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Japan provides USD4.6 mn through FAO to boost paddy production in Sri Lanka
The Government of Japan through the Food and Agriculture Organization of the United Nations (FAO) is providing USD 4,629,629 to strengthen the production capacity of smallholder paddy farmers in identified districts of the Dry and Intermediate Zones of Sri Lanka. Smallholder farmers are amongst the most vulnerable rural communities, predominantly cultivating rice for self-consumption. Lack […]
Sampath Bank reports profit before tax of Rs 4.5Bn and profit after tax (PAT) of Rs 2.6Bn at 31st March
Sampath Bank succeeded in raising Rs 10 Bn in Tier 2 capital via a debenture issue in February 2023 and despite the depressing economic outlook in the Country, the issue was oversubscribed – a testament to the investor confidence placed in Sampath Bank and widespread acceptance of the stability and prudent governance of the Bank. […]
EU welcomes Sri Lanka’s intention to present a plan for lifting import restrictions by June
The European Union (EU) urges Sri Lanka to lift the import restrictions preventing many European products from entering its market. At the 25th Session of the Sri Lanka – EU Joint Commission, the EU welcomed Sri Lanka’s intention to present a plan for the lifting of the import restrictions by June 2023. At the session, […]
Fitch Affirms SriLankan Airlines Government- Guaranteed Bonds at C
Fitch Ratings has affirmed SriLankan Airlines Limited’s (SLA) USD175 million government-guaranteed 7% unsecured bonds due 25 June 2024 at ‘C’.
Sri Lanka economy expected to contract by 3-pct in 2023, Grow 1.5-pct in 2024: IMF
Given the weak external environment and domestic policy tightening, aimed at restoring macroeconomic stability, Sri Lanka’s economy is expected to contract by 3 percent in 2023, before registering a modest growth of 1.5 percent in 2024, Krishna Srinivasan, Director of the Asia and Pacific Department of the International Monetary Fund (IMF) said. Speaking at a […]
Comm Bank gross income grows 54.2-pct in Q1: LKR appreciation impacts loan book, deposits and assets
The Commercial Bank of Ceylon Group’s deposit base has surpassed Rs 2 trillion, a milestone it achieved in the first quarter of 2023 despite the continuing impacts of mercurial exchange rates and market interest rates, and the effects of the economic downturn on multiple sectors of business. The Group, comprising of Sri Lanka’s biggest private […]
IMF asks Sri Lanka to resolve uncertainty surrounding local debt restructuring
The International Monetary Fund is requesting Sri Lankan authorities to resolve the uncertainty surrounding the domestic debt restructuring and control the interest rates. “We have taken note that this uncertainty has elevated interest rates in the country,” Peter Breuer, Senior Mission Chief for Sri Lanka told reporters in Colombo. “So, we are encouraging the authorities […]
Harsha proposes GDP growth-linked instrument for domestic debt optimisation
During a recent press conference, Opposition MP Harsha de Silva warned against the potential risks of domestic debt optimization, stressing the need for extreme caution. De Silva cautioned that if not managed carefully, domestic debt optimization could become a burden rather than a relief for the economy. Citing the net debt relief Laffer curve, de […]
Hambantota International Port launches Duty Free Complex
The Hambantota International Port (HIP) launched its Duty Free Complex with the opening of 2 duty free shops within the port’s premises. The complex is designed to grow the duty-free business catering to the vessels calling HIP. The first two operators to set up at HIP’s duty free complex are Royale Electronics and United Life, […]
FAO & China launch USD1.5 mn project to strengthen Fruit Value Chains in Sri Lanka
The Food and Agriculture Organization of the United Nations (FAO) initiated a 1.5 million USD project via funding from China as part of the South-South Cooperation (SSC) programme, to improve the quality and value of Sri Lankan fruits in the global market by improving the production and commercialization of fruit value-chains in Sri Lanka. The […]