Fashion
Sri Lanka can lift revenue by 2% of GDP by 2029: World Bank
The adjustment was also sharper and faster by international standards – when compared with more than 330 similar efforts in 123 countries worldwide since 1980. According to the review, Sri Lanka is now well-positioned to focus on making public finances work better for all citizens.
Sri Lanka can boost revenue by up to 2 per cent of GDP by 2029 without harming growth or equity, according to the World Bank.
Following significant fiscal stabilisation, the country is urged to focus on fairer taxation—especially direct taxes—and smarter spending.
Improved tax administration, efficient budgeting, and targeted reforms can enhance service delivery and support inclusive growth.
While fiscal measures helped restore stability, they have also placed pressure on households through higher indirect taxes and reduced real public-sector wages, and slowed growth due to lower public investment. The next phase of fiscal calibration should prioritise raising revenues in ways that support growth and fairness, and improve the quality of government spending.
The review recommends raising revenue more fairly and efficiently by shifting towards direct taxes—such as implementing a minimum corporate income tax—and by digitising tax administration to make compliance easier, more transparent, and efficient. On the spending side, it emphasises that neither increasing nor decreasing overall spending is feasible; instead, the focus should be on using existing resources more effectively. By spending smarter—improving efficiency, reducing waste, and enhancing service delivery—the government can achieve better outcomes without altering the total budget.
“Now that Sri Lanka has largely stabilised its economy, the challenge is to get better results from every rupee collected and spent,” said David Sislen, World Bank division director for Maldives, Nepal and Sri Lanka. “This means modernising tax administration, focusing on direct taxes, and making sure public spending is both efficient and fair—especially for the most vulnerable.”
Looking ahead, Sri Lanka can design the next phase of its public finance reforms to build long-term fiscal resilience. Strengthening links between planning and budgeting, improving accountability, and focusing on measurable performance outcomes will help deliver better services, support inclusive growth, and protect the most vulnerable.
Fibre2Fashion News Desk (RR)
Current account excluding gold and energy indicated net deficit of $3.9 billion, while goods saw a deficit of $9.5 billion.
Turkiye recorded a current account deficit (CAD) of $9.6 billion in March, the country’s central bank said.
Treasury and Finance Minister Mehmet Simsek said the CAD is expected to widen this year, due to high energy and non-energy commodity prices.
Simsek said the deterioration is likely to remain temporary and manageable, thanks to stronger macroeconomic fundamentals and policy gains.
According to annualised data, current account deficit recorded as $39.7 billion (2.6 per cent of gross domestic product) in March, while the goods deficit recorded as $77.8 billion.
Simsek said the deterioration is likely to remain temporary and manageable thanks to stronger macroeconomic fundamentals and policy gains, domestic media outlets reported.
Turkiye is heavily reliant on imported energy, whose prices spiralled due to the Middle East conflict.
Simsek said elevated global commodity prices would put pressure on the external balance, but emphasised that the government’s economic programme had improved resilience against such shocks.
He said foreign direct investment (FDI) inflows totalled $1 billion in March, bringing annualised foreign direct investment to $12.6 billion.
The new investment incentive package under discussion in parliament now is expected to strengthen the country’s financing structure and support long-term capital inflows, he added.
Fibre2Fashion News Desk (DS)
During the first quarter of ****, the UK’s imports of textile fabrics eased down *.** to £*,*** million (~$*,*** million), against £*,*** million in January-March **** but slightly higher from £*,*** million in the fourth quarter of ****. Its imports of fibre were noted at £** million (~$***.** million) steady as £** million in Q*, **** but slightly lower than £** million in Q*, ****.
During the third month of this year, the country’s clothing imports declined *.** per cent to £*.*** billion (~$*.*** billion), compared with £*.*** billion in March ****. But the inbound shipment was slightly higher month on month compared with £*.*** billion in February ****.
Higher rents, utility bills and fuel prices are eating away at already thin profit margins, it found.
High inflation is cutting deep into Bangladesh consumer spending, with weak demand turning one of the biggest concerns for businesses, DCCI said.
Higher rents, utility bills and fuel prices are eating away at already thin profit margins.
DCCI’s economic position index revealed that consumers have sharply reduced spending as the cost of living continues to rise.
SMEs are feeling the pressure the most.
The chamber’s economic position index (EPI) revealed that consumers have sharply reduced spending as the cost of living continues to rise, putting pressure on retailers, transport operators and other service providers.
Small and medium enterprises (SMEs) are feeling the pressure the most as they struggle to manage higher operating costs without losing customers.
Businesses also cited difficulties in obtaining bank loans, while delays in licensing and other regulatory procedures are adding to costs.
The DCCI report identified a shortage of skilled workers, particularly in technical and customer service roles, as another challenge for the sector.
The country’s inflation rose to 9.04 per cent in April from 8.71 per cent in March, according to official statistics.
Fibre2Fashion News Desk (DS)
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