The United States, through the United States Agency for International Development (USAID), is supporting the Sri Lankan Ministry of Finance to modernize the country’s trade facilitation infrastructure through the implementation of Sri Lanka’s Trade National Single Window System (TNSWS). The TNSWS, when operational, will streamline the collection of information required for trade, leading to increased transparency and efficiency, reduced costs, and more potential revenue.
As part of our ongoing collaboration, the Department of Trade and Investment Policy of the Ministry of Finance, Economic Stabilization and National Policies with support from USAID recently held a workshop for 94 key TNSWS project stakeholders. The interactive workshop enhanced participants’ understanding of how the single window system works and its benefits. It also encouraged collaboration and sustainability in Sri Lanka’s TNSWS implementation.
“As a long-time partner and Sri Lanka’s largest export market, the United States supports efforts to boost exports and improve efficiency for businesses and government agencies. We are committed to initiatives like the TNSWS, which will make trade more transparent and predictable, easing business challenges,” said USAID Mission Director for Sri Lanka and Maldives, Gabriel Grau.
Mr. K.M. Mahinda Siriwardana, Secretary to the Ministry of Finance, emphasized, “Establishing a trade national single window system is crucial as Sri Lanka recovers from an unprecedented economic crisis. The TNSWS will increase our trade competitiveness and support export growth, leading to sustained economic stability.”
As part of the World Trade Organization Trade Facilitation Agreement, which Sri Lanka signed in 2017, implementation of a TNSWS is required. Implementation of a TNSWS received cabinet approval in 2022.
Over the past year, the United States has provided technical assistance to help the Government of Sri Lanka establish a Project Implementation Unit to lead the TNSWS project.
Several spells of light showers will occur in the Western, Sabaragamuwa and North-western provinces and in the Nuwara-Eliya, Kandy, Galle and Matara districts today (July 04), the Department of Meteorology said.
Showers or thundershowers may occur at a few places in the Uva province and in the Ampara and Batticaloa districts during the afternoon or night.
Meanwhile, fairly strong winds of about 30-40 kmph can be expected at times over the Western slopes of the central hills and in the Northern, North-central and North-western provinces and in the Trincomalee and Hambantota districts.
The general public has been requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
The Executive Board of the International Monetary Fund (IMF) reviewed non complying purchases made by Sri Lanka under the 2023 Extended Arrangement under the Extended Fund Facility (EFF) as well as inaccuracies of information reported to the IMF.
However, the IMF has decided to grant waivers and not pursue further action, citing corrective measures and a commitment to reform by Sri Lankan authorities.
Following the Executive Board’s discussion, Deputy Managing Director and Acting Chair – Mr. Kenji Okamura, has issued the following statement:
“The Executive Board of the International Monetary Fund (IMF) reviewed non complying purchases made by Sri Lanka under the 2023 Extended Arrangement under the Extended Fund Facility (“EFF”), as well as a breach of obligations under Article VIII, Section 5. The noncomplying purchases arose as a result of the provision of inaccurate information by the authorities on the stock of expenditure arrears at the first, second, and third reviews under the EFF.
“The inaccuracies in information provided to the IMF were inadvertent and arose because of weaknesses in the timely reporting of arrears by line ministries to the Ministry of Finance, as well as a misunderstanding by the authorities of the definition of “arrears” under the Technical Memorandum of Understanding.
“The Executive Board positively considered the authorities’ corrective actions, the fact that arrears repayments will be accommodated within the existing fiscal envelope, and the authorities’ commitment to improving public financial management procedures in line with the new PFM law, to reduce the risk of accruing arrears or inaccurate reporting of information going forward. In view of the above, the Executive Board agreed to grant waivers for the nonobservances of the quantitative performance criterion that gave rise to the noncomplying purchases and decided not to require further action in connection with the breach of obligations under Article VIII, Section 5.”
Abdul Wazeeth of the Sri Lanka Muslim Congress (SLMC) has been appointed as a Member of Parliament, the National Election Commission has announced.
His appointment comes following the resignation of former MP M. S. Naleem, who had entered Parliament through the SLMC National List after the 2024 parliamentary election.