{"id":94867,"date":"2023-03-13T16:20:00","date_gmt":"2023-03-13T10:50:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=94867"},"modified":"2023-03-13T16:13:59","modified_gmt":"2023-03-13T10:43:59","slug":"lanka-tax-reforms-strike","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/lanka-tax-reforms-strike\/","title":{"rendered":"Sri Lanka hit by strikes by trade unions against tax reforms ahead of IMF bailout deal"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2128944041\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Trade unions of most state sector establishments in Sri Lanka went on a strike on Monday against the government\u2019s tax reforms to secure approval for the much-required USD 2.9 billion bailout package from the IMF.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3798289277\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The debt-struck country introduced painful economic measures such as tax hikes, and utility rate increases, part of the reforms prescribed by the International Monetary Fund (IMF), a must for the release of the bailout package.<\/p><p>The doctors&#8217; trade union said it launched a day of strikes on Monday, covering four of the nine provinces of the island nation.<\/p><p>\u201cThe doctors will be on strike until 8 am tomorrow. We only operate emergency services at hospitals,\u201d the union spokesman, Dr Chamil Wijesinghe, said.<\/p><div class=\"trade-content_5\" id=\"trade-1889886835\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>\u201cWe want the government to roll back the new tax policy,&#8221; he added.<\/p><p>The university teacher&#8217;s trade union spokesperson, Shyaman Banneheka, said industrial action had begun on March 9 with the workers staying away from work.<\/p><p>\u201cWe will join other trade unions for collective action from Wednesday (March 15) until the government withdraws the new tax policy,\u201d Banneheka said.<\/p><p>\u201cWe are opposed to it and want the government to withdraw it,\u201d Shamal Sumanaratne of the port workers&#8217; trade union said, adding that the new high taxes would bring down the living standards of all.<\/p><p>He said the port workers launched a \u2018go slow\u2019 trade union action at the port.<\/p><p>\u201cWe will join other trade unions on March 15 to stage the biggest strike in history,\u201d Sumanaratne said.<\/p><div class=\"trade-content-10\" id=\"trade-1425145600\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>The water sector trade unions have also joined in with its spokesman Engineer Upali Ratnayake saying that the workers would only do emergency work from Monday.<\/p><p>\u201cWe will be doing a half-day strike on March 14 and join other trade unions on March 15 for the bigger strike,\u201d the spokesperson said.<\/p><p>The trade unions oppose the tax reforms imposed on the dictates of the IMF.<\/p><p>The cash-strapped country awaits the global lender&#8217;s formal approval on March 20 for the USD 2.9 billion bailout package.<\/p><p>President Ranil Wickremesinghe said that the public would have to undergo hardships for a limited period to emerge from the island nation&#8217;s worst-ever economic crisis.<\/p><p>Wickremesinghe told Parliament recently that all of IMF\u2019s pre-conditions for the bailout had been fulfilled and the reforms prescribed were a must for implementation.<\/p><p>His government had raised personal taxes and utility bills and cut subsidies as part of the reforms required.<\/p><p>The IMF bailout process made slow progress due to the need to restructure Sri Lanka\u2019s nearly 50 billion dollar external debt.<\/p><p>By the end of June 2022, the debt-struck country owed nearly USD 40 billion to bilateral, multilateral, and commercial loans, according to the figures released by the Treasury.<\/p><p>Chinese loans amounted to 20 per cent of the total debt owed and 43 per cent of the bilateral loans.<\/p><p>In January, India strongly backed the island nation&#8217;s efforts to secure a loan from the global lender to recover from its worst-ever economic crisis.<\/p><p>Sri Lanka in April declared its first-ever debt default in its history as the economic crisis since independence from Britain in 1948 triggered by forex shortages sparked public protests.<\/p><p>Months-long street protests led to the ouster of the then-president Gotabaya Rajapaksa in mid-July. Rajapaksa had started the IMF negotiations after refusing to tap the global lender for support. PTI CORR GRS GRS<\/p><div class=\"trade-after-content\" id=\"trade-1184799739\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Trade unions of most state sector establishments in Sri Lanka went on a strike on Monday against the government\u2019s tax reforms to secure approval for the much-required USD 2.9 billion bailout package from the IMF. The debt-struck country introduced painful economic measures such as tax hikes, and utility rate increases, part of the reforms prescribed [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":39429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-94867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sri Lanka hit by strikes by trade unions against tax reforms ahead of IMF bailout deal - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"Trade unions of most state sector establishments in Sri Lanka went on a strike on Monday against the government\u2019s tax reforms to secure approval for the much-required USD 2.9 billion bailout package from the IMF.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/lanka-tax-reforms-strike\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sri Lanka hit by strikes by trade unions against tax reforms ahead of IMF bailout deal\" \/>\n<meta property=\"og:description\" content=\"Trade unions of most state sector establishments in Sri Lanka went on a strike on Monday against the government\u2019s tax reforms to secure approval for the much-required USD 2.9 billion bailout package from the IMF.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/lanka-tax-reforms-strike\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-13T10:50:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/05\/Sri-Lanka-Flag-inflation.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/05\/Sri-Lanka-Flag-inflation.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/lanka-tax-reforms-strike\/\",\"url\":\"https:\/\/tradebrains.in\/features\/lanka-tax-reforms-strike\/\",\"name\":\"Sri Lanka hit by strikes by trade unions against tax reforms ahead of IMF bailout deal - 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