The President has effectively executed the program essential for the country’s economic advancement

State Minister for Social Empowerment, Anupa Pasqual, stated that meaningful change in the country can only be achieved through effective policies, rather than focusing on individuals or political parties. He emphasized that President Ranil Wickremesinghe has already successfully implemented the necessary programs for the country’s economic progress. The State Minister also mentioned that the President has approved a 50% subsidy …

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The future of Sri Lanka will be determined by the economic policies implemented over the next five years

President Ranil Wickremesinghe emphasized that the future of Sri Lanka will be determined by the economic policies implemented over the next five years. The President delivered this statement while addressing the youth and business community in Mannar during his participation in the “Youth Conference” held yesterday (16). The President initially attended the Mannar District “Youth Conference” yesterday (16) at the …

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IMF pushes for new tax on SL homeowners

vacant properties by 2025 IMF, in its latest report on Sri Lanka has proposed an imputed rental income tax from owner-occupied and vacant residential property to be introduced by April 1, 2025, with an exemption threshold and a graduated tax rate schedule. The Asset Recovery Bill, after much-needed public consultation, should be enacted by November 2024. The report says the …

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45th SAARC FINANCE Governors’ Meeting and Symposium

The Central Bank of Sri Lanka hosted the 45th SAARCFINANCE Governors’ Meeting and Symposiumduring 13-14 June 2024 in Colombo. The event was attended by the Governors, Finance Secretaries,and other delegates from the Central Banks and Ministries of Finance in the SAARC region. The SAARCFINANCE Governors’ Symposium, themed “Central Banking amid Multi-faceted GlobalEconomic Challenges,” was held on the first day of …

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President Emphasizes He has not deviated from the Principles of the Democratic Socialist System

President Ranil Wickremesinghe emphasized that he has not deviated from the principles of the democratic socialist system in Sri Lanka. He noted that two key objectives have been incorporated, ensuring that all citizens have an adequate standard of living and promoting rapid development across the country through public and private economic activities aimed at social objectives and the public good. …

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IMF Executive Board Concludes 2024 Article IV Consultation with Sri Lanka and Completes the Second Review Under the Extended Fund Facility

The IMF Executive Board completed the 2024 Article IV Consultation and Second Review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with immediate access to SDR 254 million (about US $336 million) to support its economic policies and reforms. Performance under the program has been strong. All quantitative targets for end-December 2023 were met, except the …

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CBSL to Function as the Regulatory and Supervisory Authority of Money or Value Transfer Service Providers

Currently, institutions providing money transfer services in Sri Lanka such as banks and non-bank financial institutions, are regulated by the Central Bank of Sri Lanka (CBSL) or other relevant authorities to ensure financial system stability. However, some entities providing similar services operate outside the formal system, potentially disrupting the money transfer system and not being subject to Anti-Money Laundering and …

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IMF Agreement: Mandatory Compliance for whoever comes to power – Bandula Gunawardena

Minister of Transport, Highways and Mass Media, Dr. Bandula Gunawardena stressed the necessity of adhering to the loan agreements with the International Monetary Fund (IMF) until 2028 while formulating the budget for the upcoming year 2025, regardless of the governing administration. He also highlighted the obligation for parties aspiring to assume state power to disclose their compliance with these agreements …

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Submission of the Economic Transformation Bill Marks First Step in Economic Revitalization

Next Three Years Aimed at Building A Bright Future for Youth – The President President Ranil Wickremesinghe announced that the government has initiated the first step towards economic stability by submitting the Economic Transformation Bill. He stressed that regardless of which government or leader takes power, it is imperative to adhere to this agreement to effectively rebuild the national economy. …

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Approval Granted for “Starlink” to Provide Satellite-Based Internet Services in Sri Lanka

The President has instructed the introduction of relief packages for the education and fishing sectors. State Minister of Technology, Kanaka Herath, announced that the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted preliminary approval for ‘Starlink’ to provide satellite-based internet services in Sri Lanka. The State Minister emphasized that a two-week period has been allocated for a formal public …

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