Development and Economic News
Prices of bakery items likely to rise if govt doesn’t reconsider electricity tariff: Bakery owners
If the government does not reconsider the electricity tariff increase, it will affect the bakery industry and result in a price increase of bakery products in the future, All Ceylon Bakery Owners' Association (ACBOA) Chairman N.K. Jayawardana said.
U.S. envoy stresses the need for fairness in SL’s debt restructuring
The United States has underscored that equal and equitable treatment for all creditors of Sri Lanka is essential in the debt restructuring process.
EOIs called for Samanalawewa floating solar power plant
Expressions of Interest (EOIs) are due to be called for projects pertaining to the construction of a floating solar photovoltaic power plant on the Samanalawewa Reservoir, Minister of Power and Energy Kanchana Wijesekera stated.
Japan grants 200 million yen for Sri Lanka’s fisheries industry
The Japanese Government has agreed to provide a grant of JPY 200 million, under their economic and social development programme, towards the development of Sri Lanka’s fisheries industry.
ADB provides US$ 100 million for Sri Lanka SME Finance project
The Asian Development Bank (ADB) has agreed to provide USD 100 million for a new project set to be launched by the Sri Lankan government, titled the ‘Small and Medium Enterprise Development Finance Project’.
Sri Lanka’s exports earnings down by 11.88% in Sep 2023
Sri Lanka’s merchandise exports decreased by 11.88% to USD 951.5 million in September 2023 in comparison to the corresponding month last year, the Export Development Board (EDB) revealed
Senior citizens to get refund of Advanced Income Tax deducted from interest
The Inland Revenue Department (IRD) has announced a significant financial relief initiative for senior citizens aged 60 and above with refund of Advance Income Tax (AIT) deducted on interest.
PAYE tax calculator now available online for public evaluation
The Committee on Public Finance (COPF) Chairman and SJB MP Dr. Harsha de Silva has unveiled a pioneering PAYE tax restructuring proposal aimed at benefiting professionals and bolstering Sri Lanka’s economic prospects.
Govt aims to generate 4,000 MW of electricity through solar panels: Kanchana
Power and Energy Minister Kanchana Wijesekera yesterday said that his ministry intends to designate 14,000 acres of land and water areas for the purpose of generating 4,000 MW of electricity through the installation of solar panels within the next six years.
Conservative peer highlights Chinese investment in SL amidst cuts to overseas aid budget
Citing Sri Lanka as a prime example, the UK’s Conservative peer Lord Hugo Swire drew attention to the adverse effects of cutting the UK’s overseas aid budget, which has inadvertently created opportunities for other countries, notably China, to step in and provide financial support.