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President announces how JJB govt lowered IMF benchmarks for benefit of people

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President Anura Kumara Dissanayake

By Sanath Nanayakkare

President Anura Kumara Dissanayake speaking in parliament yesterday listed the achievements his government made in bringing tax relief to certain sections of the society during the 3rd review of the IMF, under its Extended Fund Faculty programme.

He also said that the JJB government would leave no room for an economic crisis to take place under its watch.

“Some sections are making attempts to fuel fear among the people that an economic crisis would emerge in 2028 when the country starts repaying its loans, plunging the country back into bankruptcy. Keep in mind that our government will be in office in 2028. We will not allow an economic crisis to happen in the future like in 2022, 2023. Our goal is to build reserves up to USD 15.1 billion by 2028. We are working towards it. We have a strong belief that we will have collected USD billion 15.1 billion in foreign reserves by that time.

“Today, USD 12.55 billion is subjected to debt restructuring plus the shirked payment of USD 1.7 billion. We have restructured USD 12.55 billion out of which USD 11.55 billion were loans taken between 2015-2019.I think If instructions had been given those days, the crisis wouldn’t have happened. Keep in mind that the instructions came in too late.”

“Soon after the general election, IMF started the 3rd review on Nov. 16. At the 2nd review , there were a number of benchmarks with the previous government. One of the main proposals as per the 2nd review was the rental tax on property which was to be enforced in 2025. A service export tax of 30% had been agreed. It had been agreed to remove the special trade levy in January 2025 and replace it with a value added tax. The same tax code was to be continued with personal income tax. It had been proposed to remove the SVAT by April 2025. SVAT makes it easier for businesspeople to claim refunds on the VAT they pay and support their cashflow. But it had been proposed to remove it.”

“When the 3rd review started, what did we propose? You know that there was a lot of disappointment over PAYE tax. associations of doctors, bank managers, university lecturers had expressed their dismay at PAYE tax.”

“We negotiated with the International Monetary Fund to raise the income tax threshold to 150,000 rupees a month from the current 100,000 rupees. The wages of a person earning 150,000 rupees will be 100 percent free from tax. The 6 percent tax on the first slab of 500,000 rupees will be raised to one million rupees. The tax on someone earning 200,000 rupees will be 71 percent free of tax. The salary of a person earning 250,000 will be 61 percent free, 300,000 rupees 47 percent free.Rs 350,000 a month will be free by 25 percent. We have been able to revise PAYE tax to give bigger benefits to lower income earnings and lower benefits to higher income earners.”

“We have agreed to raise the withholding tax on bank deposits to be raised from 5 to 10 percent. However, there will be a process where exemptions can be claimed by senior citizens who think that they shouldn’t be liable to this tax even if they earn a monthly interest of Rs. 150,000. A special division will be set up at the Inland Revenue Department to address such concerns.”

“The value added tax the previous government had imposed on local milk and yoghurt will also be removed, Corporate tax on services export which was to be raised to 30 percent will be reduced to 15 percent, as a result of our negotiations with the IMF,” the President said.



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ADB pledges over $1 billion annually to Sri Lanka in post-cyclone recovery push

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ADB President Masato Kanda meets Sri Lankan Prime Minister Harini Amarasuriya at ADB’s Manila headquarters.

Asian Development Bank (ADB) President Masato Kanda met with Sri Lanka Prime Minister Harini Amarasuriya at ADB’s Manila headquarters recently. The meeting reaffirmed the strong development partnership between ADB and Sri Lanka, with both leaders underscoring their commitment to post-cyclone recovery, inclusive growth, and advancing women’s equality.

“Sri Lanka’s resilience in the face of crises has been remarkable,” said Kanda. “We are committed to helping Sri Lanka rebuild after Cyclone Ditwah, while also investing in the country’s future by empowering women entrepreneurs and strengthening education and essential skills.”

Looking ahead, ADB is ready to provide more than $1 billion annually to Sri Lanka from 2026 to 2029. This financing will target macroeconomic stability, private sector-led growth, education and skills development, and resilient infrastructure. Key initiatives include a major digital transformation program to help unlock Sri Lanka’s digital economy, alongside support for its accession to the Regional Comprehensive Economic Partnership to deepen its integration into regional trade and investment networks.

During their discussion, Kanda emphasized ADB’s response to the devastation caused by Cyclone Ditwah. Building on emergency financing already mobilized, ADB is fast-tracking an emergency assistance loan to restore damaged infrastructure and support affected livelihoods.

With Dr. Amarasuriya serving as the keynote speaker for ADB’s International Women’s Day event, the leaders highlighted women’s equality as a cornerstone of inclusive development. Kanda noted ADB’s long-standing work as an implementing partner of the Women Entrepreneurs Finance Initiative, which expands access to finance, business skills training, and policy reform for women-owned enterprises. This partnership has helped drive lasting change, with Sri Lanka becoming one of the first countries to adopt the Women Entrepreneurs Finance Code at the national level in March 2025.

Dr. Amarasuriya also engaged in dialogue facilitated by ADB to advance Sri Lanka’s skills agenda, including discussions on referencing skills and qualifications with the Association of Southeast Asian Nations and on mutual areas of interest with the Philippines related to technical and vocational education and training.

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New Board appointed to lead Unit Trust Association of Sri Lanka

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The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President. The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.

The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).

President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts.”

The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.

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Indiya at Cinnamon Life enters a flavourful new chapter

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Colombo’s vibrant dining landscape has received a fresh infusion of flavour with the renewed culinary direction of Indiya, the signature Indian restaurant perched high above the city at Cinnamon Life at City of Dreams. With celebrated Indian chef Mukesh Joshi now steering the kitchen, the restaurant is presenting a menu that celebrates the depth, diversity and soul of Indian cuisine while subtly weaving in Sri Lankan influences.

Located on the spectacular Level 23 of the sprawling Cinnamon Life complex, Indiya’s setting itself feels like a prelude to the culinary journey that unfolds at the table.

The restaurant’s sweeping views of Colombo’s skyline provide a dramatic backdrop to a menu designed to take diners across India’s many culinary regions — from the fragrant biryani traditions of Awadh to the bold spice profiles of coastal kitchens.

At the heart of this new chapter is Chef Mukesh Joshi, a culinary craftsman whose career spans some of India’s most renowned hospitality institutions as well as prominent dining establishments in the Middle East.

Having honed his skills at luxury hotels such as The Westin and St. Regis Mumbai before leading kitchens in Dubai’s thriving Indian dining scene, Joshi is known for his ability to balance traditional flavours with contemporary finesse.

At Indiya, his philosophy is simple yet compelling: celebrate the authenticity of Indian cooking while creating dishes that encourage sharing and conversation.

The experience begins with a vibrant array of small plates that capture the playful spirit of India’s street food traditions. The crisp Sev Papdi Chaat offers bursts of sweet, tangy and spicy notes, while a generous Pakora Platter brings together an assortment of golden-fried fritters that evoke the comforting flavours of roadside tea stalls across the subcontinent.

From there, the menu moves naturally into the world of the tandoor — the clay oven that lies at the heart of many Indian kitchens. Among the highlights is the Hariyali Tandoori Gobi, where cauliflower is marinated in a fragrant blend of herbs before being charred to smoky perfection. Equally intriguing is the Rajma Galouti, a vegetarian reinterpretation of the famed Lucknowi kebab, delivering a melt-in-the-mouth texture that surprises and delights.

Seafood lovers will find much to savour as well. Jhinga Koliwada, a coastal delicacy of spiced prawns fried to a crisp exterior, offers a lively contrast to the delicately seasoned Rawa Fried Surmai. These dishes reflect Chef Mukesh’s confident handling of spice and texture — two essential pillars of Indian cooking.

No Indian dining experience would be complete without the ritual of sharing freshly baked breads, and Indiya’s basket arrives warm and inviting. Chilli Cheese Naan brings a playful modern twist to a classic favourite, while flaky parathas and stuffed Aloo Kulcha provide comforting companions to the restaurant’s richly spiced curries.

By Ifham Nizam

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