Author: lbostgadmin
Political Risks to Sri Lanka’s Debt Restructuring Agreement Recede: Fitch Ratings
The Sri Lankan authorities’ confirmation that they endorse the targets set under the country’s IMF programme, and intend to implement debt restructuring based on the terms agreed with international sovereign bondholders in September, reduces risks to the debt treatment process associated with the outcome of the presidential election on 21 September, says Fitch Ratings. Full […]
Sri Lanka to scrutinize wind energy procurement practices post-elections, including Adani project
Cabinet Spokesman Minister Vijitha Herath says that the Sri Lankan government will review wind energy procurement practices including the project by India’s Adani Group after the upcoming parliamentary elections. Herath noted concerns raised by the Public Utilities Commission of Sri Lanka (PUCSL), the Ceylon Electricity Board Engineers Union (CEBEU), and the Court, which will be […]
Sri Lanka to pursue BRICS membership at upcoming summit in Russia
Sri Lanka is set to pursue membership in the BRICS economic bloc at the upcoming summit in Kazan, Russia, scheduled from October 22 to 24, 2024, according to Cabinet Spokesman Vijitha Herath. Herath emphasized that Sri Lanka plans to engage with the foreign ministers of all BRICS nations to garner support for its membership bid. […]
Sri Lanka smartphone market surges 218-pct in Q2 2024: IDC
Sri Lanka’s market shipped 365 thousand units, with 218% YoY growth, showing a triple-digit growth trend for 5 consecutive quarters, market intelligence provider, the International Data Corporation (IDC) said. The quarter had been a celebration time for Sinhalese New Year, Vesak Poya, and Poson, in which new brands and new models were launched. According to […]
Chinese People’s Liberation Army Navy Sail Training Warship ‘PO LANG’ arrives in Colombo
The Chinese People’s Liberation Army Navy Sail Training Warship ‘PO LANG’ arrived at the port of Colombo on a formal visit yesteday morning (08). The visiting ship was welcomed by the Sri Lanka Navy in compliance with naval traditions. ‘PO LANG’ is a 86-meter-long Sail Training Vessel crewed by 130 personnel including 35 Officer Cadets. […]
Mahindra Ideal Finance appoints Mufaddal Choonia as MD and CEO
Mahindra Ideal Finance Limited (MIFL), a subsidiary of Mahindra Finance has announced the appointment of Mufaddal Choonia as its new Managing Director & CEO with immediate effect. Mufaddal will succeed Duminda Weerasekare, who retired as MIFL’s CEO. In his new role, Mufaddal will focus on building a robust digital lending ecosystem, especially benefitting SME and […]
Sunshine Healthcare Lanka attracts USD 10Mn FDI from IFC
Sunshine Healthcare Lanka Limited (SHL), the healthcare arm of diversified conglomerate Sunshine Holdings PLC (CSE: SUN), announced the successful conclusion of the approximately LKR 3,270 million equity investment from the International Finance Corporation (IFC), a member of the World Bank Group. This landmark investment strengthens SHL’s vision to expand healthcare accessibility and bolster innovation across […]
Sri Lanka Facilitates Repatriation of 56 Pakistani Prisoners
Sri Lanka has successfully facilitated the repatriation of 56 Pakistani prisoners who had been languishing in Sri Lankan jails for several years. The group, comprising 51 men and 5 women, was flown back to Pakistan on a specially chartered plane. This humanitarian effort was made possible through the efforts of Pakistan’s Federal Interior Minister Mohsin […]
‘s full-time head coach
Sri Lanka Cricket (SLC) announced the appointment of Sanath Jayasuriya as the head coach of the national team. This decision was made by the Executive Committee of SLC, recognizing the team’s impressive performances in recent tours against India, England, and New Zealand, where Jayasuriya served as the interim head coach. Jayasuriya’s appointment officially began on […]
World Bank Signs Additional USD 200 Mn to Support Sri Lanka’s Economic Reforms
The World Bank and the Government of Sri Lanka today signed the Second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO) for $200 million. This is the second operation in a two-part series that began in 2022. The first operation, totaling $500 million, was disbursed in June and December 2023. The Second RESET DPO aims to support […]
HIP sees 40-pct Increase in RORO transshipment between 2nd and 3rd Quarters
The Hambantota International Port (HIP) has marked a 40 percent increase in RORO vehicles handled between the 2nd and 3rd quarters of 2024. From 125,526 units handled in the 2nd quarter the port went up to 175,583 RORO units handled as at the end of September. A contributing factor to this is the increase in […]
Successful IMF and OCC Agreement Paves Way for Debt Relief: Ceylon Chamber Welcomes Progress
The Ceylon Chamber of Commerce commends the Government of Sri Lanka on the successful completion of consultations with the Official Creditor Committee (OCC) and the International Monetary Fund (IMF) regarding the Agreement in Principle (AIP) reached with international and local holders of International Sovereign Bonds (ISBs). This marks significant progress towards achieving external debt restructuring […]