Development and Economic News
Gov.to update commercial arbitration rules to facilitate foreign investors
Sri Lanka’s commercial arbitration regulations will be updated with in a month while bringing the International Arbitration Centre (IAC) set up at the World Trade under the purview Colombo Port City, Justice Minister Wijedasa Rajapksa divulged.
Considerable price reduction of vegetables, seen at the manning market, peliyagoda.
Due to economical crisis in the country people compelled to evade or control buying vegetables.
Government to earn over Rs 22 billion Casino, cigarette and alcohol taxes
Sri Lanka is expecting to earn Rs 22.5 billion rupees from a hike in Casino, cigarette and alcohol taxes.
in 2021 Due to nonavailability of sufficient, adequate transport facility one crore of people wasted food items which could be consumed by the populace.
According to the Ministry of Agriculture, 19% of vegetables and 21% of fruits are destroyed in transportation in Sri Lanka annually.
IMF bailout to put foreign exchange reserve to pre-crisis levels: CB Governor
The International Monetary Fund (IMF) bailout will help bring Sri Lanka’s depleted foreign exchange reserve to pre-crisis levels in four years, said the country’s central bank governor.
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.