The Ceylon Chamber of Commerce has praised the Sri Lankan government’s successful consultations with the International Monetary Fund (IMF) and the Official Creditor Committee (OCC), which cleared the way for an in-principle agreement with private bondholders on restructuring International Sovereign Bonds (ISBs). This development is seen as a crucial step toward achieving external debt restructuring
The International Monetary Fund (IMF) is set to announce the dates for the third review under the Extended Fund Facility (EFF) program for Sri Lanka, as stated by Ms. Julie Kozack, Director of the Communications Department at the IMF, during a recent press briefing. Ms. Kozack noted the progress made since the IMF Executive Board
Sri Lanka plans to amend its controversial Strategic Development Projects (SDP) Act by February 2025, according to Treasury Secretary Mahinda Siriwardana. The Act, which has been criticized for granting discretionary tax holidays and making top executives’ salaries tax-free, has drawn scrutiny from the International Monetary Fund (IMF) for exposing the country to potential corruption. In
Top economist Dr. Anila Dias Bandaranaike has raised concerns over the viability of the low wages offered by Sri Lanka’s private sector, revealing that entry-level salaries for degree holders range from Rs.30,000 to Rs.40,000—barely enough to meet the minimum income required to stay above the poverty line. Speaking at a panel discussion hosted by the
Sri Lanka’s cabinet of ministers has approved a cost-based pricing formula for the state-run National Water Supply and Drainage Board, according to Minister Bandula Gunawardana. Minister Gunawardana announced on Tuesday that the new pricing formula will be implemented starting next year. This pricing reform is part of the conditions tied to a $100 million budget