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SEC urges Compliance Officers to play a more effective role
As part of their continuing efforts to strengthen market standards and investor confidence, officials of the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) recently met with Compliance Officers of all categories of Market Intermediaries. The meeting served as a valuable opportunity to engage in a constructive dialogue on […]
Fitch Affirms Ratings on 15 Sri Lankan Banks; Removes Watch Negative; CBL on Negative Outlook
Fitch Ratings has affirmed Bank of Ceylon’s Long-Term Local-Currency Issue Default Rating (IDR) at ‘CCC-‘ and removed it from Rating Watch Negative (RWN). The Outlook is Stable. At the same time, Fitch has affirmed the National Long-Term Ratings of the following banks, removed them from RWN and assigned Stable Outlooks: BOC at ‘A(lka)’ People’s Bank […]
IMF & World Bank promote narrow means-tested programs with high error rates: Human Rights Watch
The IMF and World Bank recognize that people need support, but then they promote narrow means-tested programs that—both by design and due to chronically high error rates—exclude many people who are struggling, says Sarah Saadoun, senior economic justice researcher and advocate at Human Rights Watch. Discussions at the International Monetary Fund (IMF) and World Bank […]
CBSL reduces policy rates by 1-pct to accelerate downward adjustment in lending rates
The first monetary policy review by the Monetary Policy Board under the Central Bank of Sri Lanka Act, No. 16 of 2023 (CBA) was held on 04 October 2023. In this review, the Board decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by […]
SLT-DIGITAL services and Surge Global forge strategic partnership
SLT-DIGITAL Services, the marketing services and digital engagement solutions arm of SLT-MOBITEL group, has entered into a strategic partnership with Surge Global, a technology and marketing consulting company founded in Sri Lanka, to empower local enterprises, to drive growth marketing and develop enterprise software solutions. The SLT-DIGITAL and Surge Global collaboration aims to help businesses […]
World Bank expects solid growth but risky outlook for South Asia
South Asia is expected to grow by 5.8 percent this year—higher than any other developing country region in the world, but slower than its pre-pandemic pace and not fast enough to meet its development goals, says the World Bank in its twice-a-year regional outlook. Released today, the latest South Asia Development Update, Toward Faster, Cleaner Growthforecastsgrowth to […]
Integrated water resources development: Way forward for Sri Lanka to tackle climate crisis
The last time El Niño affected Sri Lanka, between 2016 and 2017, more than 2 million people were affected—first by flooding and landslides, and then by a severe drought. 19 out of 25 districts were hit hard, decimating two harvest seasons, and creating water scarcity for agriculture, drinking and household use. El Niño currently in […]
David Cameron kicks off Port City Colombo’s global investment drive
Representatives of top corporations in the UAE, accompanied by high-potential investors, property developers, hotel owners, and leaders in the hospitality and real estate industries, converged in the iconic settings of the Ritz Carlton in Abu Dhabi and the Armani Hotel at Burj Khalifa in Dubai to explore, understand, and assess the investment potential of Sri […]
SL economy to grow by 1.7-pct:Revenue mobilization fundamental for sustainable fiscal path
Sri Lanka’s economy is expected to grow by 1.7% in 2024 after contracting by 3.8% in 2023, says the World Bank in its twice-a-year update, while signaling that the outlook is clouded with uncertainty and that growth prospects depend on progress with debt restructuring and the implementation of critical structural reforms. Released today, the Sri Lanka […]
Sri Lanka slips in economic freedom: Report
Lanka—Sri Lanka ranks 116 out of 165 jurisdictions included in the Economic Freedom of the World: 2023 Annual Report, released by Advocata Institute in conjunction with Canada’s Fraser Institute. The current ranking represents a decline in the economic freedom of the country which ranked 104th during 2020. The report measures the economic freedom of individuals—their […]