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Sri Lanka’s Recovery After Cyclone Devastation
The International Monetary Fund (IMF) is actively investigating options to further support Sri Lanka in the recovery process following the devastating cyclone and widespread flooding. This commitment comes as the IMF continues to back Sri Lanka’s reform efforts under the Extended Fund Facility (EFF) arrangement. The IMF’s Director of Communications, Julie Kozack, conveyed the institution’s […]
Banks Association pledges strong support for economic revival
The Sri Lanka Banks Association (SLBA) in a meeting with the Governor of the Central Bank of Sri Lanka (CBSL) today pledged its fullest support to revive the country’s economy following the damage inflicted by Cyclone Ditwah. The banks represented by the Association stated that a detailed impact assessment has already been initiated across banks […]
Sri Lanka economic summit opened with focus on recovery and resilience after cyclone Ditwah
The Ceylon Chamber of Commerce opened the Sri Lanka Economic & Investment Summit on Tuesday with a renewed sense of purpose, reframing the annual event as a platform for national recovery following the devastation caused by Cyclone Ditwah. Addressing more than 800 delegates, including over 100 overseas investors, the Chamber’s Chairperson, Krishan Balendra began by […]
Management committee of ‘Rebuilding Sri Lanka’ fund appointed with reps from public and pvt sectors
Cabinet approval has been granted to establish the ‘Rebuilding Sri Lanka’ Fund, aimed at rebuilding the country following the severe devastation caused by Cyclone ‘Ditwah’, one of the worst natural disasters in Sri Lanka’s recent history. The Fund is to be established as a statutory fund under the Presidential Secretariat and its Management Committee will […]
Sri Lanka introduces duty-free mechanism for overseas disaster relief donations
Due to the current disaster situation in the country, various inquiries have been made by foreign countries, organizations, individuals, as well as Sri Lankans living abroad, regarding donating essential goods to the people affected. Accordingly, the Government of Sri Lanka has introduced a more convenient procedure to expedite the clearance and distribution of all material […]
Ceylon Chamber affirms support for National recovery efforts following cyclone Ditwah
The Ceylon Chamber of Commerce is deeply saddened by the devastation caused by Cyclone Ditwah, and our thoughts are with all individuals, families, and communities affected by this tragedy. We mourn the loss of lives and acknowledge the immense hardship endured by thousands who have been displaced and whose livelihoods have been severely disrupted. In […]
Telecom operators and partners accelerate restoration of connectivity after cyclone Ditwah
Sri Lanka’s national telecommunication operators, in close coordination with government authorities, are intensifying round-the-clock recovery efforts to reconnect communities battered by severe flooding and landslidestriggered by Cyclone Ditwah since 27 November. The disaster has claimed 334 lives, left nearly 400 people missing or unaccounted for, and affected more than 1.3 million individuals nationwide, with rising […]
Evolution Auto brings multi-brand electric vehicle showroom to Kurunegala
Evolution Auto, a pioneer in Sri Lanka’s electric mobility sector, has officially opened its multi-brand electric vehicle (EV) showroom in Kurunegala, in collaboration with New Jayasekara Auto Motors (Pvt) Ltd. The new showroom offers customers a chance to explore, test drive, and purchase a wide range of electric vehicles, making eco-friendly transportation more accessible than […]
Sri Lanka’s Central Bank keeps policy rate unchanged
The Monetary Policy Board, at its meeting held yesterday, decided to maintain the Overnight Policy Rate (OPR) at the current level of 7.75%. The Board arrived at this decision after carefully considering evolving developments and the outlook on both domestic and global fronts. The Board is of the view that the current monetary policy stance […]
Acquisitions of Small Sri Lanka Banks Neutral to BOC’s and PB’s Ratings: Fitch Ratings
Fitch Ratings says the proposed transfers of state-owned shares – of Housing Development Finance Corporation Bank of Sri Lanka (HDFC, BB+(lka)/Rating Watch Positive) to Bank of Ceylon (BOC, CCC+/AA-(lka)/Stable) and of State Mortgage & Investment Bank (SMIB, BB(lka)/Rating Watch Positive) to People’s Bank (Sri Lanka) (PB, AA-(lka)/Stable) – are unlikely to affect the acquirers’ ratings. […]