Category: Economy
ADB approves USD100Mn policy-based loan support for power sector reforms in Sri Lanka
The Asian Development Bank (ADB) and the Government of Sri Lanka signed a loan agreement for US$100 million on Monday (5 August 2024) for subprogram 1 of a policy-based loan (PBL) to support and facilitate reforms aimed at enhancing the financial sustainability of the power sector in Sri Lanka. This loan is part of a broader […]
” Policy Document to Encourage Bipartisan Approach Towards Development
The Ceylon Chamber of Commerce launched its landmark policy document, ‘Vision 2030,’ designed to steer Sri Lanka towards sustainable and inclusive development by 2030. The inaugural copy of this comprehensive economic plan was presented to President Ranil Wickremesinghe. The document will also be distributed to political party leaders, the Central Bank Governor, and the Treasury […]
Maintaining macroeconomic stability, restoring debt sustainability require further efforts to raise fiscal revenues: IMF
The IMF staff team has concluded its visit to Sri Lanka, emphasizing the need for continued efforts to maintain macroeconomic stability and restore debt sustainability. The preliminary findings highlight the importance of raising fiscal revenues and exercising spending restraint to achieve a medium-term primary balance objective of 2.3% of GDP, which is crucial for the […]
Central Bank of Sri Lanka publishes its inaugural market operations report
The Central Bank of Sri Lanka (the Central Bank) released its inaugural Market Operations Report (MOR) with the aim of enhancing awareness and knowledge among the stakeholders on monetary operations carried out by the Central Bank in line with the prevailing monetary policy stance. The MOR would be a catalyst to improve transparency and accountability […]
Port City Economic Commission Act to be amended to enhance global competitiveness
The Cabinet of Ministers has approved the proposal presented by the President in his capacity as the Minister of Investment Promotion to instruct the Legal Draftsman to prepare a bill for amendment of Port City Economic Commission Act No 11 of 2021 inclusion of relevant amendments. The necessity has been identified to amend the Port […]
Japan Officially Notifies Sri Lanka of Its Decision to Resume Disbursement to Yen Loan Projects
Following the completion of the signing of Memorandum of Understanding (MOU) between the Official Creditor Committee (OCC) and Sri Lanka on 23 July and the expression of the willingness by the Government of Sri Lanka to swiftly conclude a bilateral agreement on debt restructuring, the Government of Japan has officially decided to resume disbursement to […]
Export Performance in Sri Lanka Sees 2.58-pct Growth in June 2024
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in June 2024 amounted to US$ 1,031.2 million, recorded an increase of 2.58 % compared to the month of June 2023. This was mainly due to the increase in earnings from export of Apparel & Textiles, Tea, Rubber based products, […]
Unlocking Economic Potential: Why Debt Restructuring Alone Won’t Suffice Without SOE Reforms
The Advocata Institute held a press briefing titled “Unlocking Economic Potential: Why Debt Restructuring Alone Won’t Suffice Without SOE Reforms” was held on the 17th of July,2024 at Lavender Hall, BMICH. The event brought together key speakers Shihar Aneez (Senior Financial Journalist), Rehana Thowfeek (Research Consultant to Advocata Institute), and Dhananath Fernando (CEO of Advocata […]
‘s debt restructuring deal with bondholders, says IMF
The International Monetary Fund (IMF) is currently evaluating Sri Lanka’s recent debt restructuring deal with bondholders, according to Julie Kozack, Director of the Communications Department at the IMF. The IMF highlighted that their team is assessing whether the agreed terms align with the parameters set forth in their program for Sri Lanka. This assessment will […]
Sri Lanka Seeks Commercial Loan Relief to Align with IMF Requirements: CBSL Governor
Sri Lanka is actively negotiating with commercial creditors for debt relief similar to that achieved with bilateral creditors, Governor of the Central Bank of Sri Lanka Dr Nandalal Weerasinghe said. This move aligns with International Monetary Fund (IMF) criteria for Sri Lanka’s economic recovery plan. “We have requested comparable loan concessions from commercial creditors,” in […]
Sri Lanka concludes negotiations with Official Creditor Committee & China Exim Bank
Sri Lanka has concluded negotiations with the Official Creditor Committee (OCC), marking pivotal strides towards stabilizing its financial footing amid recent economic challenges, the President’s Media Division said in a statement. Sri Lanka also reached a final agreement with China’s Exim Bank on debt restructuring today (26) in Beijing. Full Statement In a significant milestone […]
Sri Lanka’s May Exports Up 9-pct from April
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in May 2024 amounted to US$ 960.2 million, recorded an increase of 9.4 % compared to the preceding month, April 2024. Furthermore, export performance in May 2024 decreased by 5.81 % compared to May 2023. The estimated value of services […]