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Jack Ma Foundation and Alibaba Foundation Donate Medical Supplies to 10 More Asian Nations
The Jack Ma Foundation and Alibaba Foundation today announced plans to donate much-needed medical supplies to 10 more countries in Asia to help the global fight against COVID-19. The governments of Afghanistan, Bangladesh, Cambodia, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan and Sri Lanka will receive from the two foundations a donation totaling 1.8 million masks, […]
We are in global recession territory: Fitch Ratings
Mar 21, 2020 (LBO) – The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook”. “The level of world GDP is falling. For all intents and purposes we are in global recession territory,” said Brian Coulton, chief economist at Fitch Ratings. Fitch Ratings statement We have […]
VIDEO: Why fighting the coronavirus depends on you
In March 2020, the World Health Organization officially classified Covid-19, the disease caused by the novel coronavirus, as a pandemic. That means the disease no longer constitutes just an outbreak or even an epidemic; the coronavirus has now spread around the world, and will continue to reach into other countries and communities. That’s in part […]
Notice to SriLankan Airlines passengers flying out
Due to an Island-wide curfew that has been imposed across the island from 18:00 hrs (Sri Lanka time) on 20th March 2020 until 06:00hrs (Sri Lanka time) on 23rd of March 2020, SriLankan Airlines passengers flying out during this period can reach the Airport during curfew, by producing their air tickets and passports to security […]
CSE trading closed as both indices drop over 5-pct
Mar 20, 2020 (LBO) – Trading at the Colombo stock exchange closed at midday as the S&P SL20 index of more liquid stocks fell 11.90 percent or 262.42 points to 1.971.11. The All-share index also fell 6.22 percent or 303.10 points in early trade to 4,571.63. The market fell due to the fears of foreign […]
Central Bank introduces urgent measures to ease pressure on exchange rate
Mar 19, 2020 (LBO) – Sri Lanka’s Central Bank has introduced several measures to ease the pressure on the exchange rate and prevent financial market panic due to the COVID-19 pandemic. Accordingly, licensed commercial banks and National Savings Bank are directed to adopt the following measures during the next three months, with immediate effect: Suspend […]
Sri Lanka Govt declares work from home week
Mar 19, 2020 (LBO) – The government has declared a period of work from home for both public and private sectors starting from March 20 to 27, the President’s media division said in a statement. March 20th to 27th declared as ‘Work from home week’ The government has taken every possible measure to contain the […]
Sri Lanka to set up crude oil price stabilization fund
Mar 19, 2020 (LBO) – Sri Lanka will set up a crude oil price stabilization fund to absorb the shocks in global price fluctuations without changing the local oil prices, Co-cabinet Spokesman Bandula Gunawardane said. The government is proposing to collect 200 billion rupees for the fund to facilitate the delayed payments of the Ceylon […]
6-month debt moratorium only applies to 5 sectors
Mar 19, 2020 (LBO) – The 6-month debt moratorium announced for businesses will only be applicable to the most adversely affected five sectors of the economy, Co-cabinet Spokesman Bandula Gunawardane said. Accordingly, Apparel Exports, Tourism, Information Technology, Foreign Employment, and Small Enterprises will be eligible for this debt moratorium. The government has also requested the […]
China grants USD500mn concessionary loan to Sri Lanka
Mar 19, 2020 (LBO) – China Development Bank and Sri Lanka’s Ministry of Finance has signed a 500 million US dollar loan agreement amidst the COVID–19 pandemic. Treasury Secretary SR Attygalle and Wang Wei, Deputy Director, China Development Bank yesterday signed the agreement in the presence of Prime Minister Mahinda Rajapaksa, Acting Ambassador of China […]