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Hambantota International Port surpasses half a million mark of RORO cargo
Hambantota International Port reached the milestone of handling 500,000 RORO cargo units in 2022 this November, with the discharging of 4302 units from Hyundai Glovis’ Hae Shin to the yard for transshipment. This year, 223 RORO vessels called at the port with cargo from India, South Korea, Japan and the Middle East for transshipment mainly […]
‘s Foreign Remittance Data
December 10, 2022 (LBO) – Sri Lanka foreign remittances are moving closer to a US$5bn annualized rate based on November monthly data. Sri Lanka remittances for the month of November totaled US4mn, up about 10% from the prior months figure. Before the economic crisis in Sri Lanka, the country used to receive over US$7bn per […]
IMF Publication: Regulating the Crypto Ecosystem – The Case of Unbacked Crypto Assets
The ongoing evolution in the crypto ecosystem is revealing both opportunities and pitfalls. Crypto assets were originally developed to democratize payments but are mostly used for speculation and, in the case of certain types of dollar-denominated stablecoins, also as a hedge against inflation and currency depreciation. Unbacked crypto assets are the oldest and most popular […]
Romesh de Silva PC Opines on Ranil Wickremesinghe After 50 Years at the Bar (full speech)
December 8, 2022 (LBO) – Sri Lanka’s leading Silk Romesh de Silva PC delivered a speech felicitating President Ranil Wickremesinghe at an event in recognition of the President’s 50 years at the bar. The full speech is reproduced below: Today we are felicitating our president and deservedly so. The stated purpose is his completion of […]
‘s Mineral Sector
December 7, 2022 (LBO) – Demystifying the Minerals Sector Why is it that many entirely legitimate investments by the private sector are immediately demonised as a racket by certain commentators with ulterior motives, and then sensationalized by the media? Conspiracy theories leading to private sector verdicts of guilty unless found innocent seems to be the […]
‘s Local Currency IDR to CCC-; Maintains RWN
Fitch Ratings has downgraded Bank of Ceylon’s (BOC) Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CCC-‘ from ‘CCC’ and maintained it on Rating Watch Negative (RWN). At the same time, Fitch has affirmed BOC’s Long-Term Foreign-Currency IDR and Short-Term IDR at ‘RD’, Viability Rating (VR) at ‘f’ and Government Support Rating at ‘ns’. BOC’s National […]
Coordinated program is required for Sri Lanka’s recovery – WB, ADB, IMF, AIIB
World Bank (WB), Asian Development Bank (ADB), International Monetary Fund (IMF) and Asian Infrastructure Investment Bank (AIIB) representatives decided that a coordinated assistance program supported by the multilateral financial institutions is required for Sri Lanka to recover from the economic crisis the country is currently facing. They reached the agreement following a lengthy round table […]
World Bank Approves Sri Lanka’s Eligibility to Access Concessional Financing
The World Bank today approved Sri Lanka’s request to access concessional financing from the International Development Association (IDA). This type of financing, which is offered at low interest rates, will enable the country to implement its government-led reform program to stabilize the economy and protect the livelihood of millions of people facing poverty and hunger. […]
Ministerial meeting of Archipelagic and Island States Forum concludes in Bali
State Minister of Foreign Affairs was among the Ministers and representatives of the archipelagic and island states who congregated in Bali, Indonesia on the 5th December 2022 for the Ministerial meeting of the Archipelagic and Island States (AIS) Forum. The archipelagic and island states are directly impacted by the well-being of the ocean, the preservation […]