Development and Economic News
IMF focuses attention on Governmental reviews of corrupt practices
The International Monetray Fund has focused attention the Governmental reviews and investigations into specific cases, including SriLankan Airlines’ interactions with Airbus, the decision to sharply reduce the import tax on sugar in 2020, and the events around the issuing of bonds in February 2015.
49 luxury buses imported for CHOGM 2013 now idle
Forty-nine luxury buses imported in view of the Commonwealth Heads of Government Meeting (CHOGM) In 2013 and later used for public transportation on the southern expressway now lie idle with Sri Lanka Transport Board (SLTB) due to lack of spare parts to repair them,
Ceypetco and Lanka IOC fuel prices increased in high Brent crude price
Brent crude oil price rose US $1.82, or 1.98%, to settle at $93.70, after touching $93.89, its highest since November 2022, has prompted the Ceylon Petroleum Corporation (CEYPETCO) and Lanka IOC to increase fuel prices in accordance with the cost effective price formula.
Sri Lanka Customs to get AI technology for more efficient service
The Government is revamping the Customs Department amid concerns of inefficiency, corruption and drop in revenue collection, while reviewing relevant laws, regulations, administrative guidelines and standard operating procedures
Construction industry to get Budget 2024 relief for recovery
In a bid to revitalise the currently struggling construction sector for survival, the Finance Ministry is planning to propose catalytic inputs including easing taxation on building materials from the upcoming budget 2024 to be presented in November.
Some creditors request to restructure Sri Lanka’s debt without China
Some members on the committee of Sri Lanka’s official creditors are pushing to reach a deal to restructure the nation’s debt without the participation of China, informed sourcesaid.
NDB Banks joins the InterBank USD Online Payment System
NDB is proud to announce its appointment as a member of the LankaPay USD Online Payment System.
Minimum meal rates imposed by govt. is hurt tourism industry
A local tourism industrialist stated that the government’s imposition of minimum meal rates for Sri Lankan hotels could be unrealistic and potentially has adverse effects on the tourism industry.
Sri Lanka hosts its first-ever International Mineral Conference next month
Sri Lanka will host its first-ever International Mining and Mineral Conference, investor forum and exhibition next month.
ADB to grant US$400milllion for Sri Lanka crisis management
Sri Lanka’s cabinet of ministers has approved signing a 200 million US dollar policy based loan from the Asian Development Bank, which is the first tranche of a 400 million dollar program which has been discussed, the state information office said.