Category: Economy
Ceylon Chamber commends board-level agreement on second IMF review, Calls for sustained economic reforms
The Ceylon Chamber of Commerce congratulates the Government of Sri Lanka for securing a board-level agreement on the second review of Sri Lanka’s Extended Fund Facility (EFF) with the International Monetary Fund (IMF). This agreement provides Sri Lanka with immediate access to approximately SDR 254 million (about USD 336 million) in financing. This significant […]
IMF completes second review; says debt sustainability path remains knife-edged
The IMF Executive Board completed the 2024 Article IV Consultation and Second Review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with immediate access to SDR 254 million (about US $336 million) to support its economic policies and reforms. Performance under the program has been strong. All quantitative targets for end-December […]
Sri Lanka elected to the United Nations Economic and Social Council
Sri Lanka has been elected by the United Nations General Assembly (UNGA) to the United Nations Economic and Social Council (ECOSOC) at the elections held in New York, on 07 June 2024, for a three-year term commencing on 01 January 2025. Sri Lanka obtained 182 votes, of the 189 member states present and voting, securing the 2nd highest vote count from the region, and the 7th highest number overall. Sri Lanka was previously elected […]
Sri Lanka’s Central Bank Governor Discusses Cryptocurrency Regulation Amidst Calls for Relaxation
In a press conference held today, Sri Lanka’s Central Bank Governor, Nandalal Weerasinghe, reiterated his concerns over the use of cryptocurrencies, which are currently not accepted in the country. “Cryptocurrency has been recognised in some markets as an asset class, but this asset class is highly volatile and risky. So, without proper regulation and supervision, […]
‘s Exports Up 1.25-pct to USD1.11 Billion in April
The total exports (Merchandise & Service) for the month of April 2024 was recorded as US$ 1,114.22 Million increasing 1.25 % over the corresponding period of 2023. As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in April 2024 amounted to US$ 813.81 million, recorded decrease of 4.1 % […]
Economic Transformation Bill and Public Financial Management Bill to Parliament on May 22
Acting Finance Minister Shehan Semasinghe announced plans to introduce two significant bills to Parliament on May 22, aimed at bolstering the country’s economy. These bills, the “Economic Transformation Bill” and the “Public Financial Management Bill,” are designed to enhance the management of public finances, thereby safeguarding against future economic downturns. Minister Semasinghe made this announcement […]
The Ceylon Chamber Calls on All Political Parties to Support Continuity of SOE Reforms
The Ceylon Chamber of Commerce calls on all political parties to support the continuity of SOE reforms and the reform momentum, building on the economic stability achieved. The Chamber stresses that it is vital to prioritise and implement the reforms related to State-Owned Enterprises (SOEs), energy, and fiscal management, to ensure that the country does […]
Debt Restructuring Talks With External Bondholders Ongoing; Official Creditor Deals Await Finalization: IMF
Julie Kozack, Director of Communications at the International Monetary Fund (IMF), provided an update on Sri Lanka’s economic performance and debt restructuring efforts during a recent press briefing. “With respect to Sri Lanka’s economic performance, macroeconomic policies in Sri Lanka are starting to bear fruit.Commendable outcomes include a rapid decline in inflation, robust reserve accumulation, […]
Port City Colombo to reinvent SL economy to contemporary system that is geared for export of services
Port City Colombo says it hopes to empower large-scale business growth within the South Asian region through a reliable and competitive regulatory environment that enhances the ease of doing business. Issuing a statement the Port Coty Colombo says that this progressive economically ring-fenced landscape is projected to reinvent the Sri Lankan economy, from one that […]
‘s Reforms During Official Visit
Concluding a two-day visit, IFC’s Vice President for Asia Pacific, Riccardo Puliti, signaled IFC’s commitment to supporting Sri Lanka’s ongoing reforms and growth agenda, while emphasizing the importance of private sector-led development for inclusive economic growth. The visit served as an opportunity for Puliti to engage with key stakeholders, including meeting the President of Sri […]
Sri Lanka exports earnings up almost 10-pct in Mar 2024
The deficit in the merchandise trade account narrowed to US dollars 369 million in March 2024 from US dollars 412 million recorded in March 2023, primarily due to a higher increase in exports than the increase in imports. However, it widened compared to February 2024 (US dollars 319 million).Meanwhile, the cumulative deficit in the trade […]
EDB and CHEC Port City Colombo sign MoU to boost export businesses
In a significant move towards attracting export-oriented businesses to Port City Colombo, CHEC Port City Colombo (Pvt) Ltd, the primary developer of the project, recently entered into a partnership with the Sri Lanka Export Development Board (SLEDB). A memorandum of understanding (MoU) was signed between the two parties to this effect at a special ceremony […]