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IMF urges Sri Lanka to make urgent preparations for property taxation

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IMF Senior Mission Chief Peter Breuer

Prompts authorities to establish Anti-Corruption Commission

by Sanath Nanayakkare

Urgent preparations for property taxation and the formation of Anti-Corruption Commission are being expected from Sri Lankan authorities by the International Monetary Fund (IMF) as key priorities.

The matter was discussed among other things on January 11 when a visiting IMF mission met with President Ranil Wickremesinghe.

According to the President’s Media Division (PMD), the meeting also highlighted the urgency of addressing fiscal matters, including passing amendments to the Banking Act and recapitalizing the banking sector.

As the IMF plans its upcoming formal review and Article 4 consultation, key areas of focus will include the new public financial management law, potential conflicts with the public-private partnership law, electricity tariffs and urgent preparations for property taxation.

The IMF has stressed the importance of perseverance with ongoing reforms, addressing fiscal issues and advancing governance agendas.

However, the IMF has applauded the country’s significant progress in implementing economic reforms and Sri Lanka’s courage in publishing the governance diagnostic, a first in Asia.

The IMF has highlighted the positive start of the programme, recognising the challenging reforms undertaken by Sri Lanka and their significant impact on the domestic population.

Senior Mission Chief for Sri Lanka, Peter Breuer has noted encouraging signs regarding the programme’s impact on stabilising the economy, particularly in policy-oriented variables and fiscal areas.

Breuer has said that a meeting the IMF had with Sri Lankan fiscal authorities revealed promising revenue collection, indicating the effectiveness of implemented policies since reaching a staff level agreement in the second half of 2022.

The IMF has emphasised the positive surprise in these developments have resulted in Sri Lanka boosting its confidence with the international community, official creditors and private creditors.

Peter Breuer has told President Wickremesinghe that with respect to revenue collection, there are ‘very encouraging’ numbers that basically highlight the policies the government implemented after the IMF had reached the staff level agreement in the second half of 2022 are working.

“They have had the intended effect. You’re collecting the revenue that’s needed to address the cause of the crisis. So, that really is very good news,” he has said.

Further, the board meeting has recognised Sri Lanka’s success in reducing inflation significantly, attributing it to the government’s efforts in monetary policy and scaling back monetary financing.

Positive outcomes, such as an increase in reserves had also been observed by the visiting delegation.

The ongoing governance reforms have been acknowledged by them as positive indicators, contributing to tentative economic growth in the third quarter, particularly in capital formation and machinery.

On the governance front, the IMF has put under its microscope the operationalizing of the Anti-Corruption Commission, publishing action plans and meeting with the Constitutional Council for insights into commissioner selection process.

As the two-week mission unfolds, further discussions between Sri Lankan authorities and the IMF are expected to delve deeper into these key areas, providing a comprehensive overview of the progress and challenges in Sri Lanka’s economic reform journey.



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People’s Bank drives push towards cash-lite economy

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Marking a significant milestone in Sri Lanka’s digital transformation journey, the National QR Payment Adoption Programme was recently launched with the objective of accelerating the country’s transition towards a cash-lite economy. The initiative aims to reduce reliance on physical currency by promoting the widespread use of QR-based digital payments, enabling individuals and businesses to conduct fast, secure and convenient transactions via mobile devices, said a release from the People’s Bank.

It said: As a leader in digital banking, People’s Bank proudly aligns with this landmark national initiative, reinforcing its commitment to building a digitally empowered economy. The Bank supports the programme through its flagship digital wallet “People’s Pay”, which offers a seamless platform for QR-based transactions and a range of everyday financial services.

In line with the programme’s objectives, customers can perform QR transactions without incurring additional charges, while merchants benefit from zero fees on transactions up to Rs. 5,000. To further encourage adoption, valuable gifts will be awarded to selected winners among LANKAQR users, enhancing engagement and promoting digital payment usage across the country.

People’s Bank’s participation reflects its ongoing digital transformation strategy, which has evolved beyond traditional online banking to deliver an integrated, lifestyle-oriented financial ecosystem. The Bank continues to set industry benchmarks by offering secure, efficient and user-friendly digital platforms, ensuring customers have uninterrupted access to banking services anytime, anywhere.

At the heart of this initiative is People’s Pay, a sophisticated digital wallet designed to streamline everyday financial transactions while catering to the evolving needs of the modern consumer. The application features a seamless self-registration process, comprehensive tri-language support, and secure storage of payment details, ensuring both convenience and security for users.

In addition, the People’s Pay app enables customers to make real-time bill payments and QR-based transactions with exceptional ease and efficiency. The facility to link multiple bank accounts further enhances flexibility and convenience, while the transaction limit provides users with greater financial control and improved security.

In a strategic move to bolster the national QR adoption program, the People’s Pay app now facilitates Peer-to-Peer (P2P) QR transfers. This functionality allows users to generate both static and dynamic QR codes, enabling efficient transactions without the need to disclose sensitive account information.

The National QR Payment Adoption Programme represents a critical step in advancing Sri Lanka’s digital payments landscape. By fostering fast, secure and transparent transaction methods, the initiative aims to ensure inclusive participation in the digital economy, empowering citizens across all regions and communities.

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ANC Campus and Adelaide University launch new Australian study pathway for Lankan students

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ANC Campus has announced the launch of a formal articulation partnership with Adelaide University at Cinnamon Lakeside, Colombo, creating a clear progression pathway for Sri Lankan students seeking an Australian university degree.

Through this pathway, students can begin their university-level studies at ANC Campus in Sri Lanka before progressing to Adelaide University in Australia, subject to the relevant academic, English language, and entry requirements. By completing the first year through ANC’s Australian Diploma pathway in Sri Lanka, students can significantly reduce the overall cost of their Australian education journey, with estimated first-year savings of up to LKR 13 million when tuition and living expenses are considered.

The launch was attended by representatives of ANC Campus, Adelaide University, and the Australian Trade and Investment Commission (Austrade), alongside members of the media, students, parents, and invited guests. Austrade’s presence highlighted the continued importance of Australia-Sri Lanka education links.

Speaking at the launch, Dayan D. L. Fernando, Chief Executive Officer of ANC Campus, said the partnership gives Sri Lankan students a credible and well-supported route into Australian higher education.

“For over two decades, ANC has worked with international university partners to help Sri Lankan students begin their global education journey with the right academic preparation and guidance. This partnership with Adelaide University gives students a clearer route to an Australian degree and gives parents greater confidence in the pathway their children are choosing,” he said.

Fernando added that international education is one of the most important decisions a family makes, and proper guidance is essential.

“At ANC, our responsibility is to guide students correctly. We must help them understand the pathway, the requirements, the destination, and the opportunities ahead. ANC prepares students for the highest likelihood of success.

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Union Assurance honours new batch of certified financial advisers

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Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, recently hosted the SLIM Certified Financial Adviser Graduation Ceremony at its Head Office premises, recognising 38 professionals who successfully completed the programme, a milestone that reflects the company’s focus on building a highly capable and accredited sales force.

The Certified Financial Adviser programme, delivered in partnership with the Sri Lanka Institute of Marketing (SLIM), the National Body of Marketing in Sri Lanka, which was designed to elevate the expertise of the company’s high performing adviser force. Spanning 11 comprehensive modules covering areas such as Advanced Consultative Selling Skills, Negotiation Mastery, Digital Prospecting Techniques, and Emotional Resilience in Sales, participants underwent a rigorous learning journey that concluded with a formal assignment, bringing the full cohort to completion.

The programme reflects Union Assurance’s commitment to ensuring its advisers are positioned to serve customers with confidence, credibility, and genuine understanding of their needs; values that are central to the company’s purpose of protecting what matters most. The SLIM qualification also opens a structured educational pathway for graduates, with opportunities to advance through further nationally recognised certifications.

Speaking at the ceremony, Chief Agency Officer at Union Assurance, Imtiyaz Aniff stated: “We are pleased to recognise the dedication of our people who committed to this programme alongside their core responsibilities. The SLIM certification equips our advisers with the skills and credentials to serve our customers at a higher standard, and that directly supports the quality of advice we deliver. We look forward to seeing this cohort carry forward what they have learned and continue to grow in their careers.”

Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed nearly four decades of success with a Market Capitalisation of Rs. 45.6 Bn and a Life Fund of Rs. 92.8 Bn as of end December 2025. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3000-strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.

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