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India comes in to rescue Sri Lanka from debt restructuring tangle
With Colombo facing an unprecedented external debt restructuring process with foreign creditors amidst acute shortages of follar funds, India has given its assurance to the International Monetary Fund (IMF) in writing to support Sri Lanka in its task, Reuter news agency reported.
New embarkation levies to boost state revenue comes into effect soon
The Sri Lanka government has announced the revision of the embarkation levy to be paid by passengers who leave the country through an international airport or seaport.
SL services see upturn in Dec 22 while, manufacturing continues set back
Sri Lanka’s services sector returned to growth territory in December 2022 with better availability of fuel while a fall in manufacturing slowed, according to a Purchasing Managers’ Index compiled by the central bank.
Investor delegation led by UAE Royalty holds talks on FDI for Port City
A delegation of investors from the United Arab Emirates, led by His Royal Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, visited Port City Colombo on the 14th of January 2023, during a special visit to Sri Lankato explore investment opportunities, officials said.
Tea export earnings down 5 percent in dollar terms, but high in rupee terms
Tea exports fetch little over US$ 1.2bn in 2022, down US$ 65.7mn from previous year while export volumes lowest in 25 years; fertilizer crisis and banning of herbicides cited as key reasons.