Sri Lanka’s pharmaceutical sector is beginning to show signs of recovery, with sales starting to grow after the country’s severe currency crisis in 2022. Hemas Holdings Plc, a prominent group involved in pharmaceuticals and consumer goods, reported that the expansion was driven by increased sales of lower-priced items, particularly diabetic drugs and vitamins. According to
Sri Lanka has lifted import controls on several key cereal grains, which had been in place despite increasing malnutrition and poverty resulting from a currency collapse driven by aggressive macro-economic policies. Previously, Sri Lanka imposed controls on approximately 3,500 items, including various cereal grains, as part of a broader economic strategy. This strategy involved the
Sri Lanka has received around 100 applications for permits to import vehicles to support the tourism industry, according to Somarathne Vidanapathirana, Secretary of the Ministry of Tourism and Lands. The Cabinet recently approved the import of vans and buses to enhance the fleet for transporting tourists, easing a previous vehicle import ban implemented during a
Sri Lanka’s central government net debt decreased to 36.3 billion USD in 2023, down from 37.5 billion USD in 2022, despite borrowing 1.57 billion USD to finance the budget deficit, according to official data. The reduction in net debt occurred as the central bank did not print money to enforce policy rates, eliminating forex shortages