|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Sri Lanka||01||01 - Liquidity Support||LKR|
|Sri Lanka||01A||01A - Short-term lending||LKR||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 November 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_2020051_central_bank_of_sri_lanka_implements_extraordinary_regulatory_measures_to_provide_liquidity_to_banks_amidst_covid_19_outbreak_e.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200625_the_central_bank_of_sri_lankas_covid_19_relief_measures_e1.pdf (accessed 10 July 2020).||
No amount/estimate: (i) April 2020, State-owned financial institutions will invest in treasury bonds and bills to stabilize the money market interest rate at 7%; (ii) 13 May 2020, Enable licensed banks to avail of liquidity through the Sri Lanka Deposit Insurance and Liquidity Support Scheme or as loans and advances in rupees under the Framework of Emergency Loans and Advances to Licensed Banks, based on acceptable collateral and liquidity forecasts.
|Sri Lanka||01B||01B - Support policies for short-term lending||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200625_the_central_bank_of_sri_lankas_covid_19_relief_measures_e1.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200820_Monetary_Policy_Review_august_2020_e_Bf6jQ.pdf (accessed 21 August 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201022_Monetary_Policy_Review_October_2020_e_G93k5.pdf (accessed 23 October 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/snbfi_finance_business_act_directions_no_2_of_2020_e.pdf (accessed 12 November 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/snbfi_finance_business_act_directions_no_7_of_2020_e.pdf (accessed 6 November 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201126_Monetary_Policy_Review_November_2020_e.pdf (accessed 27 November 2020).||
No amount/estimate: (i) 17 March 2020, The required reserve ratio on domestic currency deposits of commercial banks has also been lowered from 5% to 4% to ease liquidity conditions; 16 June 2020, The Central Bank of Sri Lanka (CBSL) decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs) from 4% to 2%, where it has since remained unchanged; (ii) 31 March 2020, CBSL Lowered the minimum daily liquidity requirements for Licensed Finance Companies (LFCs) with regards to holdings of time deposits (from 10% to 6%), savings deposits (from 15% to 10%), borrowings (retained at 5%), and government securities (from 7.5% to 5%) to ease stress on liquidity for a six-month period up to 30 September; On 30 September 2020, this was extended for another 6 months up to 31 March 2021; (iii) 16 April 2020, Lowered the minimum daily reserve requirement for LCBs to 20% from 90% to ease overnight liquidity needs; (iv) 13 May 2020, The liquidity coverage ratio and net stable funding ratios have been reduced to 90%.
|Sri Lanka||01C||01C - Forex operations||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200319_the_central_bank_of_sri_lanka_introduces_urgent_measures_to_ease_the_pressure_on_the_exchange_rate_e.pdf (accessed 26 June 2020). Sri Lanka, Department of Foreign Exchange. http://www.dfe.lk/web/images/rdevelopment/7493fcd02734123bd9345647d7230e7b-Department-of-Trade-and-Investment-Policy---Foreign-Exchange-regulations--Act-No.%2012%20of%202017-E.pdf (accessed 10 July 2020). CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_directions_no_1_of_2020_e.pdf (accessed 28 August 2020). Sri Lanka, Department of Government Information (DGI). https://www.dgi.gov.lk/news/cabinet-decisions/2335-cabinet-decisions-2020-09-23 (accessed 25 September 2020). CBSL. https://www.cbsl.gov.lk/en/news/continuation-of-measures-taken-to-preserve-foreign-currency-reserve (accessed 6 January 2021); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/Banking_Act_Directions_No_11_of_2020.pdf (accessed 15 January 2021); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/Banking_Act_Directions_No_2_of_2021.pdf (accessed 5 February 2021); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/Banking_Act_Directions_No_12_of_2020.pdf (accessed 5 February 2021).||
No amount/estimate: (i) 19 March 2020, The CBSL introduced the following measures for licensed commercial banks to adopt for a period of 3 months to ease the pressure on the exchange rate. These include suspending the facilitation of motor vehicle importation until 19 July 2020. It also includes suspension of importation of nonessential goods, which was extended indefinitely on 30 June 2020; (ii) 19 March 2020, The purchase of Sri Lanka international sovereign bonds (ISBs) was suspended. On 19 June 2020, Banks were allowed to purchase ISBs, provided it is funded with new foreign currency inflows to the banks; On 11 December 2020, CBSL required licensed commercial banks and national savings banks to suspend the purchase of ISBs until June 2021, unless such purchase is funded by new currency inflows from abroad; On 23 December 2020, given the pressure on the exchange rate, licensed banks were suspended from purchasing ISBs for a period of three months regardless of the source of financing for such purchases [update]; (iii) April 2020, Inward remittances will be exempted from certain regulations and taxes; (iv) 2 April 2020, Restrictions on capital outflows through suspension of investment-related remittances; On 25 June 2020, this was extended for another 6 months from 2 July 2020 to 1 January 2021; 5 January 2021, The restriction on capital outflow through remittances was extended for another 6 months from 2 January to 1 July 2021; (v) 23 September 2020, CBSL approved the buying and selling of USD/LKR for a period of 1 to 2 years to nonresident investors to encourage the inflow of foreign currency into the country; (vi) 25 January 2021, Licensed commercial banks were refrained from entering into forward exchange rate contracts for a period of three months [update].
|Sri Lanka||02||02 - Credit creation||LKR||150,000,000,000||810,562,472|
|Sri Lanka||02A||02A - Financial sector lending/funding||LKR||150,000,000,000||810,562,472||Sri Lanka, Ministry of Information and Mass Media. https://www.media.gov.lk/media-gallery/latest-news/2395-concessions-from-president-gotabaya-as-country-battles-with-covid19 (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200616_the_central_bank_of_sri_lanka_implements_new%20Credit%20Schemes%20_to_support_the_revival_of_the_economy_e.pdf (accessed 26 June 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200821_central_bank_extends_deadline_of_application_for_working_capital_loan_e.pdf (accessed 28 August 2020); CBSL. https://www.cbsl.gov.lk/en/news/central-bank-extends-the-grace-period-for-working-capital-loans (accessed 6 November 2020).||
No amount/estimate: (i) 24 March 2020, The 2.4 million beneficiaries of the Samurdhi program can avail interest-free loans of up to LKR10,000 with a 6-month grace period and 18 months repayment period through all Samurdhi banks; 31 March 2020: (ii) A 4% working capital loan for two years (with 6-month debt moratorium) under the scheme “Saubagya COVID-19 Renaissance facility” for MSMEs in all the sectors, and large enterprises in the affected sectors (such as tourism) was introduced through a LKR50 billion re-financing facility by the Central Bank. On 19 August 2020, CBSL extended the deadline of application for the 4% working capital loan scheme until 30 September 2020. Under this scheme, the Central Bank provides 100% refinancing to participating licensed banks at an interest rate of 1%; On 6 November 2020, CBSL extended the grace period applicable for the loans registered under this facility from 6 months to 9 months; (iii) No amount/estimate: Investment purpose rupee loan facility for five years at an interest rate equal to maximum of average weighted prime lending rate plus 1.5% may be obtained only by performing borrowers from a bank, with the amount not exceeding LKR300 million per bank per borrower, to expand business activities; (iv) 16 June 2020, The Central Bank implemented new Credit Schemes to support the revival of economic activity to support lending to business segments affected by COVID-19 (construction and other needy sectors) at the concessional rate of 4% per annum. This scheme along with the existing refinance Scheme will provide LKR150 billion in total to the businesses affected by the COVID-19 pandemic (See other details in Measure 10).
|Sri Lanka||02B||02B - Support policies for long-term lending||LKR|
|Sri Lanka||02B1||02B1 - Interest rate adjustments||LKR||CBSL. https://www.cbsl.gov.lk/en/rates-and-indicators/policy-rates (accessed 12 June 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200330_central_bank_of_sri_lanka_implements_extraordinary_regulatory_measures_to_facilitate_banks_to_support_covid_19_affected_businesses_and_individuals_e.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200331_central_bank_of_sri_lanka_decides_to-establish_a_rupees_50_billion_six_month_refinancing_facility_e.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200820_Monetary_Policy_Review_august_2020_e_Bf6jQ.pdf (accessed 21 August 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201022_Monetary_Policy_Review_October_2020_e_G93k5.pdf (accessed 23 October 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201126_Monetary_Policy_Review_November_2020_e.pdf (accessed 27 November 2020); CBSI. https://www.cbsl.gov.lk/en/news/monetary-policy-review-no-1-of-2021 (accessed 21 January 2021).||
No amount/estimate: 16 April 2020: (i) The CBSL has reduced monetary policy rates by 50 basis points since March 2020; (ii) The rate at which CBSL grants advances to commercial banks for temporary liquidity needs has been lowered from 15% to 10%; (iii) 6 May 2020, The CBSL has reduced monetary policy rates by 100 basis points since March 2020 from 6.5% to 5.5% for the Standing Deposit Facility Rate and from 7.5% to 6.5% for the Standing Lending Facility Rate. The bank rate was also reduced from 10% to 9.5%; 9 July 2020, The CBSL has reduced monetary policy rates from 5.5% to 4.5% for the Standing Deposit Facility Rate (SDFR), from 6.5% to 5.5% for the Standing Lending Facility Rate (SLFR), and the bank rate from 9.5% to 8.5%, where they have since remained unchanged.
|Sri Lanka||02B2||02B2 - Other policies to support long-term lending||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200820_Monetary_Policy_Review_august_2020_e_Bf6jQ.pdf (accessed 21 August 2020); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201022_Monetary_Policy_Review_October_2020_e_G93k5.pdf (accessed 23 October 2020); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201126_Monetary_Policy_Review_November_2020_e.pdf (accessed 27 November 2020); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/Banking_Act_Directions_No_1_of_2021.pdf (accessed 21 January 2021); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_monetary_law_act_order_3_of_2020_e.pdf (accessed 5 February 2021).||
No amount/estimate: (i) 30 March 2020, Defer the requirement to enhance capital by banks which are yet to meet the requirement by end 2020, until end 2022; (ii) 31 March 2020, Licensed banks, finance, and leasing companies have been permitted, if required, to reclassify NPLs under the debt moratorium scheme as performing loans; 16 April 2020: (iii) Lower capital conservation buffer requirements and a relaxation of loan classification rules have been announced; (iv) 13 May 2020, The Monetary Board, has decided to restrict certain discretionary payments of licensed banks, such as declaring cash dividends or repatriation of profits, engaging in share buy backs, increasing management allowances and payments to the Board of Directors for a limited period until 31 December 2020; (v) 20 August 2020, CBSL also introduced measures to promote lending. The Board decided to revise downward the caps on interest rates on credit cards from 28% to 18% per annum, on pre-arranged temporary overdrafts to 16% per annum, and on pawning facilities to 10% per annum from an earlier imposed maximum interest rate of 12% on 27 April 2020. Penal interest rates were capped at 2 percentage points over the regular interest rates charged on the relevant credit facility; (vi) 4 December 2020, CBSL imposed maximum interest rates on mortgage-backed housing loans obtained by salaried employees from licensed banks [update]; (vii) 19 January 2021, The Monetary Board directed all licensed banks to refrain from paying cash dividends and repatriating profits until the financial statements for 2020 are finalized and audited; the restriction on share buy-backs, increase in management allowances and payments to the Board, restriction on non-essential expenditures such as advertising, entertainment, traveling, and training were extended until 30 June 2021.
|Sri Lanka||02C||02C - Loan guarantees||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/dod_20200618_operating_instructions_no_35_03_023_0001_001_e_0.pdf (accessed 26 June 2020); CBSL. https://www.cbsl.gov.lk/en/node/8123 (accessed 10 July 2020).||
No amount/estimate: (i) 16 June 2020, The government and the Monetary Board of the Central Bank of Sri Lanka (CBSL) provided construction sector enterprises with a facility to borrow from licensed commercial banks (LCBs), using guarantees issued by the government equivalent to the amount due on account of contracts carried out in the past, made available at the concessionary rate of 1% per annum, for a period of 180 days; (ii) 26 June 2020, In parallel to the LKR150 billion facility, a credit guarantee scheme was launched on 1 July 2020. Through this scheme, CBSL will provide a credit guarantee to banks, ranging from 80% for smaller loans to 50% for relatively large loans to provide loans at an interest rate of 4% using the banks own funds.
|Sri Lanka||03||03 - Direct long-term lending||LKR|
|Sri Lanka||03A||03A - Long-term lending||LKR||DGI. https://www.dgi.gov.lk/news/cabinet-decisions on 30 April 2020 and 11 June 2020 (accessed 10 July 2020); Ministry of Mass Media. https://www.media.gov.lk/media-gallery/latest-news/2604-cabinet-nod-to-provide-rs-1-mn-loan-for-small-and-medium-scale-projects (accessed 13 November 2020).||
No amount/estimate: (i) 30 April 2020, A new concessionary loan scheme titled ‘Aswenna’ will be introduced in May 2020 which will provide farmers with loans of up to LKR3 million; 11 June 2020: (ii) Under the post COVID-19 relief budget of the government, a 4% interest 5-year loan with a two-year grace period will be available for accommodation providers and destination management companies registered under Sri Lanka Tourism Development Association (SLTDA) to pay salaries of staff; (iii) A similar loan facility will also be available for establishments providing facilities to tourists registered under SLTDA including, restaurants, tourist friendly eating places, spa and wellness centers, spice gardens, tourist shops, and water sports centers, where state-owned Bank of Ceylon will directly remit a maximum of LKR15,000 per employee for up to 6 months; (iv) 7 November 2020, The Cabinet has approved a loan scheme, under the Ministry of Youth and Sports, aimed at empowering young entrepreneurs between the ages of 18 and 40 to further their business ventures. Those engaged in information technology, agriculture, dairy, animal husbandry, tourism promotion-related projects, and innovative and machinery design projects can apply for this loan up to a maximum of LKR1 million.
|Sri Lanka||03B||03B - Forbearance||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/mb_circular_no_4_of_2020_e.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200331_central_bank_of_sri_lanka_decides_to-establish_a_rupees_50_billion_six_month_refinancing_facility_e.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_circular_No_8_of_2020_e.pdf (accessed 3 September 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/snbfi_circular_no_9_of_2020_e.pdf (accessed 2 October 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_circular_No_10_of_2020_e.pdf; https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/snbfi_circular_no_11_of_2020_e.pdf (both accessed 13 November 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/snbfi_circular_no_12_of_2020_e.pdf (accessed 6 January 2021); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_circular_no_1_of_2021_e.pdf (accessed 5 February 2021)||
No amount/estimate: (i) March 2020, Wide-ranging debt moratoriums have been introduced by licensed banks, finance and leasing companies based on a directive by the Central Bank of Sri Lanka (CBSL) on 24 and 31 March 2020. These include (a) six-month moratorium (until end-September 2020) on both rupee and foreign currency term loans for affected businesses in SMEs, tourism, apparel, plantation, IT and related logistical services; and a three-month moratorium (until end-June 2020) on small-value personal banking loans and leasing for amounts less than LKR1 million; (b) licensed banks, finance and leasing companies have been requested to reschedule non-performing loans until end-September 2020; (c) licensed banks, finance, and leasing companies have been permitted, if required, to reclassify NPLs under the debt moratorium scheme above as performing loans; (d) temporary suspension of recovery actions under the debt moratorium scheme; (e) interest rate on credit cards capped at 15% for up to LKR50,000; the minimum monthly payment on the cards reduced by 50%; and repayment of all credit cards below the limit of LKR50,000 was extended until 30 April 2020; (ii) 26 August 2020, CBSL requested licensed commercial and licensed specialized banks to extend the debt moratorium to COVID-19 affected businesses and individuals in the tourism sector for another six months from 1 October 2020 to 31 March 2021; (iii) 30 September 2020, CBSL also directed licensed finance companies and specialized leasing companies (referred to as nonbank financial institutions) to provide a six-month debt moratorium extension to COVID-19 affected businesses and individuals in the tourism sector. Employees of eligible businesses also qualify for this extension; (iv) 9 November 2020, In order to meet the challenges brought about by the second wave of COVID-19, the CBSL has required licensed banks as well as nonbank financial institutions (NBFI) to extend a debt moratorium to COVID-19 affected businesses and individuals for a further six-month period from 1 October 2020 to 31 March 2021. For the NBFI, borrowers may submit applications until 25 November 2020; On 27 November 2020, the deadline was extended to 10 December 2020; (v) 13 January 2021, CBSL has required banks to suspend loan recoveries from small and medium scale paddy millers for a period of 6 months from 1 January, to support their continued operation during the upcoming harvest season [update].
|Sri Lanka||04||04 - Equity support||LKR|
|Sri Lanka||05||05 - Health and income support||LKR||48,773,296,000||263,558,689|
|Sri Lanka||05A||05A - Health support||LKR||2,845,151,000||15,374,484||News.lk https://news.lk/news/politics/item/29845-president-pledges-usd-5m-to-saarc-corona-emergency-fund (accessed 26 June 2020); SLRM. Covid-10 policy responses repository as of 2 July 2020; DGI. https://www.dgi.gov.lk/news/cabinet-decisions held on 4 January 2021 (accessed 15 January 2021).||
(i) 23 March 2020, President Gotabaya Rajapaksa has pledged USD5 million to the South Asian Association for Regional Cooperation (SAARC) COVID-19 Emergency Fund; (ii) No amount/estimate: Steps were taken to increase the health system capacity; the government scaled up testing services; (iii) LKR100 million from the Presidential fund was used to establish a special fund for containment, mitigation and social welfare spending, inviting local and foreign tax-free donations. The primary focus of the fund is facilitating the containment of COVID-19 including, purchasing medication, medical equipment and capacity expansion; (iv) 30 June 2020, The government has allocated up to LKR1.2 billion for preventive measures; (v) No amount/estimate: 4 January 2021, The government has entered into an agreement to receive COVID-19 vaccines through the COVAX facility.
|Sri Lanka||05B||05B - Income support||LKR||45,928,145,000||248,184,205|
|Sri Lanka||05B1||05B1 - Tax and contribution deferrals and policy changes||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/mb_circular_no_4_of_2020_e_1.pdf (accessed 26 June 2020); CBSL. https://www.cbsl.gov.lk/en/node/8123 (accessed 10 July 2020); President Gotabaya Rajapaksa. https://www.president.gov.lk/more-concessions-to-public-in-the-face-of-covid-19-outbreak/ (accessed 10 July 2020); DGI. https://www.dgi.gov.lk/news/cabinet-decisions on 18 June 2020; DGI. https://www.dgi.gov.lk/news/cabinet-decisions/2065-cabinet-decisions-2020-07-15 (accessed 7 August 2020); Sri Lanka, Inland Revenue Department. http://www.ird.gov.lk/en/Lists/Latest%20News%20%20Notices/Attachments/261/CMN03062020_E.pdf (accessed 28 August 2020); DGI. https://www.dgi.gov.lk/news/cabinet-decisions on 2 September 2020 (accessed 10 September 2020); Ministry of Mass Media. https://www.media.gov.lk/media-gallery/latest-news/2586-cabinet-decisions-2020-10-05 (accesssed 9 October 2020); DGI. https://www.dgi.gov.lk/news/cabinet-decisions (included in cabinet decision 2020.11.09) (accessed 13 November 2020).||
(i) 4 June 2020, No late payment charges will be imposed on income taxes up until 30 June 2020; (iii) 25 June 2020, Tax relief measures to SMEs in the form of wavering of income tax arrears on assessments issued up to the year of assessment 2018/19, non-issuance of additional assessments for the year 2019/20, granting grace period to settle taxes in arrears/default, extension on seizure notices, and extension of the dates for the payment of taxes and filing of tax returns; (iv) 3 July 2020, Submission of various tax returns/statements was extended until 31 Dec 2020; (v) 3 November 2020, The Inland Revenue Department has extended the deadline for the payment of income taxes for the 2019/2020 assessment year from 30 November 2020 to 28 February 2021, exempting any penalties that could otherwise apply on delays.
|Sri Lanka||05B2||05B2 - Tax and contribution rates reduction||LKR||News.lk. https://www.news.lk/news/political-current-affairs/item/30675-president-removes-tax-imposed-on-gem-and-jewelry-industry (accessed 10 September 2020); Ministry of Mass Media. https://www.media.gov.lk/media-gallery/latest-news?start=36 (accessed 6 January 2021).||
No amount/estimate: (i) 8 September 2020, The President removed the 14% income tax imposed on profits earned by gem and jewelry manufacturers and the 15% tax on gold imports to support the industry; (ii) 2 December 2020, The President announced that the agriculture, fisheries and poultry sectors will be exempted from income tax for the next 5 years. Tax concessions will be granted for strategic investments larger than USD10 million for agricultural product processing, IT, dairy, fabric, tourism and export industries.
|Sri Lanka||05B3||05B3 - Subsidies to individuals and households||LKR||45,928,145,000||248,184,205||News.lk. https://www.news.lk/news/political-current-affairs/item/30976-inland-revenue-department-notice-to-taxpayers; https://www.news.lk/news/political-current-affairs/item/30978-government-allocates-over-7-3-billion-rupees-in-october-to-provide-relief-to-the-people-during-the-quarantine-process (both accessed 6 November 2020); Employers Federation of Ceylon. http://www.employers.lk/efc-news/752-historic-tripartite-deal-reached-on-wages-board-pay-for-employees-during-covid-19 (included in cabinet decision 2020.05.14) (accessed 12 November 2020); DGI. https://www.dgi.gov.lk/news/cabinet-decisions held on 11 January 2021 (accessed 15 January 2021).||
(i) No amount/estimate: 24 March 2020, The 2.4 million beneficiaries of the Samurdhi program will also receive food stamps for essential food items on a weekly basis; (ii) 30 March 2020, Two rounds of monthly cash transfers to poor and vulnerable households totaling around 0.25% of GDP was made in April and May; No amount/estimate: (iii) 30 March 2020, Payment of electricity and water utility bills (both electricity and water utility operators are state-owned entities) that are below LKR15,000 were extended until end-April 2020; (iv) 14 May 2020, The Employers’ Federation of Ceylon, trade unions, and the Ministry of Skills Development, Employment and Labour Relations reached a tripartite agreement to pro-rate wages based on varied levels of staff deployment. According to the agreement, employers will pay wages for days worked based on the basic salary; and for days not worked, wages will be paid at 50% of the basic pay or LKR14,500, whichever is higher from May to September; On 27 October 2020, the Cabinet extended the grace period for the payment of salaries of private sector employees up to December; On 11 January 2021, the concessionary payments to private sector employees were extended up to 31 March 2021; (v) 15 July 2020, Consumers were provided relief for electricity bills during the months of March to May, charging the lower February bill for these months, with a grace period of 2 months to settle the bill; the power supply disconnection normally done for late payments has also been temporarily suspended; (vi) 5 October 2020, The Cabinet approved the payment of a one-time sum of LKR15,000/per person allowance for tourist drivers and a one-time sum of LKR20,000/per person allowance for tourist guides registered under the SLTDA as part of the government's support to the tourism industry; (vii) 5 November 2020, The government has allocated SLR6,962.83 million to provide an allowance of SLR5,000 to families who have lost their livelihoods due to the quarantine curfews imposed in 5 districts of the country since early October 2020. A further SLR336.54 million has been allocated to provide dry food rations to families under home quarantine in 20 districts.
|Sri Lanka||05B4||05B4 - Subsidies to businesses||LKR||News.lk. https://news.lk/news/political-current-affairs/item/30783-relief-program-to-support-the-tourism-industry-subsequent-to-the-covid-19-outbreak (accessed 2 October 2020); News.lk. https://www.news.lk/news/political-current-affairs/item/30932-cabinet-approval-to-extend-the-agreed-concessionary-limit-on-private-sector-salary-payments-due-to-covid-19-epidemic (included in cabinet decision 2020.10.26) (accessed 30 October 2020); News.lk. https://www.news.lk/news/political-current-affairs/item/31427-cabinet-approves-provision-of-relief-to-electricity-consumers-affected-by-covid-19-pandemic (under cabinet decision 2021.01.18) (accessed 21 January).||
No amount/estimate: (i) 26 June 2020, Together with the credit guarantee, an interest subsidy scheme will be launched on 1 July 2020. CBSL will provide a 5% interest subsidy to cover the cost of funds of banks; (ii) 2 September 2020, The Cabinet approved the allocation, from the General Treasury, of essential recurrent expenditures of government media institutions for a period of 4 months from September to December; (iii) 1 October 2020, In connection with the government's decision to support the tourism industry, tourist resorts registered under the SLTDA were given the chance to pay their accumulated electricity bills from 1 Mar 2020 to 31 Aug 2020 in 12 equal installments from 1 Sep 2020; further, power supply during this period will not be disconnected; (iv) 11 November 2020, Passenger bus owners were provided relief (i.e, waiver of various permit and access charges) from March to maintain intercity passenger transport services amidst the COVID-19 pandemic conditions, which has been extended until the end of the year; (v) 19 January 2021, The Cabinet provided the opportunity for film theaters registered under National Film Cooperation to settle electricity bills from March to December 2020 in 12 equal installments and avoid any electricity connection interruptions; Similarly, inns registered under the Sri Lanka Tourism Development Authority were also permitted to settle electricity bills and water bills from 1 March 2020 to 28 February 2021 in 12 equal installments without any interruption in supply.
|Sri Lanka||05B5||05B5 - Indirect income support||LKR|
|Sri Lanka||05B6||05B6 - No breakdown (income support)||LKR||News.lk. https://www.news.lk/news/political-current-affairs/item/31427-cabinet-approves-provision-of-relief-to-electricity-consumers-affected-by-covid-19-pandemic (under cabinet decision 2021.01.18) (accessed 21 January).||
19 January 2021, Cabinet approval was given for a 6-month grace period from the date of the bill and avoid interruption of electricity connection for the domestic, commercial, and industrial electricity consumers within the areas isolated for more than 14 days continuously in order to settle their electricity bills pertaining to the specified period. Arrangements for delayed bill repayments of registered tourism establishments’ bills for the Mar 2020-Feb 2021 period and movie theatres’ unpaid electricity bills for the period Mar-Dec 2020 can be repaid in 12 equal installments.
|Sri Lanka||05C||05C - No breakdown (health and income support)||LKR|
|Sri Lanka||06||06 - Budget reallocation||LKR|
|Sri Lanka||07||07 - Central bank financing government||LKR|
|Sri Lanka||07A||07A - Direct lending and reserve drawdown||LKR|
|Sri Lanka||07B||07B - Secondary purchase: government securities||LKR|
|Sri Lanka||08||08 - International Assistance Received||LKR||485,003,949,211||2,620,840,000|
|Sri Lanka||08A||08A - Swaps||LKR||259,079,352,000||1,400,000,000||The Economic Times. https://bit.ly/2XwWZuG (accessed 25 May 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200625_the_central_bank_of_sri_lankas_covid_19_relief_measures_e1.pdf (accessed 26 June 2020); CBSL. https://www.cbsl.gov.lk/en/news/cbsl-enters-into-bilateral-currency-swap-agreement-with-rbi (accessed 7 August 2020); CBSL. https://www.cbsl.gov.lk/en/news/the-central-bank-clarifies-its-repurchase-agreement-with-the-federal-reserve-bank-new-york (accessed 6 November 2020).||
(i) 15 April 2020, Approval was obtained by Sri Lanka to enter into a Bilateral Currency Swap Agreement with the Reserve Bank of India (RBI) for USD400 million; On 24 July 2020, CBSL and RBI entered a USD400 million swap under the Framework on Currency Swap Arrangement for SAARC countries; (ii) 24 May 2020, Sri Lankan President Gotabaya Rajapaksa has requested India to provide a special USD1.1 billion currency swap facility to boost the country's draining foreign exchange reserves in view of the economic slowdown due to the coronavirus pandemic. This is on top of the USD400 million foreign exchange swap with the Reserve Bank of India that the government sought under the South Asian Association for Regional Cooperation (SAARC) framework; (iii) 24 July 2020, CBSL entered into an agreement with the Federal Reserve Bank of New York for a USD1 billion repo facility to meet the contingent liquidity needs of the government (no withdrawal has been made form the facility).
|Sri Lanka||08B||08B - International loans/grants||LKR||225,924,597,211||1,220,840,000|
|Sri Lanka||08B1||08B1 - Asian Development Bank||LKR||87,835,302,595||474,640,000||ADB. 43rd Updates of Working Groups on COVID-19 dated 30 January 2021.||
(i) 12 March 2020, USD0.6 million grant for Health Systems Enhancement Project under ADF; (ii) April 2020, USD0.01 million TASF - Preparing the Health System Enhancement Project; (iii) April 2020, USD2.5 million [update] - TA9950-REG: Regional Support to Address the Outbreak of Coronavirus Disease 2019 and Potential Outbreaks of Other Communicable Diseases; (iv) 7 April 2020, USD0.05 million TASF - Regional Project Development Support for the South Asia Subregional Economic Cooperation Operational Plan, 2016–2025; (v) 10 April 2020, USD14.4 million (USD10 million loan and USD4.4 million grant) for Health Systems Enhancement Project; (vi) April 2020, USD239.31 million (Regular OCR) - Trade Finance Program (Guarantee); (vii) As of 31 July 2020, USD42.8 million (Regular OCR) - Trade Finance Program (Loan); (viii) 20 May 2020, USD0.21 million TASF - Regional Support to Address Outbreak of Coronavirus Disease 2019 and Strengthen Health Systems Preparedness for Communicable Diseases in South Asia; (ix) 2 June 2020, USD3 million COVID-19 Emergency Response under the Asia Pacific Disaster Response Fund; (x) 29 June 2020, USD0.50 million TASF - Planning for Economic Recovery of South Asia from COVID-19; (xi) 21 July 2020, USD0.20 million (OCR) Railway Efficiency Improvement Project; (xii) 24 July 2020, USD0.07 million (TASF) Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3); (xiii) 10 August 2020, USD1.33 million (COL) Science and Technology Human Resource Development Project; (xiv) 4 September 2020, USD0.13 million TASF - Enhancing Gender Quality Results of South Asia COVID-19 Response; (xv) September 2020, USD3.85 million (OCR) Supply Chain Finance Program (Loan); (xvi) 6 October 2020, USD0.02 million TASF - Capacity Development for the Supply Chain Finance Program (Phase 2) (Subproject 3); (xvii) 22 October 2020, USD0.05 million (COL) Greater Colombo Water and Wastewater Management Improvement Investment Program - Tranche 1; (xviii) 5 November 2020, USD0.11 million TASF - Creating Investable Cities in Post-COVID-19 Asia-Pacific [update]; (xix) 23 November 2020, USD165 million Small and Medium-sized Enterprises Line of Credit Project; (xx) 3 December 2020, USD0.5 million TASF - Supporting National Development Planning towards Recovery from COVID-19.
|Sri Lanka||08B2||08B2 - Other||LKR||138,089,294,616||746,200,000||News.lk. https://news.lk/news/politics/item/29778-sri-lanka-and-china-signs-agreement-for-us-500-million-concessionary-loan (accessed 21 August 2020); World Bank. https://www.worldbank.org/en/news/press-release/2020/04/01/world-bank-fast-track-support-covid19-corona (accessed 28 May 2020); UNDP. http://mptf.undp.org/factsheet/fund/COV00 (accessed 22 May 2020); USAID. https://www.usaid.gov/news-information/coronavirus/fact-sheets/may-29-2020-update-united-states-continues-lead-global-response-covid-19 (accessed 1 June 2020); European Union, European External Action Service. https://eeas.europa.eu/delegations/sri-lanka/77364/covid-19-european-union-provides-eur-22-million-grant-sri-lanka_en (accessed 5 June 2020); Embassy of Japan in Sri Lanka. https://www.lk.emb-japan.go.jp/itpr_en/00_000969.html (accessed 7 August 2020); World Bank. https://www.worldbank.org/en/news/press-release/2020/09/11/world-bank-supports-sri-lanka-with-usd56-million-mitigate-covid-19-impacts (accessed 16 Septebmer 2020); News.lk. https://www.news.lk/news/political-current-affairs/item/30820-handover-ceremony-of-1-million-face-masks-by-temasek-foundation-of-singapore (accessed 9 October 2020); News.lk. https://www.news.lk/news/political-current-affairs/item/31354-speaker-extends-gratitude-to-the-government-of-south-korea-for-donating-usd-3-million-worth-of-pcr-test-kits-to-sri-lanka (accessed 15 January 2021).||
(i) 19 March 2020, China Development Bank has provided a concessionary loan of USD500 million with a term of 10 years, to help Sri Lanka to better respond to the COVID-19 pandemic; (ii) 2 April 2020, The World Bank’s Board of Executive Directors today approved the USD128.6 million Sri Lanka COVID-19 Emergency Response and Health Systems Preparedness Project to help the country prevent, detect, and respond to the COVID-19 pandemic and strengthen its public health preparedness; (iii) April 2020, USD1 million UN COVID-19 Response & Recovery Fund from the UNDP; (iv) May 2020, More than USD5.8 million in total assistance from USAID includes USD2 million in ESF to increase social services for areas and populations most affected by the COVID-19 crisis, address the specific threats to social cohesion, and mitigate negative economic impacts; USD2 million in additional ESF for strengthening small and medium-sized enterprises and increasing women’s economic participation; and USD1.3 million in health assistance to help the Sri Lankan Government prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, conduct risk-communications, prevent and control infectious diseases in health facilities, and more. Finally, USD0.59 million in MRA humanitarian assistance will support vulnerable people during the pandemic; (v) 9 April 2020, The European Union provides EUR22 million (USD24.3 million; EUR0.904/$1) grant to Sri Lanka. This includes (a) EUR2 million for health, for equipment and medical supplies to be procured by the World Health Organisation and to strengthen laboratory networks in the country; (b) EUR16.5 million for the agricultural sector; and (c) EUR3.5 million for the tourism industry, in particular the smaller operators and their employees; (vi) 8 July 2020, The Government of Japan has provided a total sum of JPY800 million, approximately LKR1,400 million or USD7.5 million (JPY107.293/$1) to the Government of Sri Lanka to strengthen the health sector to tackle COVID-19 through the provision of medical equipment; (vii) 11 September 2020, The World Bank has reallocated USD56 million from ongoing projects in Sri Lanka to protect the most vulnerable in the agriculture sector, improve COVID-19 protection measures on public transport, facilitate tele-education for school children, and provide digital solutions to improve delivery of public services; (viii) 8 October 2020, Temasek Foundation of Singapore donated over USD20 million worth of face masks to assist the government in its fight against COVID-19; (ix) 9 January 2021, The Republic of Korea has donated USD3 million worth of PCR test kits to strengthen the country's anti-COVID campaign.
|Sri Lanka||09||09 - International Assistance Provided||LKR|
|Sri Lanka||09A||09A - Swaps||LKR|
|Sri Lanka||09B||09B - International loans/grants||LKR|
|Sri Lanka||10||10 - No breakdown||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_circular_no_5_of_2020_e1_1.pdf (accessed 26 June 2020).||
27 March 2020, The CBSL has decided to set up a LKR50 billion Re-financing Facility in order to implement the decisions taken by the Cabinet of Ministers on 20 March to introduce a wide range of fiscal and financial concessions for COVID-19 hit business activities including self-employment businesses and individuals. Among these concessions are debt moratorium (capital and interest) and a working capital loan at the interest rate of 4% per annum for eligible customers to be repaid in 2 years (Amount included in Measure 2A).
|Sri Lanka||11||11 - Other Economic Measures||LKR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 November 2020). News 1st. https://www.newsfirst.lk/2020/05/22/sri-lanka-lifts-import-bans-except-for-vehicles-in-covid-19-economic-recovery-plan/ (accessed 23 May 2020). CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200513_central_bank_of_sri_lanka_implements_extraordinary_regulatory_measures_to_provide_liquidity_to_banks_amidst_covid_19_outbreak_e.pdf (accessed 26 June 2020). Ministry of Mass Media. https://www.media.gov.lk/media-gallery/latest-news/2590-tax-on-essential-goods-removed (accessed 16 October 2020). Government of Sri Lanka. http://www.documents.gov.lk/files/egz/2020/9/2193-09_E.pdf (accessed 6 November 2020); http://www.documents.gov.lk/files/egz/2020/12/2206-05_E.pdf http://www.documents.gov.lk/files/egz/2020/12/2207-15_E.pdf; http://documents.gov.lk/files/egz/2021/1/2209-18_E.pdf (all accessed 5 February 2021).||
(i) 17 March 2020, Tax exemptions on the importation and supply of masks, disinfectant, machinery and equipment including medical, surgical, and dental instruments, and price ceilings on essential food item such as lentils, eggs and canned fish; (ii) 3 April 2020, Imports of non-essential goods including vehicles and plastic goods were suspended; (iii) 23 April 2020, Import duties on petrol and diesel were increased to mitigate weak revenue collections, but this was reversed in late June 2020; (iv) 21 May 2020: Sri Lanka, lifted its import restrictions on several products despite retaining the ban on vehicle imports, as part of its COVID-19 economic revival plan; (v) 22 May 2020, Sri Lanka lifted import bans except for vehicles in COVID-19 economic recovery plan; (vi) 18 June 2020, Suspension of the tea promotion levy of SLR3.50/kg for 6 months; (vii) 15 September 2020, The government removed a number of items from its import restrictions including articles of clothing and certain types of special purpose motor vehicles; (viii) 13 October 2020, With due consideration to the current cost of living and difficulties associated with COVID-19 the government has removed import duties on essential commodities such as dhal, canned fish, B onions, and sugar; (ix) 14 December 2020, Certain items such as insecticides and batik clothing can now be imported after obtaining import licenses [update]; (x) 24 December 2020, The government eased import restrictions on certain items including different types of tyres, leathers, household articles, and men's clothing by moving them from temporary suspension to supplier credit [update]; (xi) 5 January 2021, Certain types of new pneumatic tyres, of rubber, used for motorcycles, for bicycles were moved into temporary import suspension [update].
|Sri Lanka||12||12 - Non-Economic Measures||LKR|
|Sri Lanka||12A||12A - Measures affecting travel and transport (local and international)||LKR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 November 2020); SLRM. Covid-10 policy responses repository as of 25 August 2020; as of 5 November 2020; News.lk. https://www.news.lk/news/political-current-affairs/item/31258-notice-on-revision-of-procedure-for-inbound-travellers-to-sri-lanka; https://www.news.lk/news/political-current-affairs/item/31260-government-to-re-introduce-conditional-repatriation-in-the-wake-of-new-strain-of-coronavirus (both accessed 6 January 2021); News.lk. https://www.news.lk/news/political-current-affairs/item/31439-sri-lanka-to-reopen-airport-for-tourists-from-today (accessed 21 January 2021).||
(i) 11 March 2020, Suspension of visa on arrival for tourists; (ii) 20 March 2020, The authorities suspended all arriving international flights and ships; (iii) 22 March 2020, All inbound passenger flights and passenger ships were suspended, excluding repatriations; (iv) 26 December 2020, The government arranged special repatriation flights for migrant workers, students, patients, short-term visa holders, government and military officials. All inbound travellers to Sri Lanka need approval from the Foreign Secretary and the Civial Aviation Authority; (v) 21 January 2021, Bandaranaike International Airport (BIA) was reopened for tourists strictly adhering to the guidelines and circular of the health sector.
|Sri Lanka||12B||12B - Measures affecting business and workplace||LKR||News.lk. https://www.news.lk/news/political-current-affairs/item/30862-movie-theatres-will-be-temporarily-closed-until-october-31 (accessed 16 October 2020); News.lk. https://www.news.lk/news/political-current-affairs/item/31291-cinemas-in-sri-lanka-to-reopen-under-strict-safety-guidelines (accessed 6 January 2021).||
(i) 19 March 2020, Government declared a work-from-home arrangement for the public and private sectors, which was extended until 20 April; (ii) 26 March 2020, essential services, including central bank, commercial banks, insurance services, and treasury, remained open; (ii) 15 October 2020, Movie theaters were temporarily closed until October 31; 28 December 2020, Prime Minister Rajapaksa has permitted the reopening of cinemas starting 1 January 2021 under strict, new health protocols to revive the entertainment industry.
|Sri Lanka||12C||12C - Others||LKR||Ministry of Mass Media. https://www.media.gov.lk/media-gallery/latest-news/2507-schools-to-re-open-today (accessed 13 August 2020); News.lk. https://www.news.lk/news/political-current-affairs/item/30800-private-and-international-schools-will-be-included-until-further-notice-for-the-school-holidays-starting-tomorrow-oct-05; https://news.lk/news/political-current-affairs/item/30815-press-release-quarantine-curfew (accessed 9 October 2020); Government of Sri Lanka. http://www.documents.gov.lk/files/egz/2020/10/2197-25_E.pdf; News.lk. https://www.news.lk/news/political-current-affairs/item/30943-curfew-will-be-imposed-for-the-entire-western-province (accessed 30 October 2020); News.lk. https://www.news.lk/news/political-current-affairs/item/30960-quarantine-curfew-in-the-western-province-will-continue (accessed 6 November 2020).||
(i) 13 March 2020, schools and universities closed until 20 April 2020; (ii) 20 March 2020, The authorities imposed a strict nation-wide curfew, which was gradually eased on 11 May 2020, and was fully relaxed on 6 June 2020; barring large public gatherings; (iii) 23 March 2020, An island-wide curfew was imposed; (iv) 20 April 2020, All forms of functions, pilgrimages and pleasure tours, carnivals, processions and meetings continued to be banned; 29 June 2020: (v) Night-time curfew removed across the island. Gatherings continue to be subject to public health guidelines. Use of masks in public remains mandatory; (vi) 10 August 2020, Local schools have been allowed to reopen in several phases so as to prevent overcrowding within confined spaces. Accordingly, certain days of the week have been reserved for particular grades and students to attend school; 4 October 2020, Classes in the Gampaha and Colombo districts have been suspended until further notice; (vii) 4 October 2020, Curfews have been imposed in some jurisdictions due to the increase in cases from a garment factory; (viii) 15 October 2020, Extraordinary Gazette No. 2197/25 was issued under the Quarantine and Prevention of Diseases Ordinance to widen legal grounds for quarantine measures and to make the wearing of masks and maintaining of one-meter social distancing mandatory in public places; (ix) 28 October 2020, A quarantine curfew has been imposed in the entire Western province, which includes Colombo, from 29 October 2020 (12:00 am) to 2 November 2020 (5:00 am); 1 November 2020, The curfew was extended until 9 November 2020 (5:00 am).