Standoff With IMF Could Delay Financial Aid for Years – Ministry of Finance

The Finance Ministry of Sri Lanka has issued a statement addressing recent misconceptions regarding the country’s debt restructuring process and its engagement with the International Monetary Fund (IMF). The statement, titled “Clarifications on Debt Restructuring and the Debt Sustainability Analysis,” emphasizes that any country has the right to challenge the IMF’s Debt Sustainability Assessment if it disagrees with the findings. …

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Future Investment Company to Include State Assets

President Ranil Wickremesinghe announced plans to establish a new investment company that will manage state assets, ensuring that the rights of the people are protected. He also stated that new laws would be introduced to support this initiative. Additionally, the President highlighted the potential for new investments that will generate assets and help create a structured retirement planning system. These …

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Australia’s United Petroleum expands to Sri Lanka’s fuel market

United Petroleum of Australia has officially joined the energy sector in Sri Lanka, by signing an agreement with the Board of Investment of Sri Lanka (BOI). According to the BOI, United Petroleum of Australia has made an initial investment of US$ 27.5 million via the agreement. The BOI revealed that the company will take over 150 existing fuel stations across …

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It’s the People’s Responsibility to Support the Government’s Program to Rebuild the Country’s Economy

President Ranil Wickremesinghe emphasized the strength and talent of his team, asserting that they are well-equipped to overcome any challenge facing the country. Speaking at the 37th Annual Conference of the Organization of Professional Associations of Sri Lanka (OPA) at the Shangri-La Hotel, Colombo, The President highlighted the critical role of public support in ensuring the success of the government’s …

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Claims of Large Outstanding Taxes Are an Illusion

Commissioner General of the Excise Department M.J. Gunasiri dismissed claims of significant arrears in three major government revenue sources—namely the Inland Revenue Department, Sri Lanka Customs, and the Excise Department—as myths. Speaking at the press briefing titled “Collective Path to a Stable Country” held at the Presidential Media Centre (PMC), he clarified that the outstanding tax amount for these three …

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Dr. Nandalal Weerasinghe earns ‘A’ grade in Global Finance’s Central Banker Report Cards 2024

Global Finance magazine has released the names of Central Bank Governors who earned the highest grades, “A+”, “A” or “A-”, in the Central Banker Report Cards 2024. The full Central Banker Report Cards 2024 grade list will appear in Global Finance’s October print and digital editions as well as online at GFMag.com. The Central Banker Report Cards, published annually by …

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Sri Lanka Achieves $9 Billion in Export Income in First Half of 2024

State Minister for Investment Promotion, Dilum Amunugama, announced that Sri Lanka has secured an export income of USD 9 billion in the first six months of this year. He also highlighted that investment agreements totaling approximately USD 800 million have been signed during the same period. State Minister Amunugama shared this information at a press briefing titled “Two Years of …

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LTL Holdings & India’s Petronet LNG Sign MoU, Marking Key Milestone in Sri Lanka’s Clean and Sustainable Energy Transition

A significant milestone in Sri Lanka’s energy sector unfolded today (20) with the signing of a Memorandum of Understanding (MOU) between LTL Holdings Limited Sri Lanka and Petronet LNG Limited India. The MOU focuses on the development of infrastructure for the storage, regasification and supply of Liquefied Natural Gas (LNG) for the “Sobadhanavi” Combined Cycle Power Plant in Kerawalapitiya. The …

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Sri Lanka Seeks Economic Cooperation Agreements from Japan to India, Aiming for Closer Integration with India

President Ranil Wickremesinghe emphasized the importance of strengthening economic cooperation and regional integration from Japan to India, with a special focus on deepening ties with India. The President made these remarks while addressing the Head of State Session of the 3rd Voice of Global South Summit, held under the theme “An Empowered Global South for a Sustainable Future.” Speaking from …

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