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Fitch Affirms Sri Lanka at Restricted Default; Policy Uncertainty Following Elections
Fitch Ratings has affirmed Sri Lanka’s LongTerm Foreign-Currency Issuer Default Rating (IDR) at ‘RD’ (Restricted Default) and Long-Term Local-Currency IDR at ‘CCC-‘. Fitch typically does not assign Outlooks to issuers with a rating of ‘CCC+’ or below. Sri Lanka’s September 2024 Presidential election was won by one of the opposition leaders. “Fitch believes the result […]
Siyapatha Finance Posts Steady Growth in 1st half 2024
Siyapatha Finance PLC recently posted a steady financial growth for the first half ended 30 June 2024. The company recorded a Profit After Tax (PAT) of Rs.513 Million indicating a 189% increase compared to the corresponding period last year, while the Profit Before Tax (PBT) grew by 133% compared to the preceding year and stood […]
Harini Amarasuriya: Sri Lanka’s New Prime Minister
Parliamentarian Dr. Harini Amarasuriya was sworn in as the new Prime Minister of Sri Lanka, today (24) at the Presidential Secretariat. She took the oath in the presence of President Anura Kumara Dissanayake. Additionally, the Cabinet of Ministers was appointed, and they are as follows: President Anura Kumara Dissanayake 01 Defence 02 Finance, Economic Development, […]
‘s Ratings: Political change unlikely to derail reform trajectory but underscores fiscal challenges
Moody’s Ratings suggests that the broad appetite for reforms will remain intact, and the agency does not foresee significant disruptions to the country’s reform agenda or macroeconomic policies, which include ongoing debt restructuring and structural adjustments under the International Monetary Fund (IMF) programme. Moody’s notes that while the reform agenda is expected to continue, some […]
” National Rating; Outlook Stable
Fitch Ratings has assigned Sri Lanka-based Bogawantalawa Tea Estates PLC a first-time National Long-Term Rating of ‘A(lka)’ with a Stable Outlook. Fitch has also assigned Bogawantalawa’s outstanding senior unsecured debentures a National Long-Term Rating of ‘A(lka)’. Bogawantalawa’s ratings are driven by the long-term structural decline at Sri Lankan tea plantations amid regulatory overhang on costs, […]
CA Sri Lanka signs MOU with University of Ruhuna
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and the University of Ruhuna signed a Memorandum of Understanding (MoU) recently aimed at enhancing seamless collaborative efforts for professional education of university students. The primary objective of this MOU is to improve collaborations between CA Sri Lanka and the University of Ruhuna to allow […]
Tender Announcement for Bandaranaike International Airport Development Project Phase 2
Airport & Aviation Services (Sri Lanka) (Private) Limited (AASL) announced the tender for Bandaranaike International Airport Development Project Phase 2 (the BIA Project), which aims to accomplish the full scope of the Project funded by the JICA’s ODA loan by the end of 2027 to meet the growing passenger demand in Sri Lanka. In the […]
Looks forward to collaborating with new President & discussing 3rd review timing: IMF Spokesperson
The International Monetary Fund (IMF) has expressed optimism about working with President Dissanayake and his administration to build on the progress Sri Lanka has made towards economic recovery. The country has been on a challenging path since facing one of its worst economic crises in 2022. An IMF spokesperson stated, “We look forward to working […]
Nandika Sanath Kumanayake appointed as Secretary to the President
Dr. Nandika Sanath Kumanayake was appointed by President Anura Kumara Dissanayake as the new Secretary to the President at the Presidential Secretariat today (23). Dr. Nandika Sanath Kumanayake joined the government service as an Assistant Superintendent of Sri Lanka Customs in 1997. He studied at Rahula College, Matara, and obtained his BSc degree with first-class […]
New President Receives Congratulations from Neighboring Countries
Anura Kumara Dissanayake, who was sworn in as the 9th Executive President of Sri Lanka, has received a warm wave of congratulations from neighboring countries and international leaders. Indian Prime Minister Narendra Modi, Chinese President Xi Jinping, Pakistani Prime Minister Shehbaz Sharif, and the US State Department have all extended their best wishes to the […]