In a significant move the government has announced the lifting of the temporary suspension on motor vehicle imports, effective October 1, 2024. This decision comes after over four years of stringent import restrictions that were initially imposed to safeguard the country’s foreign exchange reserves during the economic crisis. The import ban, introduced in March 2020, was aimed at curbing the …
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As part of on-going efforts to support economic recovery and ease the burden on mid-level income earners, the government has announced proposed adjustments to the Personal Income Tax (PIT) structure. These changes are aimed at maintaining fiscal responsibility while providing relief to those most affected by recent tax reforms introduced in early 2023. The Cabinet Memorandum outlines a proposed amendment …
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The International Monetary Fund (IMF) Communications Department Director Julie Kozack said it is ready to move forward with programme discussions after the Presidential election is held and a new government is formed based on the choice of the people. Julie Kozack made these remarks while responding to a question whether it is possible to renegotiate or revisit the debt sustainability …
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The Embassy of Sri Lanka in the Netherlands, with the support of the Sri Lanka Tourism Board (SLTPB), participated in the “Embassy Festival 2024” held in The Hague recently. The Embassy organized two stalls showcasing Sri Lankan tourism, culture, cuisine, tea and handicrafts to the Dutch and other international visitors. The “Embassy Festival” is an annual event organized by the …
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Director of Socio- Economics and Planning at the Department of Agriculture, Dr. Chamila Chandrasiri said there has been a threefold hike in prices of essential food items since 2022. She told the Daily Mirror that the surge in output prices is due to a rise in machinery and labor costs. “The Department of Agriculture has implemented long term programs to …
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Taking into consideration the macro-economic developments, in particular the developments in domestic foreign exchange market conditions, Central Bank of Sri Lanka issued the “Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024” (Rules), which was published in the Gazette Extraordinary No. 2391/02 dated 01.07.2024, in terms of the Central Bank of Sri Lanka Act, No. 16 of …
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Taking into consideration the macro-economic developments, in particular the developments in domestic foreign exchange market conditions, Central Bank of Sri Lanka issued the “Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024” (Rules), which was published in the Gazette Extraordinary No. 2391/02 dated 01.07.2024, in terms of the Central Bank of Sri Lanka Act, No. 16 of …
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The Central Bank of Sri Lanka (CBSL) in collaboration with the Asian Development Bank Institute (ADBI) and the Asia-Pacific Applied Economics Association (APAEA), co-hosted the CBSL-ADBI-APAEA Macroeconomics Conference for the fifth consecutive year on 06 September 2024. This year’s conference theme was ‘Inflation and Exchange Rate Dynamics in Asia and the Pacific. Inaugurating the Conference, Dr Nandalal Weerasinghe, the Governor …
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Despite finalising debt restructuring agreements with official creditors and International Sovereign Bond (ISB) holders, the government’s total debt marginally increased by 0.25 per cent in the second quarter of 2024, according to the latest quarterly debt report of the Ministry of Finance. The report highlighted that the government’s total debt reached Rs.100.65 billion by the end of June 2024, up …
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For the first time in history, Sri Lanka Customs has achieved record revenue of Rs.1, 000 billion (Rs. 01trillion) during the first eight months of this year, thanks to the opportunity given to the administrative authority and officials to operate independently without external interference. The International Monetary Fund (IMF) has set a revenue target of Rs.1, 534 billion for 2024. …
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