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Ranil says UNP can garner IMF support for immediate economic take-off

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by Sanath Nanayakkare

A future UNP government could garner the support of the International Monetary Fund (IMF) to raise funds to honour the country’s debt repayment commitments, without causing any disruption to the economy, UNP leader Ranil Wickremesinghe said, at Mattegoda, last Saturday (01).

“The IMF has helped the UNP governments in the past to resolve balance of payment issues and effectively restore Sri Lanka’s economy during dire times, including the Easter Sunday bomb attacks. I am confident that the international lender will provide its much needed support to a UNP government, with loans on affordable terms because it knows that we do not compromise our sound economic policies and revenue-based fiscal consolidation programmes.”

The UNP leader said: “Our priority will be mitigating the negative impact of Covid-19 on diverse segments of the economy; from three-wheeler drivers to wage-earning workforce to self-employed people and small and medium entrepreneurs. The Covid-19 public health crisis has weighed heavily on economic activity, employment and inflation and poses considerable risks to the economic outlook in the near-to-medium term. The level of economic activity has drastically slowed down as consumers fear for their future. Due to the Covid-19 pandemic, about five million people have lost their jobs and a similar number of jobs are at risk. Thousands of people have experienced pay-cuts and reduction of their allowances. Employers are not hireing job seekers. Many people can’t pay their house rents, utility bills and payback their loans.

“Hence today everyone is thinking about their financial problems more than the parliamentary election because that’s very important to them. When I was Prime Minister I adopted a revenue-based fiscal consolidation strategy to increase government income at the risk of growing public displeasure. At that time, the government earned Rs 150,000 million as revenue. In July 2020, it declined to Rs. 50,000 million. Our public servants’ pensions alone require Rs. 90,000 million and the government had to borrow to meet pension payments among other things. How long can we go on like this?

“During the Yahapalana government, we struck a certain balance between our income and expenditure and obtained support from bilateral and multilateral lending agencies for economic development. In 2018/19 we were able to have a surplus in our primary account.

“Today, the country’s stressed external liquidity position remains a credit weakness. Sri Lanka has not been able to get IMF funds despite having made three requests to them. Pakistan and Bangladesh have received funds from the IMF, and there should be no reason why Sri Lanka can’t access their funds. The UNP has presented a new three-year economic framework to face the challenges in the future which would boost confidence of the international lending agencies in our macroeconomic prudence and post-pandemic recovery path going forward. International funding will help strengthen the rupee. More exports and foreign remittances will bring in more money into the country. Through that strategy we will put more money into consumers’ wallets and increase their spending power. If current liquidity issues continue, the exchange rate of the rupee will hover around Rs. 195-Rs. 200 by October. In such a context, there will be more severe import controls and smartphones, electric and electronic goods will not be available in the market. Commodity prices will go up and life will be more difficult six months from now. Our new economic programme is capable of addressing such fiscal and external challenges. I urge you to consider the looming threats of these issues as you go to cast your vote on August 5.”

 



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58,454 International aircraft movements in Sri Lanka in first 11months of 2025 – Ministry of Ports and Civil Aviation

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According to figures released by the Ministry of Ports and Civil Aviation there have been 58,454 international aircraft movements in the first 11 months of 2025 in Sri Lanka. [An  aircraft movement refers to the count of take offs and landings at an airport]

The figures also confirm that tourist arrivals via air stands at 2.1 million.

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Highest revenue in 93-year history of Inland Revenue Department collected in 2025

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The Inland Revenue Department has succeeded in collecting Rs. 2,203 billion in revenue in 2025, the highest amount recorded in its 93-year history. This represents a surplus of Rs. 33 billion over the revenue target for the year and a 15 per cent increase compared with the revenue collected in the previous year, stated Commissioner-General of Inland Revenue Ms Rukdevi Fernando.

She made these remarks at a discussion held on Tuesday (30)  morning at the Department’s auditorium under the patronage of President Anura Kumara Dissanayake.

Marking the first occasion in the 93-year history of the Inland Revenue Department that a President has visited the Department, the President attended a meeting with the staff  to review the progress achieved in 2025 and the new plans for 2026.

The President expressed his appreciation to all officers and staff of the Inland Revenue Department for surpassing the revenue expected by the Government and urged everyone to continue working towards a common objective in order to realise the economic transformation required for the country.

Emphasising that no individual is entitled to the privilege of evading taxes, the President stated that the era in which a tax culture prevailed based on personal or political affiliations has come to an end. He further stressed that the law will be enforced without hesitation, irrespective of status, against those who attempt to evade taxes.

The President also pointed out that tax collection is neither repression nor coercion but a legitimate right of the State, adding that necessary changes will be made to laws, regulations, designations and staffing in order to secure this contribution.

He further emphasised that the Government’s objective is to ensure that the benefits of these economic achievements flow to the people of the country. The Government is focusing on improving essential public services to enhance the quality of life, undertaking a new transformation of the transport system and providing adequate allocations for the development of the education and health sectors.

The President also highlighted the need for a targeted programme to properly collect the taxes due to the Government by addressing issues such as improving tax literacy, simplifying the tax system and filling staff shortages.

Ms Rukdevi Fernando stated that the professional competence and dedication of the Department’s officers were the key factors behind this success.

She further noted that a revenue target of Rs. 2,401 billion has been set for 2026 and that the Department expects to achieve this through programmes aimed at enhancing tax compliance and broadening the tax base.

In addition, she said that the Department plans to expand third-party data sharing, strengthen investigations into domestic and overseas assets, take over the RAMIS system, reinforce risk-based auditing, introduce e-invoicing, adopt modern technology for tax administration and enhance tax ethics in 2026.

Minister of Labour and Deputy Minister of Finance and Planning Dr Anil Jayantha Fernando, Deputy Minister of Economic Development Nishantha Jayaweera, Secretary to the President Dr Nandika Sanath Kumanayake, Commissioner-General of Inland Revenue Ms Rukdevi Fernando and senior officials and staff of the Department were present at the occasion.

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Sri Lanka Customs exceeds revenue targets to enters 2026 with a surplus of Rs. 300 billion – Director General

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The year 2025 has been recorded as the highest revenue-earning year in the history of Sri Lanka Customs, stated Director General of Sri Lanka Customs, Mr. S.P. Arukgoda, noting that the Department had surpassed its expected revenue target of Rs. 2,115 billion, enabling it to enter 2026 with an additional surplus of approximately Rs. 300 billion.

The Director General made these remarks at a discussion held on Tuesday  (30)  morning at the Sri Lanka Customs Auditorium, chaired by President Anura Kumara Dissanayake.

The President visited the Sri Lanka Customs Department this to review the performance achieved in 2025 and to scrutinize the new plans proposed for 2026. During the visit, the President engaged in extensive discussions with the Director General, Directors and senior officials of the Department.

Commending the vital role played by Sri Lanka Customs in generating much-needed state revenue and contributing to economic and social stability, the President expressed his appreciation to the entire Customs employees for their commitment and service.

Emphasizing that Sri Lanka Customs is one of the country’s key revenue-generating institutions, the President highlighted the importance of maintaining operations in an efficient, transparent and accountable manner. The President also called upon all officers to work collectively, with renewed plans and strategies, to lead the country towards economic success in 2026.

The President further stressed that the economic collapse in 2022 was largely due to the government’s inability at the time to generate sufficient rupee revenue and secure adequate foreign exchange. He pointed out that the government has successfully restored economic stability by achieving revenue targets, a capability that has also been vital in addressing recent disaster situations.

A comprehensive discussion was also held on the overall performance and progress of Sri Lanka Customs in 2025, as well as the new strategic plans for 2026, with several new ideas and proposals being presented.

Sri Lanka Customs currently operates under four main pillars, revenue collection, trade facilitation, social protection and institutional development. The President inquired into the progress achieved under each of these areas.

It was revealed that the Internal Affairs Unit, established to prevent corruption and promote an ethical institutional culture, is functioning effectively.

The President also sought updates on measures taken to address long-standing allegations related to congestion, delays and corruption in Customs operations, as well as on plans to modernize cargo inspection systems.

The discussion further covered Sri Lanka Customs’ digitalization programme planned for 2026, along with issues related to recruitment, promotions, training and salaries and allowances of the staff.

Highlighting the strategic importance of airports in preventing attempts to create instability within the country, the President underscored the necessity for Sri Lanka Customs to operate with a comprehensive awareness of its duty to uphold the stability of the State, while also being ready to face upcoming challenges.

The discussion was attended by Minister of Labour and Deputy Minister of Finance and Planning, Dr. Anil Jayanta Fernando, Deputy Minister of Economic Development, Nishantha Jayaweera, Secretary to the President, Dr. Nandika Sanath Kumanayake, Deputy Secretary to the Treasury, A.N.Hapugala, Director General of Sri Lanka Customs,  S.P.Arukgoda, members of the Board of Directors and senior officials of the Department.

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