Sri Lanka jails immigration chief for two years
COOMBO: Sri Lanka’s immigration chief was sentenced to two years in prison Tuesday, the latest top official jailed under the government’s anti-corruption drive. President Anura Kumara Dissanayake has revived corruption cases against members of the former administrations of the two Rajapaksa brothers – Mahinda and Gotabaya, and purged several top officials. In the latest case, […]
Read MoreSri Lankan ex-president Ranil Wickremesinghe arrested over misuse of state funds
Former Sri Lankan president Ranil Wickremesinghe was arrested by the Criminal Investigation Department (CID) on Friday in connection with allegations of misuse of state funds, local television channel Ada Derana reported. Wickremesinghe, 76, was taken into custody after arriving at the CID office in the capital, Colombo, to record a statement in an investigation into […]
Read MoreUSAID has not officially informed of aid cuts to Sri Lanka: Deputy Minister
The U.S. Agency for International Development (USAID) has not officially informed the govenment on any aid cut to date, Deputy Minister of Finance Harshana Sooriyaperuma told Parliament today. He said the USAID is bound to officially inform the Sri Lankan government of any aid cuts as per the agreements it has reached with Sri Lanka.
Read MoreSri Lanka’s apparel sector calls for digital VAT refund overhaul
Welcoming the latest budget in Sri Lanka, the Joint Apparel Association Forum (JAAF) recently expressed serious concern over the potential impact of a premature removal of the simplified value-added tax (SVAT) without a clear, well-tested alternative. Ensuring a smooth and transparent transition from SVAT is crucial to maintaining the apparel industry’s competitiveness and sustaining investor […]
Read MoreSri Lanka not seeking to renegotiate Adani power deal, says top official from Energy Ministry
Sri Lanka has clarified that it is not looking to renegotiate the controversial power deal with Indian energy giant Adani Group, despite rising concerns over the terms of the agreement. A senior official from Sri Lanka’s Energy Ministry made the statement, reaffirming the government’s stance on the deal, which has been a topic of heated […]
Read MoreSri Lanka sets aside $10M in budget for 2025 digital transformation strategy
The Sri Lankan government has set aside US $10 million (3 billion Sri Lankan rupees) for digital transformation strategies this year, aspiring to generate US $15 billion in revenue through the digital economy in five years with a unique digital ID and new legislation for digital services after the launch of a governing digital body. […]
Read MoreSri Lanka’s budget likely to lead to slower fiscal consolidation, Moody’s says
Sri Lanka’s budgeted expenditure for 2025 will likely lead to a wider fiscal deficit and slower-than-expected fiscal consolidation, Moody’s Ratings said on Tuesday, a day after the island nation unveiled its budget. Sri Lanka aims to transform its crisis-hit economy to prepare to resume debt repayments from 2028, President Anura Kumara Dissanayake said on Monday […]
Read MoreInflation set to climb this year, expected to peak in mid-2026: CBSL
Sri Lanka’s inflation is expected to increase “sizeably” in the third quarter this year (3Q25), with the possibility of it hovering around 2 percentage points above the inflation target in mid-2026, the Central Bank of Sri Lanka (CBSL) said in its monetary policy report that was released yesterday. “Nonetheless, headline inflation is forecast to converge […]
Read MoreSri Lanka’s new president presents first budget with focus on crisis recovery
Sri Lanka’s new President Anura Kumara Dissanayake will outline the government’s revenue and policy goals in his first full-year budget on Monday, seeking to extend the country’s recovery from a financial crisis and signal its alignment with a $2.9 billion IMF bailout program. A severe drain in dollar reserves plunged the island nation into turmoil […]
Read MoreTwo national budgets in 2025 possible: KPMG
Sri Lanka could potentially see a unique fiscal year in 2025, with the possibility of two national budgets being presented, according to KPMG Sri Lanka. The situation could likely arise due to the delay in presenting the 2025 budget, noted KPMG Principal Tax and Regulatory Rifka Ziyad, elaborating on the Vote on Account, which was […]
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