The Sri Lankan Embassy in Brazil has focused to promote Sri Lankan products in the Latin American region.
Ambassador for Sri Lanka in Brazil, Raja A. Edirisuriya, observed that there is a good potential of exporting pure Sri Lankan Tea, Spices especially Cinnamon, Apparels, Rubber Products and Cosmetics in the region.
In order to discuss the trade promotion between Peru and Sri Lanka, the Honorary Consul for Sri Lanka in Peru Mr. Gonzalo Diaz de Ravago D’Onofrio paid a visit to the Sri Lanka Ambassador in Brazil from May 1-5. During discussions Consul General explained that there is a high demand for pure Sri Lanka tea, natural cosmetic products, Sri Lankan Spices and Rubber products in Peru. He further stated that there are three Tea Houses already established in Peru and there is a big demand for Sri Lankan Tea.
Further the Peruvian businessmen already established contacts with the Sri Lankancosmetic producers to import natural herbal cosmetics products to Peru.
The Ambassador appreciated the initiative taken by the Hony. Consul and advised him that the Embassy is ready to extend any assistance for his efforts to enhance the trade between Peru and Sri Lanka.
The Executive Directors emphasized that a new phase of reforms is needed to ensure a sustainable fiscal position, achieve low and stable inflation, safeguard financial stability, and support high and inclusive growth over the medium term.
Directors welcomed the Sri Lanka's continued efforts toward fiscal consolidation, particularly on recurrent spending, given a high public debt ratio, and supported the goal of reducing the budget deficit while clearing expenditure arrears.
Noting that revenues have fallen to very low levels, placing the burden of adjustment on expenditure, the IMF Executive Board stressed the need to broaden the revenue base and improve tax administration, including by extending the VAT fully to the retail and wholesale sectors, reforming the refund system, and revising tax holidays and exemptions to enhance space for infrastructure and critical social spending.
The Director board encouraged strengthening the reserve position as circumstances permit.
The Executive Board has agreed that Sri Lanka's banking system appears sound and welcomed the progress in strengthening financial sector supervision and They called for vigilance following recent high credit growth and encouraged the authorities to draw on the recommendations of the updated Financial Stability Assessment Program to bolster financial stability further.
The Board encouraged the Sri Lankan authorities to boost competitiveness, including through strengthening trade, expanding infrastructure, and further improvements in the business climate to attract foreign direct investment. They supported the proposal for post-program monitoring.