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World Bank Country Director for Sri Lanka rejects numbers
The World Bank Country Director for Sri Lanka, Faris H. Hadad-Zervos in a tweet has rejected the numbers mentioned in a statement issued by the Ministry of Foreign Affairs. According to the Ministry of Foreign Affairs, the World Bank Country Manager in Colombo, Chiyo Kanda, had said that the World Bank will disburse approximately USD […]
World Bank to disburse around USD 700Mn to Sri Lanka within next few months
The World Bank Country Manager in Colombo, Chiyo Kanda, called on the Minister of Foreign Affairs Prof. G.L. Peiris at the Ministry of Foreign Affairs on 27 May, 2022. Minister Peiris sought assistance from the World Bank until long term assistance materializes through the IMF, other international institutions and donor countries. The Minister highlighted the […]
Aitken Spence creates history by recording its highest ever profit of Rs 14.2 bn for 2021/2022
The diversified blue-chip Aitken Spence PLC reported a profit before tax of Rs. 14.2 billion for the twelve months ended 31st March 2022 compared to the loss reported before tax of Rs. 2.8 billion last year. This performance was driven by the Group’ diverse presence in eight countries spanning sixteen segments of operation. The diversity […]
Will provide full support to conduct duties independently, President says at meeting with CB Governor
President Gotabaya Rajapaksa had a meeting today (28) with the Governor of the Central Bank, Dr.P. Nandalal Weerasinghe and Monetary Board member Sanjeeva Jayawardena PC and fully assured them that the Governor and the Monetary Board has his fullest and unqualified assurance of freedom to discharge their functions independently and without any extraneous constraints. At […]
Opinion: Debunking the great misconceptions of marketing
By Thanzyl Thajudeen For long, marketing has been narrowly misunderstood with numerous other terms. And the sole responsibility for this lies in the hand of marketers such as ourselves. This is because we haven’t really taken a bigger stance on putting our efforts in advocating or addressing the many false ideologies or misconceptions held by […]
Fitch Downgrades Singer Finance, Places Four Sri Lankan Finance & Leasing Companies on RWN
Fitch Ratings has downgraded Singer Finance (Lanka) PLC’s (SFL) National Long-Term Rating to ‘A-(lka)’ from ‘A(lka)’ and placed the rating on Rating Watch Negative (RWN). We have also placed the National Long-Term Ratings of three other Fitch-rated Sri Lankan finance and leasing companies (FLCs) – Abans Finance PLC (AF), AMW Capital Leasing and Finance PLC […]
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.