The Free Trade Zone Manufacturers Association (FTZMA), the sole trade chamber representing export-oriented companies under the purview of the Board of Investment (BOI), extended its congratulations to the National People’s Power (NPP) for its landslide victory in the recent General Elections. In a statement, the FTZMA lauded the NPP’s success as a testament to the
Sri Lanka and Pakistan are positioned to take the lead in South Asian frontier markets, extending their current market rally into 2025. This optimistic outlook is driven by ongoing economic and political reforms, low market valuations, a recovery in earnings, and a potential for greater political stability, as reported by the AFC Asia Frontier Fund.
The International Monetary Fund (IMF) is actively engaging with Sri Lanka’s new administration to discuss priorities as it works toward the next review of its Extended Fund Facility (EFF) program. This review aims to continue Sri Lanka’s economic recovery and reform initiatives. A Sri Lankan delegation, led by the Central Bank Governor, Finance Ministry Secretary,
A recent study by the Institute of Policy Studies (IPS) reveals that the Sri Lankan government lost an alarming Rs.80 billion in tax revenue in 2023, primarily due to widespread evasion of the Personal Income Tax (PIT) among eligible taxpayers. The research assessed tax contributions across various income groups, highlighting a concerning trend that directly
The World Bank and the Government of Sri Lanka signed the Second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO) yesterday, securing an additional $200 million in support. This marks the second installment of a two-part series that began in 2022, following the initial $500 million disbursed in June and December 2023. The
The Asian Development Bank (ADB) has expressed confidence in Sri Lanka’s macroeconomic indicators, with Country Director Takafumi Kadono noting positive developments during a media briefing in Colombo yesterday. “Inflation has been controlled, primary and current balance figures are positive, the currency has stabilized, and reserves have increased. We observe significant progress since the economic crisis,