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Sri Lanka’s economy will grow by 1.3% in 2024, says ADB

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The World Bank noted that the Sri Lankan economy will continue to face significant challenges in 2023 and beyond. 

The baseline scenario projects the economy to contract by 4.3 percent in 2023 – following the contraction of 7.8 percent in 2022 – as demand continues to be subdued, job and income losses intensify, and supply side constraints adversely affect production.

The World Bank also said that the restructuring of external as well as certain domestic debt will be needed to restore debt sustainability. 

It added that a strong and credible structural reform program is critical to avoid a prolonged crisis and address the root causes of the current economic difficulties.

The World Bank said that firm resolve of political leadership and Sri Lankan citizens will be required to overcome the crisis through several structural reforms.

It added that meaningful outcomes of debt restructuring, and the collective support of international partners will also be needed to maintain the reform momentum and chart the course for a speedy and robust economic recovery.

It noted that better-targeted social assistance, a recovery in more productive sectors, and an increase in the real value of incomes will be needed to reduce poverty. 

The World Bank said that Sri Lanka can use this crisis as an opportunity to build a strong and resilient economy.

It said the crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances. 

The World Bank said that higher income groups, in particular, will need to take more of the burden to protect the poor and vulnerable, as Sri Lanka embarks on this journey towards a stronger and more resilient economy.

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Uddika Premarathna returns to SL

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Former MP and actor – Uddika Premarathna has returned to the island, reports say.

According to reports, he has arrived in Sri Lanka today (28) morning with his family on an Emirates flight.

Mr. Premarathna’s sudden resignation from parliament and his subsequent departure had raised speculations of him applying for political asylum. However, he had rejected these claims. Speaking to a local YouTube channel that he had not sought political asylum in Canada as reported and that he was expecting a work visa.

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Gnanasara Thero sentenced to 4 years RI

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Bodu Bala Sena (BBS) General Secretary Ven. Galagodaaththe Gnanasara Thero has been sentenced to four years of rigorous imprisonment over hate speech made against Islam 08 years ago.

Colombo High Court Judge Aditya Patabendige delivered the verdict today (March 28) while imposing a fine of Rs. 100,000 on the monk.

The Attorney General had filed the case against the Bodu Bala Sena General Secretary on charges of causing religious and racial disunity in Sri Lanka over remarks made by him on Kuragala Temple during a media briefing held on March 30, 2016.

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Special commodity levy on imported onions & rice, slashed

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The special commodity levy on imported onions and rice has been reduced with effect from yesterday (March 27).

Thereby, the Special Commodity Levy of Rs. 65 per 1kg of rice has been dropped to Rs. 1 until April 03, 2024.

In addition, the tax levied from imported Rose Onions have been slashed to Rs. 10 per kilogram until April 30, 2024.

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