Author: lbostgadmin
IMF staff concludes virtual mission to Sri Lanka
An International Monetary Fund (IMF) team led by Peter Breuer and Masahiro Nozaki conducted a virtual mission with the Sri Lankan authorities during May 9-24 on an economic program that could be supported by an IMF lending arrangement. The IMF team met with Prime Minister Ranil Wickremesinghe at the concluding meeting, following technical discussions with […]
We hope that the negotiations on bridging funds from Japan will conclude soon: President
President Gotabaya Rajapaksa expects that the negotiations now underway regarding bridging funds from Japan will conclude soon. The President made these remarks addressing the 27th International Conference on the Future of Asia (Nikkei) held in Tokyo, Japan, via video call, today (26). Japan’s Nikkei newspaper has been organizing the conference annually since 1995. The theme […]
Losses from SL riots manageable for insurers; gross losses to exceed LKR1bn: Fitch Ratings
Sri Lanka’s state-owned National Insurance Trust Fund Board’s (NITF, A+(lka)/Rating Watch Negative) Strike, Riot, Civil Commotion and Terrorism (SRCCT) fund will bear the brunt of losses stemming from recent riots in the country, with primary insurers experiencing little impact, says Fitch Ratings. We believe gross losses from the riots are likely to exceed LKR1 billion. […]
Central Bank announces new measures to support banking sector & facilitate credit flow
Sri Lanka’s Central Bank has decided to implement new regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector. • Sri Lankan banking sector maintains a Capital Conservation Buffer (CCB) of 2.5% to ensure that banks have […]
PM takes oaths as Minister of Finance, Economic Stabilisation & National Policies
Prime Minister Ranil Wickremesinghe was sworn in as the Minister of Finance, Economic Stabilisation and National Policies. The swearing in took place before President Gotabaya Rajapaksa at the President’s House in Colombo this morning (25). Secretary to the President Gamini Senarath was also present.
JKH recurring EBITDA grows 152-pct to Rs.39.26Bn for 2021/22
The Group witnessed a strong recovery momentum during the year under review with the recurring performance of most of our businesses reaching pre-COVID-19 levels. • Group revenue increased by 71 per cent to Rs.218.07 billion while recurring Group EBITDA increased by 152 per cent to Rs.39.26 billion. The significant growth in profits was driven by […]
UN assures assistance to Sri Lanka in addressing current economic challenges
The Minister of Foreign Affairs Prof. G. L. Peiris met the UN Resident Coordinator in Colombo, Hanaa Singer- Hamdy on 23 May, 2022 to discuss multiple impacts arising out of the current economic situation in the country such as supply of essential items, concerns regarding food security and livelihood matters. The Minister underscored that the Government […]
Ceylon Chamber call for few more edits to the 21st amendment to the constitution of Sri Lanka
In a letter to the Minister of Justice, Constitutional Affairs and Prison Reform the joint Chambers of Commerce has called for a further strengthening of the 21st amendment through a few more amendments necessitated by past learnings and current context to meet the aspirations of the people, including the business community, who are seeking a […]
Cabinet approval to introduce new mechanism to decide monthly fuel prices
A committee consisting of representatives of the Ministry of Power and Energy and other relevant agencies will be appointed to make recommendations to determine the monthly prices of petroleum products with due consideration to six (06) major cost components. “The Cabinet has identified the need to have a mechanism for determining the selling price of […]
India provides fresh loans to purchase petroleum products
In view of the prevailing economic situation in the country, a short term loan facility of US $ 500 million with the assistance of the India Export-Import Bank and another US $ 200 million loan facility with the assistance of the State Bank of India is available for the purchase of petroleum products in Sri […]
Financial services company Lazard & law firm Clifford Chance appointed for debt restructuring
The Cabinet has previously approved the provision of the services of an International Financial Adviser and an International Legal Adviser for the Restructuring of External Debt of the Government. According to the call for proposals, 28 proposals have been received regarding obtaining the services of a financial advisor and 23 proposals regarding obtaining the services […]