Category: Economy
‘s telco merger to relieve competitive pressure: Fitch
May 01, 2018 (LBO) – The merger between Hutchison Telecommunications Lanka (Private) Ltd and Etisalat Lanka (Private) Ltd is likely to relieve some competitive pressures that have undermined Sri Lankan telecom companies’ revenue and EBITDA growth in recent years, Fitch Ratings said.. However, the merger is unlikely to affect the ratings on market leaders Sri […]
Given the current debt dynamics, fiscal slippage can lead to a serious economic crisis: CB
Apr 26, 2018 (LBO) – Given the current debt dynamics, fiscal slippage can lead to a serious economic crisis, the Central Bank said releasing its Annual Report 2017.Central Bank in its report said amidst the measures taken towards revenue based fiscal consolidation, fiscal sector performance in 2017 deviated from the envisaged targets.“Avoiding deviations from fiscal […]
Sri Lanka political unrest tests reform momentum: Fitch
Apr 26, 2018 (LBO) – Recent political developments in Sri Lanka have created some uncertainty over reform momentum and fiscal consolidation, and prolonged upheaval could undermine investor confidence ahead of large external debt maturities in 2019-22, says Fitch Ratings. That said, the unrest has had limited economic impact so far, and Sri Lanka’s ‘B+’ sovereign […]
Presidential Commission on SriLankan to commence recording of evidence
Apr 26, 2018 (LBO) – President Maithripala Sirisena said that the Presidential Commission appointed to look into the alleged frauds and malpractices in SriLankan Airlines will commence recording of evidence within the next two weeks.He said at a discussion held with the trade union representatives of SriLankan Airlines at the Presidential secretariat yesterday (April 25). […]
Central Bank rejects Bandula’s claim on lack of funds to pay off T-bonds
Apr 25, 2018 (LBO) – Central Bank on Wednesday rejected the claim made by Parliamentarian Bandula Gunawardane on lack of funds the bank has to pay-off bonds. Gunawardane recently told media the government needs to pay back the funds of the Treasury bonds and bills before the date of termination but they were short of […]
‘s massive OBOR hub for Asia bullish on Sri Lanka FTA
Apr 25, 2018 (LBO) – The South East Asian Gateway Province to mainland China’s ambitious One Belt-One Road (OBOR) initiative voiced its impatience to witness the historic Sri Lanka – China FTA’s take-off – so that bigger bilateral trade would become a reality soon. “Currently total bilateral trade between Yunnan and Sri Lanka is only US […]
Sri Lanka inflation slows to 2.8-pct in March, lowest since April 2016
Apr 23, 2018 (LBO) – Sri Lanka’s headline inflation measured by National Consumer Price Index (NCPI) has decreased to 2.8 percent in March, lowest since April 2016, from 3.2 percent in February 2018. The country reported 2.2 percent inflation on year-on-year basis in March 2016 and 4.3 percent inflation in April 2016.Statistics Department said the monthly […]
Sri Lanka foreign reserves fall to USD7.3bn in March
Apr 23, 2018 (LBO) – Sri Lanka’s official reserves have dropped to 7,309.11 million US dollars in March from 7,914.33 million dollars in February, official Central Bank data showed. Foreign currency reserves were 6,343.17 million dollars and reserves in gold were 894.73 million dollars in March. Reserve position in the IMF was 69.57 million dollars. […]
Capacity building to manage public debt and liability is need of the hour: Eran
Apr 23, 2018 (LBO) – Sri Lanka as a developing nation needs to focus on building capacity for public debt and liability management as matter of priority, State Minister of Finance said. “We recognize the importance of putting in place policies to reduce debt vulnerabilities and also look forward to hearing the perspectives of the WB and […]
IMF wants fuel pricing formula before June to complete 4th review
Apr 21, 2018 (LBO) – IMF’s Executive Board is expected to consider Sri Lanka’s request for completion of the fourth review in June, subject to cabinet approval for an automatic fuel pricing mechanism.Releasing a statement, the IMF staff mission said the fuel pricing mechanism should be consistent with the Extended Fund Facility supported program of […]
Sri Lanka will ensure resource utilization in sustainable manner: President
Apr 19, 2018 (LBO) – Our Government’s “Blue-Green” economic plan will ensure the full utilization of the ocean and other natural resources of Sri Lanka in an environmentally friendly and sustainable manner’, said President Maithripala Sirisena delivering the keynote address at the Commonwealth Business Forum, Wednesday. I call upon everyone present here to join hands […]
Sri Lanka pledges support for Commonwealth small states trade finance facility
Apr 18, 2018 (LBO) – Sri Lanka pledged financial contribution to setup the Small States Trade Financial Facility, In order to help Small States get access to global markets. On the margins of the ongoing Commonwealth Heads of Government Meeting in the United Kingdom. Mangala Samaraweera, minister of finance signed this agreement on behalf of […]