees, the Central Bank (CB) has called for legal reforms to further strengthen Sri Lanka’s Parate execution law and other credit recovery laws in order to shorten the credit recovery cycle on par with global practices .
The Sri Lanka Tourism Promotion Bureau (SLTPB) has announced plans to participate in all major international tourism events and conduct several road shows this year, with a budget of Rs.5.03 billion allocated for these activities. SLTPB Managing Director Nalin Perera stated that Sri Lanka aims to attract 2.3 million tourists this year, expecting to generate Rs.7.18 billion in revenue. This revenue target includes Rs.2.08 billion from the Tourism
Sri Lanka’s economic recovery is gaining momentum, with the continuation of the International Monetary Fund (IMF) Extended Fund Facility (EFF) arrangement and progress on structural reforms being key factors, the Central Bank announced. However, the financial sector regulator warned that any disruption to this programme would incur significant economic costs, including growth setbacks, loss of confidence, and prolonged negative investor sentiment
The Sri Lankan Micro Small and Medium Chamber of Commerce continues to remain irked with the Central Bank for its strong position on parate execution and this time took a step further by alleging the governor is misleading the government and public in this regard. The chamber asserted that Central Bank Governor Dr. Nandalal Weerasinghe is painting the wrong picture regarding the execution data, w
Sri Lanka’s banking sector yesterday welcomed the move by the Central Bank to relax the restrictions imposed on Standing Facilities to Licensed Commercial Banks (LCBs) under Open Market Operations (OMOs) as it will help improve liquidity. Sri La
As Sri Lanka strives to come out of its debt vulnerability, the government assured efforts are underway to implement a debt restructuring framework within the first half of the year 2024. President Ranil Wickremesinghe, while detailing out the progress achieved in the nation’s economy since he took leadership, noted that the restructuring plan is poised to form the foundational framework for restoring Sri Lanka’s economy to normalcy. “It will ser
Sri Lanka’s book industry yesterday came on to one platform and asserted that the imposition of an 18 percent Value Added Tax (VAT) on books is no different from slapping a tax on reading. The industry collectively called for an immediate reversal of the decision to tax the sale of books, as it serves as a direct barrier to gaining knowledge. Associations representing local publishers, printers, booksellers, importers, writers and academics highl
Marking another milestone in Sri Lanka’ State Owned Enterprises (SOEs) reform journey, plans are afoot to enact the draft SOE Act by the first half of 2024, granting the much needed legislative authority and operational effect to the SOE reform pr
Sri Lanka’s merchandise trade deficit widened in December 2023 when compared with the corresponding month in 2022, due to the combined impact of low export earnings and high import expenditure. The data released by the Central Bank showed that the deficit in the merchandise trade expanded to US $ 487 million in December 2023, from US $ 358 million in December 2022. In November 2023, the deficit in the merchandise trade account narrowed to US $ 39
A top free market capitalist this week cautioned that the current International Monetary Fund (IMF)-backed high tax regime could give further rise to informal economy in Sri Lanka, thereby slowing down the economic recovery and ultimately narrowing the tax base.
The cumulative merchandise exports during the January to December 2023 period dipped to US $ 11.85 billion when compared to the corresponding period in 2022. The island nation saw its total exports reach US $ 14.94 billion in 2023, including merchandise exports (US $ 11.85 billion) and estimated service exports (US $ 3.08 billion), the Export Development Board (EDB) said. While the monthly exports were showing some signs of momentum gained in No
President Ranil Wickremesinghe this week expressed unwavering confidence in Sri Lanka’s potential to play a pivotal role in the global confectionery industry. Emphasising the need for local stakeholders to broaden their horizons, he urged concerted efforts to position Sri Lankan chocolates as world-class products, akin to the distinguished reputation of the country’s tea and cinnamon. Speaking at the 30th Annual General Meeting of the Lanka Confe
Leveraging the effectiveness of the Central Bank of Sri Lanka on the control over inflation, the International Monetary Fund (IMF) emphasised the importance of maintaining a prudent approach in future monetary policy decisions.
The Committee on Public Finance (COPF) slammed the Ministry of Finance and the Inland Revenue Department for failure to collect foregone taxes from major corporations connected to the sugar scam as outlined in the forensic report by the
The Ceylon Tea cuppa is expected to face short-term constraints as it steers through 2024 but the regulatory initiatives and global trends are expected to shape the industry’s outlook, the tea brokers said. The enforcement of the B60 programme, which mandates the tea growers and manufacturers to adhere to enhanced standards for green leaf production, is anticipated to temporarily constrain the availability of tea, according to the insights from
Tourist arrivals surpass 63,000 in first half of October
EDB gets new chief
Colombo welcomes Cinnamon Life
New Board of Directors appointed for SriLankan Airlines
Easter attack: controversy swirls further high
Catholic Church rebuffs Gammanpila’s allegations
Easter Sunday attack: Ravi Seneviratne’s name implicated
SL unveils new ’P’ series passport with enhanced security features