EDB and KPMG Sri Lanka collaborated to create awareness on new EU Regulations for Environmental, Social, and Governance (ESG) Factors

Export Development Board (EDB) and KPMG Sri Lanka jointly organized a knowledge-sharing session on the new European Union (EU) regulations concerning Environmental, Social, and Governance (ESG) factors on 11th September 2024. The session took place at the auditorium of the Postgraduate Institute of Management (PIM), with around 200  Sri Lankan export companies. The European Union has introduced regulations that will …

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Notion that Sri Lanka is not servicing foreign debt, incorrect – Finance Ministry

The Finance Ministry today rejected the notion that Sri Lanka is not servicing foreign debt and that the economic stabilization is solely due to a suspension of external debt payments.  The Ministry noted that it has been  observed that there is a perception in society that the prevailing economic stabilization in Sri Lanka is entirely due to external debt not …

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Sri Lanka Not Out of the Woods Yet -Must Safeguard Hard-Won Gains- IMF

The International Monetary Fund (IMF) has cautioned that while Sri Lanka has made notable progress in its economic recovery, the nation is still vulnerable and must work to protect the hard-earned gains it has achieved so far. Speaking at an IMF press briefing on September 12, Director of the IMF Communications Department Ms. Julie Kozack, emphasized the importance of sustained …

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Sri Lanka Lifts Import Restrictions on Motor Vehicles Effective October 1, 2024

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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Government Proposes Personal Income Tax Relief Amid Economic Recovery

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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Will Work With Government Selected By The People – IMF

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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Sri Lankan tourism, culture, food and tea promoted in The Hague

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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Price of Essential Food Items Tripled Since 2022

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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Relaxation of the period applicable for exporters of goods to convert their export proceeds into Sri Lanka Rupees

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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Relaxation of the period applicable for exporters of goods to convert their export proceeds into Sri Lanka Rupees

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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