crisis: Latest News

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Peter Breuer - Tax revenue should be growth friendly – IMF - newsfirst.lk - Sri Lanka
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Tax revenue should be growth friendly – IMF
COLOMBO (News 1st); The International Monetary Fund said that Sri Lanka must increase tax revenue in a growth friendly manner. Peter Breuer, the Senior IMF Mission Chief for Sri Lanka, told reporters that the current economic crisis has a number of origins including the governments' inability to meet government spending needs through revenue collection and Sri Lanka is among the countries that collect the least amount of fiscal revenue in the world. He said that Tax Reforms are badly needed to correct the imbalance, and only with appropriate tax receipts will the government be able to fund essential expenditures, and avoid further slashing critically important outlets. "These reforms will also help regain the confidence of the creditors, so that in the future they will once again finance the gap between revenue and expenditure," he said.Peter Breuer further said that it is important that those who can afford it may commence contributions to the financing of necessary government expenditures."The tax package the authorities have introduced including the new tax rate schedule for Personal Income tax helps to meet the objectives. The tax rates proposed under the authorities program are also inline with similar countries who are contributing to Sri Lanka's support package, through the IMF," he said."So it is important to remember that there are many countries who have income levels comparable or may be less than Sri Lanka with much higher tax rates.
Kristalina Georgieva - Julie Chung - US welcomes Sri Lanka’s IMF package; Ambassador says structural & lasting reforms are critical - newsfirst.lk - Usa - Sri Lanka - county Will
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US welcomes Sri Lanka’s IMF package; Ambassador says structural & lasting reforms are critical
COLOMBO (News 1st); The United States of America has welcomed the approval of Sri Lanka’s IMF package."Great news & an important step on the road toward economic recovery," tweeted US Ambassador to Sri Lanka Julie Chung on Monday (20).She said that the Sri Lankan government will need to continue reforms and conclude debt restructuring agreements to ensure the program – and the economy – stay on track.She noted that structural & lasting reforms that address good governance & transparency are critical to ensure all citizens of Sri Lanka can prosper.IMF Managing Director Kristalina Georgieva also noted that she was very pleased the Executive Board of the IMF had approved about $3 bn of IMF support for Sri Lanka’s economic policies & reforms. She said that it was an important milestone with International Creditors coming together to help to restore debt sustainability. "Crucial to unlock Sri Lanka's growth potential," she added.The International Monetary Fund said that it will enable an immediate disbursement equivalent to about US $ 333 million for Sri Lanka under EFF program, following Executive Board approval on Monday (20).The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.
IMF to release US $ 333 Mn immediately to Sri Lanka under bailout package - newsfirst.lk - Usa - Sri Lanka
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IMF to release US $ 333 Mn immediately to Sri Lanka under bailout package
COLOMBO (News 1st); The International Monetary Fund said that it will enable an immediate disbursement equivalent to about US $ 333 million for Sri Lanka under EFF program, following Executive Board approval on Monday (20).The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.The economy is facing significant challenges stemming from pre-existing vulnerabilities and policy missteps in the lead up to the crisis, further aggravated by a series of external shocks.The EFF-supported program aims to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financial sector stability, and strengthen governance and growth potential. The Executive Board’s decision will enable an immediate disbursement equivalent to SDR 254 million (about US$333 million) and catalyze financial support from other development partners.COLOMBO (News 1st); The International Monetary Fund said that it will enable an immediate disbursement equivalent to about US $ 333 million for Sri Lanka under EFF program, following Executive Board approval on Monday (20).The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.The economy is facing significant challenges stemming from pre-existing
Julie Chung - Free TSP fertilizer for North & East farmers; Distribution for other areas to commence soon - newsfirst.lk - Usa - Sri Lanka
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Free TSP fertilizer for North & East farmers; Distribution for other areas to commence soon
COLOMBO (News 1st);Sri Lanka's Agriculture Ministry said that 1.2 million local farmers will be given Triple Super Phosphate or TSP Fertilizer free of charge from Monday (20), after three harvesting seasons.The shipment of 36,000 metric tons  Triple Super Phosphate (TSP) was funded by the United States Agency for International Development (USAID) and procured by the Food and Agriculture Organization of the United Nations (FAO) for distribution free-of-charge to farmers.Accordingly, 11,537 MT of TSP fertilizer will be issued to farmers in the Northern, and Eastern Provinces.TSP Fertilizer will be issued via all Agrarian Services Centers in the country.The Ministry of Agriculture said that TSP Fertilizer will be issued to other areas to commence harvesting.According to the ministry, 55 kg of fertilizer is recommended for one hectare of paddy cultivation.More than a million Sri Lankan paddy farmers in all 25 districts will get vital assistance through a shipment of over 36,000 metric tons of fertilizer handed over by the United States to the Ministry of Agriculture. This second shipment of USAID-supported fertilizer is delivered on a promise USAID Administrator Samantha Power made last September in response to Sri Lanka’s food security challenges. It brings the total of USAID-supported TSP and urea fertilizer to more than 45,000MT over the last year.U.S.
Sri Lanka using expired tear gas on protests? - newsfirst.lk - Sri Lanka
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Sri Lanka using expired tear gas on protests?
COLOMBO (News 1st); A report prepared by the Centre for Society and Religion on the use of tear gas in Sri Lanka has revealed that Sri Lanka Police has not conducted any laboratory test over the contents of tear gas munitions.The report filed based on the information obtained via the Right to Information Act revealed that Sri Lanka Police had used expired tear gas munitions to disperse protests in 2022, and some of those munitions were produced back in 2000.It noted that in 2012, a total of 20,000 tear gas munitions were procured and until 2016 only 2,306 of those units were used.The report adds that the remaining munitions were to expire in 2017, however they were not disposed.It added that from 2012 to 2019 a total of over 40,000 tear gas munitions were to expire, and during that period 8,265 tear gas munitions were used on protests, and another 31,735 expired tear gas munitions remain in service.The report from the Centre for Society and Religion notes that the handling of tear gas munitions by Sri Lanka Police totally violates all instructions given by the manufacturers, including to not deploy the munitions close to live firearms, and not to fire them directly at protestors.It added that from March to July 2022, during the period of the worst economic crisis in the country, Sri Lanka Police deployed 6,722 tear gas munitions on 84 separate occasions at a cost of Rs.
Masahiro Nozaki - Peter Breuer - Sri Lanka’s proposed tax rates are in line with international comparison – IMF - newsfirst.lk - Sri Lanka
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Sri Lanka’s proposed tax rates are in line with international comparison – IMF
COLOMBO (News 1st); The International Monetary Fund Mission in Sri Lanka says that efforts to increase tax revenues should be pursued in a growth-friendly manner while protecting the poor and most vulnerable. Peter Breuer, Senior Mission Chief for Sri Lanka, and Masahiro Nozaki, Mission Chief for Sri Lanka noted that it is however also important that those who can most afford it, make commensurate contributions to the financing of the necessary government expenditures. The tax package the authorities have introduced, including the new tax rate schedule for the personal income tax, helps to meet these objectives, the statement added.Peter Breuer, Senior Mission Chief for Sri Lanka, and Masahiro Nozaki, Mission Chief for Sri Lanka, also noted that the tax rates proposed under the authorities’ program are also in line with international comparison.In response to recent media questions around income tax hikes in Sri Lanka, the statement noted that Tax reforms are needed to correct this imbalance. "Only with appropriate tax receipts will the Government will be able to fund essential expenditures, and avoid further slashing of critically important outlays. These reforms will also help regain confidence of creditors," it added."The current economic crisis has a number of origins, including the government’s inability to meet government spending needs through its revenue collections.
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