Development and Economic News
Sri Lanka to adhere IMF debt restructure frame work
The International Monetary Fund (IMF) on Saturday called for ‘timely and orderly processes’ under a common framework with regards to Sri Lanka’s debt resolution. The island nation faced a severe economic crisis which resulted in high debt.
CB reduces mandated forex sales by banks to 15%
The Monetary Board of the Central Bank has decided to reduce mandatory sale of export proceeds/receipts and inward workers’ remittances of commercial banks with effect from February 27, 2023.
IMF mulls loan approval to Sri Lanka, even without China’s assurance
The International Monetary Fund (IMF) is considering approving a loan for Sri Lanka, even without China's assurance of debt-restructuring support, Bloomberg News reported on Friday (Feb 17).
Tourist arrivals cross 50k mark in first two weeks of February
Tourist arrivals to destination Sri Lanka have crossed the 50,000 mark for the first two weeks of February, reigniting hopes for a faster recovery in the tourism sector, which is a key source of foreign exchange to the dollar-starved economy.
Govt to shut down 55 project offices retarding development
In a bid to cut down on costs, the Government has decided to shut down 55 project offices whilst suspending 32 operations of other management units of large-scale development projects.
China agrees to attend roundtable discussion on Sri Lanka debt issue
China’s high-level state finance official team is to attend a roundtable meeting with other creditors and several donor countries are to discuss Sri Lanka’s debt restructuring process this month in India.
Will not permit removal of scrap metal from MV X-Press Pearl ship without tax payments: Siyambalapitiya
Ranjith Siyambalapitiya, State Minister of Finance, stated today that the ministry will not permit the removal of scrap metal from the "MV X-Press Pearl ship" without payment of applicable taxes.