News
Ceylon Chamber of Commerce commends Staff-Level Agreement on first review with IMF, calls for continued economic reform
The Ceylon Chamber of Commerce (CCC) has congratulated the Government of Sri Lanka for reaching a staff-level agreement on the first review of Sri Lanka’s Extended Fund Facility Arrangement (EFF) with the International Monetary Fund (IMF).
“This agreement is set to grant Sri Lanka access to the second tranche, approximately US$330 million in financing, pending approval by the IMF’s Management and Executive Board. Another key development is the preliminary debt restructuring agreement with the Export-Import Bank of China, which covers approximately US$4.2 billion of Sri Lanka’s debt. This agreement also serves as an important component of financial assurances for Sri Lanka,” the CCC said in a statement.
“While we acknowledge these accomplishments, we urge the Government to maintain the momentum of the current reform agenda to steer the economy toward lasting recovery and stable, inclusive growth.
“Furthermore, it is imperative to address persistent issues related to governance weaknesses and corruption vulnerabilities. The IMF’s Governance Diagnostic Assessment resonates with the Ceylon Chamber’s own call for reforms in these critical areas. We urge Sri Lankan citizens to take ownership of the reform agenda, as collective action is vital to navigate the country’s financial challenges and set Sri Lanka back on a path to growth.
“In conclusion, we commend the Government for these significant strides but stress the need for ongoing reforms, robust governance, and shared responsibility. Adherence to these principles will undoubtedly put Sri Lanka back on a trajectory of economic growth and stability,” the statement said.
The Ministry of Industries and Entrepreneurship Development has recommended the establishment of Sri Lankan Standards, i.e. the import testing methodology for imported tires used for passenger cars and pneumatic tires for three-wheelers with the aim of ensuring a fair competitive environment for local
manufactures and ensuring consumer safety and security.
Taking into the said recommendations, “Import and Export (control regulations N0.08 of the 2026)” has been enacted to amend the existing regulations by means of the Extraordinary Gazette Notification No. 2508/27 dated 2026-10-01, prescribing Sri Lanka standard 1212 for the import of passenger types (HS Code 4011.10.90) and Sri Lanka standard 1347 for the import of
pneumatic tires for three – wheeled vehicles (HS Code 4011.90.10).
Accordingly, the Cabinet of Ministers has approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning, and Economic Development to submit the aforementioned regulations to Parliament for approval.
Approval of the Cabinet of Ministers was granted at their meeting held on 02.06.2025 to introduce a new act to promote and providing legal provisions for facilitating the Public Private Joint Enterprises within Sri Lanka as well as the establishment of the National Agency for Public Private Partnership Joint Enterprises.
Accordingly, the Legal Draftsman has formulated the relevant draft bill and the Attorney General has given his clearance to the said draft bill.
The Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to publish the said
draft bill in the government gazette notification and thereby submit it to the Parliament for its concurrence.
Regulation, development and control of indigenous medical sector in Sri Lanka comprised of Ayurvedha, Sidhdha, Unani, Local Therapies are carried out under the provisions of Ayurvedha Act No. 31 of 1961.
Although amendments were made to the act from time to time as per the requirements, the necessity of further amending the Ayurvedha Act has been identified to enable efficiently maintaining all activities of local medical field productively, further formalizing the regulation of the sector, taking actions to providing licenses applicable to export of local medicines, and achieving the progress and sustainable development goals in the local medical sector.
Based on the said factors, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Health and Mass Media to direct the Legal Draftsman to formulate a draft bill to amend the Ayurvedha Act No. 31 of 1961.
Import and Export (Control) Regulations No. 08 of 2026
Draft Bill of the Public Private Partnership Enterprises Act to be gazzetted
Amendment of the Ayurvedha Act No. 31 of 1961
Cabinet nod to amend the Sri Lanka Development Administration Institute Act No. 9 of 1982
Establishment of the National Higher Performance Centre
State patronage for the cremation ceremony of the late deputy prelate (Anu Nayaka Thero) of the Sri Laka Ramangya Maha Nikaya, Gatambe Rajopawanramadhipatha, Siri Chandawimala Wanshalankara, Chandrakeerthi Sri Amarawansha, Sadhdharmawageeshwara, Shasanashobhanna Most Venerable Keppetiyagoda Siriwimalabhidhana Thero
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