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IFC, a member of World Bank Group invests USD 2.5 mn in PickMe
IFC, a member of the World Bank Group, today announced its foray into venture capital in Sri Lanka with a $2.5 million equity investment in PickMe, the local technology company that introduced ride-hailing services to the country. The investment will help the company expand across the island and increase access to affordable, safe, and efficient […]
New MLA amendments to restrict financing fiscal deficit by Central Bank
June 05, 2018 (LBO) – Sri Lanka’s Central Bank said there will be new legislative amendments to Monetary Law Act (MLA) to restrict financing the fiscal deficit of the government by the Central Bank. Currently, the Central bank has been compelled to purchase Treasury bills in the primary market at times without regard to monetary […]
Sri Lankan dairy industry players urge strong collaboration among stakeholders
Key highlights of the Seminar on “Challenges in Meeting Emerging Trends in the Dairy Industry” organized by the All Island Dairy Association • The local dairy sector adds about 1.2% to GDP and has increased supply from 196mn litres in 2010 to 327mn litres in 2017, yet still meets only 40% of Sri Lanka’s growing […]
Dehan Seneviratne appointed Chairman of Sri Lanka Tourism Promotion Bureau
The Ministry of Tourism Development and Christian Religious Affairs announced the appointment of Mr. Dehan Seneviratne as Chairman, Sri Lanka Tourism Promotion Bureau with effect from 4th June 2018. A veteran in the marketing field, Mr.Seneviratne takes over as Chairman of SLTPB at a crucial juncture with the long-awaited global promotion campaign about to get […]
Presidential Commission on SriLankan, Mihin commences witness hearings
June 04, 2018 (LBO) – Presidential Commission appointed to look into alleged malpractices at SriLankan Airlines, SriLankan Catering, and Mihin Lanka commenced witness hearings today. The Commission will record statements from the head of Company Registrar and another official today. The IMF completing its 4th review, last Friday said it is essential for the authorities to […]
‘s 4th review; approves USD 252 mn disbursement
June 02, 2018 (LBO) – Executive Board of the IMF has completed the fourth review of Sri Lanka’s economic performance under the program supported by a three-year extended arrangement under the Extended Fund Facility (EFF) arrangement. Completion of this review enables the disbursement of the equivalent of SDR 177.774 million (about US$ 252 million), bringing […]
Fitch Ratings to maintain a negative banking sector outlook for 2018
June 01, 2018 (LBO) – Fitch Ratings said they are maintaining a negative banking sector outlook for this year as operating conditions are likely to remain challenging. Releasing their results dashboard for Sri Lankan Banks, Fitch Ratings said that moderate asset quality and earnings pressure to remain in 2018. “Sri Lankan banks’ 2017 results were […]
Harin Fernando becomes new Media Spokesman of UNP
June 01, 2018 (LBO) – Prime Minister Ranil Wickremesinghe on Friday handed over the appointment letter to Telecommunications Minister Harin Fernando who was appointed as the new head of mass-communication.Minister Harin Fernando will also be the new Media Spokesman of the UNP and will be responsible for working together with mass media institutions.Speaking at the […]
Sri Lanka exports up 6.3-pct to USD1.1Bn
Jun 01, 2018 (LBO) – Sri Lanka’s overall exports were up by 6.3 percent to US 1.1 billion dollars with an increase in industrial exports, data from the Central Bank showed Thursday. Performance of merchandise exports in March 2018, merchandise export earnings at US 1,108 million dollars, recorded the historically highest monthly value. The year-on-year growth of […]
Sri Lanka reserves at USD7.3Bn, Rupee depreciates 3.3-pct: CB
Jun 01, 2018 (LBO) – Sri Lanka’s Central Bank says the level of gross official reserves of the country was estimated at US 7.3 billion dollars, equivalent to 4.1 months of imports, at end March 2018. “The level of gross official reserves of the country remained at a healthy level recent past,” it said. Total […]