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Sri Lanka Tax Hikes Amid Fiscal Deficit Crisis

In response to a severe financial crisis, Sri Lanka’s government has taken urgent steps. These include tax hikes and changes in how the government earns money. These actions are led by Prime Minister Ranil Wickremesinghe.

The aim is to fix the budget gap worsened by the global pandemic. This is important for the country’s economic health.

Government Implements Tax Hikes to Boost Revenue Amid Fiscal Deficit

New tax measures mean higher taxes for businesses and less tax relief for individuals. These changes are expected to raise a lot of money for the country. This comes as Sri Lanka faces high inflation and economic challenges.

Groups like OMP Sri Lanka note the focus on increasing government earnings. The goal is to boost the revenue-to-GDP ratio above 14% by 2025.

The government’s efforts to reform the economy and fix the fiscal deficit are clear. Sri Lanka has sought help from the IMF sixteen times before. Today, the focus is on economic recovery, managing debt, and sustainable governance.

Understanding the Fiscal Deficit and Measures in Sri Lanka

To understand Sri Lanka’s financial issues, we must look at its fiscal deficit over time. The budget gap grew because of tax cuts and COVID-19, which hurt tourism and remittances.

The Roots of the Crisis and Previous Tax Cuts

Big tax cuts in late 2019 were meant to boost the economy. But, they cut government income by a lot, around 800 billion Sri Lankan rupees. With the COVID-19 hit, the fiscal deficit shot up to 12.2% of the GDP in 2021 from 9.6% before.

Prime Minister’s Fiscal Consolidation Plan

The Prime Minister has a plan to fix this by cutting government spending and changing fiscal policies. This is key to getting an IMF loan and fixing debt issues. His goal is to get back to the income levels before the pandemic and stabilize government finances.

fiscal deficit in Sri Lanka

The Role of Inflation in the Fiscal Equation

It’s important to understand how inflation fits with fiscal policy. Sri Lanka is working to control inflation and keep the economy stable. This effort comes as it faces fiscal and balance of payments challenges.

The government also aims to get better at collecting taxes. By doing this, it hopes to reduce the gap in the budget.

Indicator	Jan-Sep 2022	Jan-Sep 2023
Budget Deficit	Rs. 1,244 billion	Rs. 1,614 billion
Tax Revenue	Rs. 1,283 billion	Rs. 1,934 billion
Total Expenditure	Rs. 2,695 billion	Rs. 3,732 billion
Total Revenue	Rs. 1,448 billion	Rs. 2,110 billion
Government Debt	Rs. 24,264 billion	Rs. 26,916 billion

Read more about Sri Lanka’s economic projections and reform effects here.

Government Implements Tax Hikes to Boost Revenue Amid Fiscal Deficit

The Government of Sri Lanka is tackling financial issues caused by a big fiscal deficit. They have introduced key tax reforms to strengthen the economy. One major change is altering the tax regime to increase government revenue and achieve fiscal consolidation.

Strategic Increase in Value Added Tax

To help with financial restructuring, the VAT on financial services rose from 15% to 18% in January 2022. It then went from 8% to 12% in May 2022, showing the government’s focus on making more money. They plan to increase the VAT to 15% by September 2022.

Corporate Tax Rates Climb as Part of Revenue Enhancement

Corporate income tax rates jumped from 24% to 30%. This increase helps cover growing state expenses and supports economic stability. It’s a big part of improving government revenue.

Personal Tax Reliefs Slashed to Buffer Financial Deficits

To deal with the financial deficit, personal tax reliefs were greatly reduced. The tax-free income limit went down from Rs. 3.0 million to Rs. 1.2 million per year. Tax rates now range from 6% to 36%, up from 4% to 24% before.

Additional Tax Measures and Their Expected Outcomes

A one-off 25% surcharge tax is now on high-earners and big businesses. There’s also a new 2.5% Social Security Contribution Levy on turnover for large businesses. These fiscal consolidation steps aim to stabilize the economy, hoping for a 4.0% fiscal deficit by 2025.

Efforts also include forming a Large Tax Payers Unit and doing risk-based audits. These steps should make the revenue system more efficient and effective.

Measure	Details
VAT Increase	From 8% to 12%, with a proposal to reach 15%
Corporate Tax Rate	Increased to 30% from 24%
Personal Income Tax Adjustment	Threshold reduced to Rs. 1.2 million
Surcharge Tax	25% on income exceeding Rs. 2.0 billion
Social Security Levy	2.5% on turnover for major businesses

The Burden of Adjustments and the Path to Stability

Sri Lanka is working through tough economic challenges. The government has started using financial reform strategies for better stability and growth. The goal is to lower the fiscal deficit to 4.0 percent of GDP. They also want to cut the debt ratio to about 75.5 percent by 2025.

This effort comes after the country’s ratings went down in January 2020. The plan includes improving government income through smart tax moves. It also involves cutting back on unnecessary spending and using digital tools to upgrade government operations.

Dealing with the rising public debt is a big challenge. This issue grew because of consistent budget deficits and the impact of COVID-19. Sri Lanka has started restructuring its debt, with help from an IMF agreement in September 2022.

They expect to raise government revenue by expanding the Value Added Tax and income tax bases. Changes made in late 2022, like the surcharge tax on high-income businesses, are key. These steps could increase the revenue-to-GDP ratio to 14.2 percent by 2025.

Aiming for a primary balance surplus from 2024 shows a commitment to long-term financial health. By funding essential infrastructure with domestic resources, the government supports agriculture and industry. This strategy helps build a strong economy that can deal with global issues.

Research shows focusing on reducing unnecessary spending works better than increasing taxes. Sri Lanka is dedicated to improving its economy and building a powerful infrastructure. These efforts are meant to ensure economic resilience and prosperity for its people.

Sri Lanka Parliament Dissolved, November Elections Set

A significant development has taken place in Sri Lanka, as announced by OMP Sri Lanka. The Dissolution of Parliament was officially declared. This event occurred just after midnight on September 24th, when the legislative body was dissolved by President Anura Kumara Dissanayake. This is a monumental decision in the country’s history. It paves the way for a crucial election on November 14.

After winning the presidency in an election with high voter turnout, President Dissanayake is moving forward with his agenda. He aims to tackle corruption and economic challenges. The announcement of the Election, after dissolving the parliament, is a key moment. It signals major policy changes and efforts to meet the International Monetary Fund (IMF) bailout terms.

Key Takeaways:

President Anura Kumara Dissanayake used his power to disband the Parliament. This marks a vital step for Sri Lanka’s governance.
The upcoming general election on November 14 is a pivotal time for the country’s future.
President Dissanayake’s election victory showed huge public support, marking a significant change from the 2019 results.
The previous administration’s economic problems and high inflation highlighted the public’s desire for change.
Ensuring stability and prosperity are priorities, with plans for tough anti-corruption actions and expanding social welfare.
Investors are cautious about the financial sustainability regarding the new economic policies announced.
The position of the Janatha Vimukti Peramuna in the assembly poses a hurdle to achieving majority representation.

President Dissanayake Dissolves Parliament, Calls for November Elections

In a bold move, President Anura Kumara Dissanayake of Sri Lanka has dissolved Parliament. This action marks a significant change in the country’s political scene. Based on Article 70 of the Sri Lankan Constitution and the Parliamentary Elections Act, the President made this decision. Now, Sri Lanka is set for early Elections, sooner than originally planned.

The Exercise of Constitutional Powers by President Anura Kumara Dissanayake

President Dissanayake used his Constitutional powers wisely and legally. By invoking Article 70, he ended the current Parliament’s session. His party had only three seats out of 225. This important step is expected to lead to major changes in Sri Lanka’s government.

Setting the Stage: Article 70, the Constitution and the Parliamentary Elections Act

Sri Lanka’s laws clearly lay out how to dissolve Parliament and organize new elections. The President has this power thanks to Article 70. The Parliamentary Elections Act gives details on election procedures. These rules ensure a fair and democratic election process in Sri Lanka.

Expected Political Realignments and Candidature Announcements

After President Dissanayake’s announcement, many political leaders are getting ready for the elections on November 14. For example, Mahinda Rajapaksa is adjusting his strategy anticipating how voters will react. Harini Amarasuriya, the new Prime Minister, is focusing on issues like youth development, child protection, and gender equality. Her approach could majorly affect the upcoming elections.

President Dissanayake’s decision to dissolve Parliament is stirring up Sri Lanka’s politics. As the country moves towards these important Elections, all eyes are on how these changes will influence Sri Lanka’s future.

Impact of Parliamentary Dissolution on Political Landscape

Sri Lanka’s political scene is changing with the Parliament’s dissolution. President Anura Kumara Dissanayake made this bold move. It shows his dedication to solving longstanding governance problems.

These challenges grew due to economic crises and ongoing instability. This step into a new phase shows hope for better governance.

Timeline of Events Leading to the Dissolution of Parliament

The journey to change began with the National People’s Power alliance’s (NPP) election success. Their rise was helped by the Janatha Aragalaya protests. People were upset with the old system. This led to calling for general elections.

These elections hinted at a major shift in electoral politics. A new chapter for the nation seemed ready to start.

Reactions from Political Parties and Government Officials

The reactions to the Parliament’s dissolution were mixed. Some were worried, while others supported it. Political parties and officials have been vocal about it.

This shows a change in the direction of Sri Lanka’s politics. Everyone is getting ready for the upcoming elections with great interest.

Projections: Shifts in the Balance of Power and Governance

Experts are watching how this will change governance. President Dissanayake is seen as a unique leader. His approach might shift power balances.

This change could bring needed reforms. Especially if it addresses economic and social issues. High voter support for Dissanayake suggests people want this change.

There’s hope for a governance that tackles problems head-on. With Dissanayake’s leadership, Sri Lanka could move towards stability and sustainable growth. This is an exciting time for the country.

Sri Lankan Film ‘The Newspaper’ Wins International Acclaim

The Sri Lankan indie film scene is making waves globally. ‘The Newspaper’, directed by Sarath Kothalawala and Kumara Thirimadura, has earned high praise worldwide. This South Asian masterpiece is winning awards at prestigious international film festivals.

Sri Lankan Film 'The Newspaper' Wins International Acclaim

‘The Newspaper’ has snagged eight awards since its 2020 debut. This success highlights the skill of its cast and crew. They’ve brought a compelling story to life on screen.

Kothalawala and Thirimadura shared the Best Actors Award at Russia’s Kazan International Film Awards. Their performances have wowed critics and audiences alike. This showcases the deep talent pool in Sri Lankan cinema.

Key Takeaways:

‘The Newspaper’ has won eight awards since its 2020 release, including Best Picture, Best Director, Best Actor, and Best Supporting Actor at the Ceylon International Film Festival.
Sarath Kothalawala and Kumara Thirimadura won the joint Best Actors Award at the 18th Kazan International Film Awards in Russia.
The film received the second best film in Asia award at the Bangalore International Film Festival and the best director award at the 23rd Rainbow Film Award Festival in the UK.
Gayathri Khemadasa made history as the first female music director in Sri Lanka to win an international award for cinema music.
‘The Newspaper’ is the fourth Sri Lankan film to enter the Kazan Film Festival since its inception in 2005, highlighting the growing recognition of Sri Lankan cinema on the global stage.

Award-Winning Performances by Sarath Kothalawala and Kumara Thirimadura

Sri Lankan film ‘The Newspaper’ has gained international recognition. Sarath Kothalawala and Kumara Thirimadura’s performances as Guna and Luiyya have earned them accolades. They won the joint Best Actors Award at the 18th Kazan International Film Awards in Russia.

Best Actors Award at the 18th Kazan International Film Awards

The Kazan International Film Awards honored Sarath Kothalawala and Kumara Thirimadura’s talent. Minister Dr. Bandula Gunawardena accepted the Best Actors Award for them at the closing ceremony. This win highlights the actors’ skills and Sri Lankan cinema’s global impact.

Portraying the Characters of Guna and Luiyya

Kothalawala and Thirimadura’s performances in ‘The Newspaper’ have received praise for their authenticity. Thirimadura, with over 100 stage plays, brought expertise to Guna’s role. Kothalawala’s nuanced portrayal of Luiyya showed his versatility as an actor.

Their on-screen chemistry and ability to convey complex emotions boosted the film’s success. The international recognition at the Kazan International Film Awards showcases the cast and crew’s skill. ‘The Newspaper’ has put Sri Lankan cinema in the global spotlight.

Powerful Storyline and Deep Symbolism

‘The Newspaper’ grips viewers with its story about media’s impact on society. A shocking headline accuses Guna’s brother of terrorism. This sets up a thrilling tale that keeps audiences hooked.

Guna, who is differently-abled, and Luiyya, a cattle herder, seek justice. They aim to clear Guna’s brother’s name. Their quest unfolds through various stories, each rich with symbolism.

Guna and Luiyya’s Search for Justice

Guna and Luiyya face many challenges in their quest for truth. They meet diverse characters along the way. These encounters reveal different aspects of Sri Lankan society.

Profound Meaning in Every Scene

‘The Newspaper’ rewards multiple viewings with its deep symbolism. Each scene carries important messages about truth and justice. The film’s powerful story has earned international praise and awards.

Sri Lankan Film ‘The Newspaper’ Wins International Acclaim

Sri Lankan cinema is making a global impact with “The Newspaper.” Released in 2020, the film has won eight awards worldwide. It showcases the talent of Sri Lanka’s film community and has earned critical acclaim.

Eight Awards Since its Release in 2020

“The Newspaper” has received recognition for its outstanding performances. Sarath Kotalawala and Kumara Thirimadura won Best Actor at Russia’s Kazan International Muslim Film Festival. The film also earned second-best Asian film at the Bangalore International Film Festival.

Additionally, it won best director at the UK’s Rainbow Film Award Festival. These accolades highlight the film’s international appeal and quality.

Recognition at Prestigious Film Festivals Worldwide

“The Newspaper” has screened at major film festivals globally. It was among 15 selected movies at the 18th Kazan International Film Awards. This festival featured films from Saudi Arabia, India, USA, Australia, and Mexico.

It’s the fourth Sri Lankan film to enter Kazan since 2005. This achievement shows the growing recognition of Sri Lankan cinema worldwide.

Nominated for Eight Awards at the Ceylon International Film Festival

“The Newspaper” received eight nominations at the Ceylon International Film Festival. It won five awards, including Best Feature Film, Best Director, and Best Music Director.

The film’s success reflects the actors’ hard work and dedication. It also highlights the support from various individuals, including Sri Lanka’s former President and citizens.

Sri Lanka Inflation Hits 70% in Economic Crisis

In September 2022, Sri Lanka’s Inflation surged to a shocking 70%. This reflects the severe Inflation Crisis Sri Lanka is facing. The country has been through tough economic times since it gained independence.

Sri Lanka is now seeking the International Monetary Fund (IMF)’s aid. Talks about a bailout are underway. This isn’t new. Since 1965, Sri Lanka has sought IMF’s help sixteen times. A strict set of reforms may follow this rescue, typical of IMF agreements. Find out more about Sri Lanka’s economic situation and IMF involvement here.

The country also relies on other financial support, including loans from the Asian Development Bank and World Bank. These add up to US$12.13 billion. Despite this, Sri Lanka has looked towards Foreign Direct Investment (FDI) and remittances from overseas. However, COVID-19 has greatly reduced these remittances, worsening the financial strain.

The Sri Lanka Economic Turmoil requires immediate, smart steps towards recovery. Thankfully, there’s a silver lining. Recent trends show a decrease in inflation. This hints at a possible stabilization. Learn more about the government’s actions against the inflation crisis.

Sri Lanka's Inflation Peaks at 70% Amidst Economic Turmoil

Understanding Sri Lanka’s Inflation Crisis

Sri Lanka is facing tough economic times, and the rise in inflation is a big concern. This hike is vividly shown by the jump in the National Consumer Price Index (NCPI). This index measures how much prices have gone up.

Breaking Down the National Consumer Price Index Surge

Last May, prices went up by 45.3% compared to the year before, as shown by the NCPI. This major increase comes from higher prices for many consumer goods. It makes the cost of living in Sri Lanka more expensive, leading to tough economic challenges.

Food Inflation and Energy Costs’ Impact on Inflation Rates

Food inflation alone rose to 58% from the previous year. This happened as energy prices shot up. Higher energy costs also mean more expensive transportation and production. All these elements together push the inflation rate higher in Sri Lanka.

Rising Prices Sri Lanka

To fix the economy, Sri Lanka is trying various reforms. The Central Bank has tweaked its policies to meet these challenges. The country is also looking for help through global partnerships. This includes a key deal with the International Monetary Fund (IMF). The aim is to control inflation and get financial help during these hard times.

New measures are being set up to deal with inflation’s impacts. One priority is to change cash transfer programs. These changes are meant to help those hit hardest by the rising costs.

Year	Annual Inflation Rate	Main Contributing Factors
2022	70%	Post-pandemic economic disruption, high energy costs
Mid-2023	12%	Regulatory measures, international aid

As Sri Lanka works towards economic recovery, monitoring inflation is crucial. The government and analysts are focused on reducing the negative impacts. Their goal is to create a stable economic future for the country.

Sri Lanka’s Economic Turmoil and the Role of International Aid

Sri Lanka faces tough times with a huge 70% inflation rate. This situation causes much economic uncertainty. Fortunately, the country is seeking help from international partners. This assistance is crucial for them now, just like it was for other countries in the past.

Learning from nations like Germany and Zimbabwe, unchecked inflation can hurt economies badly. It lowers living standards and shakes confidence in the market. So, international help is very important for Sri Lanka. It will help stop economic decline and bring back stability.

The IMF’s extended fund facility gave crucial support during this economic crisis. This deal, worth $2.9 billion, marks Sri Lanka’s 17th time getting help from the IMF. It aims to fix the country’s debt issues and improve economic health.

Reforming monetary policy is a key part of the plan. It will handle inflation and help keep the economy stable. This approach is vital for Sri Lanka’s future growth and economic stability.

International aid for Sri Lanka isn’t just from the IMF. The World Bank and the Asian Development Bank also plan to help. They intend to provide around $4 billion more. This global support is a ray of hope for the country.

These funds aim to stop the inflation and support recovery. They back up programs improving education and helping children. These efforts are already making a difference during these hard times. With high inflation, such reforms are necessary.

Projects like the Climate Resilience initiative are also key. They focus on improving agriculture and building stronger infrastructures. These steps are essential for Sri Lanka’s economic recovery and growth.

Sri Lanka’s Economic Crisis Threatens IT Firms

Sri Lanka’s IT industry is facing major challenges due to the country’s severe economic crisis. The sector, which employs over 120,000 people, was on track to become the top exporter. Now, it struggles with power cuts, fuel shortages, and internet disruptions.

The crisis has led to record inflation, currency devaluation, and a lack of foreign exchange. This has caused shortages of fuel, medicines, and other essentials for 22 million people. Stalled imports have made it hard for IT firms to meet project deadlines and maintain client trust.

Sri Lanka's Economic Crisis Threatens Its Dollar-Earning IT Firms

Investor confidence has been shaken by the ongoing crisis. Some companies have moved staff to offices in nearby countries to ensure business continuity. This raises concerns about the IT sector’s future in Sri Lanka and its ability to keep skilled workers.

The severe paper shortage has affected many industries, including education and IT. The government is trying to address resource scarcity and stabilize the economy. Meanwhile, IT firms must navigate operational challenges and retain top talent in uncertain times.

Key Takeaways

Sri Lanka’s IT industry faces significant challenges due to the country’s severe economic crisis.
Daily power cuts, fuel shortages, and internet disruptions hinder business continuity for IT firms.
The economic crisis has shaken investor confidence, forcing some companies to temporarily relocate staff.
Concerns arise about the IT sector’s ability to retain skilled labor amidst economic uncertainty.
The government’s efforts to address resource scarcity and stabilize the economy are crucial for the IT industry’s recovery.

Impact of Economic Crisis on IT Industry Operations

Sri Lanka’s IT industry faces major challenges due to the economic crisis. Power cuts, internet issues, and fuel shortages disrupt operations. Companies struggle to meet client expectations and deliver quality work.

IT professionals have devised creative solutions to keep businesses running. Some work from hotel lobbies during outages. Others use a buddy system for fuel updates.

However, frequent power cuts and slow internet make meeting client expectations difficult. Quality of deliverables often suffers due to these obstacles.

IT industry challenges in Sri Lanka

Sri Lankan IT firms face tough competition from India, Bangladesh, and Vietnam. There’s concern about losing business if delivery standards drop. Some companies explore setting up temporary offices in neighboring countries.

The crisis severely impacts the IT industry, once a major economic contributor. Before the pandemic, it employed over 120,000 people. It was the fifth-largest export earner, set to become the top exporter.

Sri Lanka’s IT industry employed more than 120,000 people and was the fifth-largest export earner for the country.
The industry was on track to become the top exporter within the next five years before the economic crisis hit.
Inflation in Sri Lanka reached 39.1% in May 2021, with fuel prices more than doubling since the start of the year.
The value of the US dollar appreciated by 75% against the Sri Lankan rupee in the past year.

Despite challenges, IT remains an attractive employer in Sri Lanka. It offers high salaries and flexible work environments. Companies seek creative solutions to navigate the crisis and maintain their economic position.

Challenge	Impact	Mitigation Strategies
Power cuts	Disruption of work, inability to meet deadlines	Working from alternate locations with stable power supply
Internet disruptions	Slow speeds, difficulty in communicating with clients	Investing in backup internet connections, using mobile data
Fuel shortages	Difficulty in commuting to office, increased transportation costs	Encouraging remote work, carpooling, using public transport

Sri Lanka’s Economic Crisis Threatens Its Dollar-Earning IT Firms

Sri Lanka’s IT industry is feeling the pinch of the ongoing economic crisis. The sector was a major foreign currency earner, employing over 120,000 people before the pandemic. Now, it faces challenges due to economic mismanagement and currency depreciation.

Importance of IT Industry as a Foreign Currency Earner

The IT industry has been crucial to Sri Lanka’s economy. It was on track to become the top exporter within five years. The sector also aimed to double its workforce.

However, the current economic situation has put these goals at risk. The industry’s growth and potential are now threatened.

FAO and Norad are working to boost Sri Lanka’s fisheries and aquaculture sector. They aim to improve sustainable fishing and the country’s blue economy. The project fights illegal fishing and increases climate change resilience.

It also reduces food waste in the fisheries value chain. This is done through technical support and technology upgrades. These include advanced cooling systems and AI-powered apps for real-time fish quality monitoring.

Investor Confidence and Business Expansion Concerns

The government’s lack of a clear plan has shaken foreign investors’ confidence. Some companies are looking to expand outside Sri Lanka. This move aims to boost investor confidence and ensure business continuity.

The economic crisis has made living costs skyrocket. The Sri Lankan rupee has lost 75% of its value against the US dollar. This has led to critical shortages, affecting normal business operations.

IT firms are struggling to meet service level expectations. The challenging economic environment is making it difficult to maintain business standards.

Key Statistics	Value
Pre-pandemic IT industry employment	Over 120,000
IT industry rank as export earner	5th largest
Inflation in May 2021	39.1%
Fuel price increase since beginning of the year	More than doubled
US dollar appreciation against Sri Lankan rupee (past year)	75%

Brain Drain and Talent Retention Challenges

Sri Lanka’s economic crisis has sped up skilled worker migration, especially in IT. The economy shrank by 8.7% in 2022. Half of young, educated people want to leave, risking a brain drain that could hurt future growth.

IT companies are trying to keep top talent. They’re pegging salaries to foreign currencies like the US dollar. This hurts smaller IT firms with local clients. They can’t match these salaries and may lose staff to bigger companies.

Impact on Smaller IT Firms and Local Clients

The crisis hits smaller IT firms and local clients harder. These firms can’t compete with big companies’ salary strategies. They struggle to keep skilled workers and finish projects on time.

Firm Size	Average Salary (LKR)	Talent Retention Rate
Large IT Firms	250,000+	85%
Medium IT Firms	150,000 – 250,000	70%
Small IT Firms	100,000 – 150,000	60%

Experts warn that Sri Lanka may face more brain drain without quick economic fixes. This could be similar to Lebanon’s experience. The government and IT industry must work together to keep talent.

They need to create long-term strategies to support smaller IT firms. This will help the sector stay strong during tough times. It will also protect IT professionals’ jobs.

Conclusion

Sri Lanka’s IT industry faces major challenges due to the country’s economic crisis. Power outages, fuel shortages, and currency issues disrupt operations. These problems threaten to drive away skilled workers.

The economic turmoil has shaken investor confidence in the IT sector. This industry is crucial for Sri Lanka’s foreign currency earnings. The government must solve the crisis and improve infrastructure.

Without action, the country’s economic and social stability may crumble. Brain drain could worsen if the situation doesn’t improve. The IT industry’s growth is vital for Sri Lanka’s future.

However, there’s still hope for recovery and growth in the IT sector. Sri Lanka can focus on keeping talented workers and rebuilding trust. Creating a good environment for IT growth is key.

With the right steps, Sri Lanka can become competitive in the global IT market again. The road to recovery may be tough. But with proper support, the IT industry can emerge stronger than before.