Sri Lanka’s President Ranil Wickremesinghe met with International Monetary Fund (IMF) Mission Chief Peter Breuer and his team on Thursday to evaluate the progress of the ongoing economic program. State Minister of Finance Shehan Semasinghe highlighted that the discussion focused on identifying areas that need additional attention to ensure the successful completion of the 3rd
Sri Lanka is poised to achieve close to 4% economic growth by the end of 2024, continuing its positive momentum, according to Central Bank Governor Dr. Nandalal Weerasinghe. Speaking at an event organized by CMA Sri Lanka last week, Weerasinghe highlighted that all leading indicators suggest sustained positive growth in the second quarter and throughout
Sri Lanka’s consumer prices in the capital Colombo increased by 2.4% in the 12 months to July 2024. However, the central bank’s deflationary policy, which began impacting the balance of payments in September 2022, has only resulted in a 2.8% rise over the past 22 months. In July, the Colombo Consumer Price Index (CPI) fell
The International Chamber of Commerce Sri Lanka (ICCSL) recently led a crucial meeting with representatives from Sri Lanka’s export sector and a team from the International Monetary Fund (IMF) to evaluate the potential effects of abolishing the Simplified Value Added Tax (SVAT) on the country’s export industry. ICCSL Policy Committee Chairman Prof. Ajantha Dharmasiri highlighted
A ministerial sub-committee’s report on the ‘Effective RAMIS System Utilization’ has recommended using the national identity card (NIC) to identify individuals for tax collection purposes. The report, which aims to enhance the Revenue Administration Management Information System (RAMIS), was presented to President Ranil Wickremesinghe by the committee chaired by Minister of Power and Energy Kanchana
Sri Lanka’s main opposition party, the Samagi Jana Balawegaya (SJB), has conditionally expressed support for the Public Finance Management Bill but opposes the Economic Transformation Bill, according to SJB MP Harsha de Silva. MP de Silva, who also chairs the parliamentary Committee on Public Finance (COPF), tweeted on Thursday, July 25, that the SJB supports
Sri Lanka’s credit to the private sector has expanded by Rs. 146 billion in the first half of 2024, with a notable increase of Rs. 74 billion in June alone, according to data from the Central Bank. This represents a 2% expansion in private credit for the first half of the year, which is lower
Sri Lanka’s cabinet has approved a comprehensive ‘National Anti-Corruption Agenda’ incorporating findings from an International Monetary Fund (IMF) technical assistance report, as announced in a government statement. Key components of the agenda include revising the Anti-bribery law to align with the United Nations Convention Against Corruption and the Financial Action Task Force (FATF) guidelines. The
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
IMF Cautions on Global Growth Threats from Persistent Inflation The International Monetary Fund (IMF) has issued a warning that global growth is at risk due to elevated inflation, necessitating higher interest rates. The IMF has maintained its 2024 growth projection at 3.2 percent and slightly increased its 2025 growth forecast by 0.1 percent to 3.3