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‘s economic panorama: Today is yesterday’s tomorrow. Are we too late?
By Gayan Gunewardana Once a flourishing island, Sri Lanka now faces its worst economic crisis since gaining independence in 1948. The article covers the prospect of buildup, current status, and preferred loan term strategies to overcome the issues. The fundamental challenge is that the country relies heavily on importing essential items, including petrol, food items, […]
Staff-level agreement with IMF is likely to be reached within next 2 months: CB Governor
While external debt restructuring remains a top priority for the Sri Lankan government, domestic debt in the form of Government securities and Sri Lanka Development Bonds will not be restructured, Central Bank Governor Dr. Nandalal Weerasinghe announced today (April 28, 2022). Dr. Weerasinghe made these comments while addressing a meeting of the Committee of the […]
Debt-for-nature swaps can provide debt relief, but could constitute event of default: Moody’s
In a proposal to Sri Lanka’s government, the United Nations Development Programme (UNDP) has suggested debt-for-nature swaps as part of the sovereign’s broader debt restructuring plan. Under the UNDP proposal, the debt-for-nature swap would allow a portion of the government’s large debt burden to be forgiven in exchange for the implementation of environmental policies or […]
Inflation is expected to peak at 29-pct in July; LKR to further depreciate
Inflation is expected to peak at 29% in July owing to potential price hikes in essential commodities like gas, electricity, and fuel prices, the First Capital Research said. CCPI further increased to 18.7% in March, exceeding the CBSL’s and FC Research’s desired range of 4%-6% and 5%-7% respectively. According to First Capital Research, the exchange […]
| Harsha de Silva
Speech at Forward, together for the Nation – A Forum Organised By National Council of Professionals
Commercial plantations urge immediate Government action to prevent industry’s demise
The Government’s failure to allocate fuel quotas to the Regional Plantation Companies (RPCs), together with continuous power disruptions and uninformed policymaking, is bringing Sri Lanka’s commercial plantations to a standstill. Due to the lack of fuel, all leaf and latex transport operations have been severely impacted and there is insufficient fuel to operate standby generators. Accordingly, […]
IMF team for Sri Lanka completes initial technical discussions on an IMF-supported program
During the 2022 IMF and World Bank Spring Meetings in Washington, D.C., IMF Managing Director Kristalina Georgieva and other senior members of IMF management met with a Sri Lankan delegation, led by Finance Minister Ali Sabry and Central Bank of Sri Lanka Governor Nandalal Weerasinghe, and discussed policy actions to address economic challenges. The IMF […]
Fitch Places Seven Sri Lankan Insurers on Rating Watch Negative
Fitch Ratings has placed the National Insurer Financial Strength (IFS) Ratings of seven Sri Lankan insurers on Rating Watch Negative (RWN). The insurers are: -National Insurance Trust Fund Board -HNB Assurance PLC -HNB General Insurance Limited -People’s Insurance PLC -Continental Insurance Lanka Limited -Co-operative Insurance Company Limited -Sanasa General Insurance Company Limited Fitch has also […]
‘s Foreign Minister requests bridging finance from Chinese Ambassador
Minister of Foreign Affairs, Professor G.L. Peiris has requested assistance from China, particularly in the field of bridging finance during a difficult time. Minister Peiris met with the Ambassador of China, Qi Zhenhong, on 21 April 2022 at the Foreign Ministry. The Foreign Minister has apprised the Ambassador of the current situation in the country […]
Sampath Bank strengthens its strategic partnership with Paycorp International
Sampath Bank PLC announced that its connection to UnionPay International (UPI) is now complete and that the Sampath Bank Payment Gateway powered by UnionPay 3DS 2.0 is open for business. Having thus strengthened its strategic commercial partnership with Paycorp International (Private) Limited (Paycorp International), a wholly-owned subsidiary of Bancstac (Bancstac), this latest development provides Sampath […]