Development and Economic News
Government to commercialize seven SOEs to accelerate growth
The Government of Sri Lanka (GOSL) has embarked on a process of implementing structural reforms to accelerate growth so that the country can emerge out of the current economic crisis.
A statement from the Governor of the Central Bank on debt restructuring
Central Bank Governor Dr. Nandalal Weerasinghe said that if the debt is not restructured, we will have to carry a foreign debt burden of 06 billion dollars per year for many years.
The price of a bundle of urea fertilizer is reduced
It is reported that several private companies have taken steps to reduce the price of fertilizers.
Domestic debt re-structure on the cards under external creditors pressure
Sri Lanka is looking at options to re-structure domestic debt, or local law local currency debt (LLLC), without harming the banking sector and announce them the International Monetary Fund said in a report.
Government compels to introduce property tax and a gift and inheritance tax soon
Sri Lanka is compelled to introduce a nation-wide property tax and a gift and inheritance tax with minimal exemptions, according to a deal reached with the International Monetary Fund and the government.
Sri Lanka transacts Rs18.6 trillion through Lanka Pay
Sri Lanka’s LankaPay, has processed transactions worth 18.671 trillion rupees of transactions in 2021/2022, the payment network said.
This is the statement issued by the IMF
The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).
IMF Executive Board Approves US$3 Billion Under the New Extended Fund Facility (EFF) Arrangement for Sri Lanka
Washington, DC: The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).
IMF Executive Board considers Sri Lanka’s loan facility for approval today
The Executive Board of the International Monetary Fund (IMF) will consider Sri Lanka’s bailout package for approval today, exactly 200 days after reaching a staff level agreement.
IMF deal will bring positive economic gains -Ravi Krunanayaka
Former Finance Minister Ravi Kar-unanayake yesterday said Sri Lanka’s deal with the Inter-national Monetary Fund to unlock the $ 2.9 billion Extended Fund Facility (EFF) will be mainly building international reserves to meet external payments and support of macroeconomic adjustment and structural reform programs amidst economic and political crises. Karunanayake, who in 2019 effectively handled $ 1.5 billion IMF bailout deal to boost foreign exchange reserves and avert a balance of payments problem, noted that it will be a catalyst to generate additional international financial assistance in three ways