Category: Economy
Sri Lanka exports, imports declines; trade gap widens in December 2015
Mar 04, 2016 (LBO) – Sri Lanka’s exports fell 18.7 percent to 817.5 million US dollars in December 2015 from a year earlier while imports fell at a slower 8.5 percent to 1,644.7 million US dollars, official data showed. The trade gap widens 4.4 percent to 827.3 million US dollars from a year earlier. On […]
‘s visit: BOI
Mar 03, 2016 (LBO) – Prime Minister Ranil Wickremasinghe’s forthcoming visit to Beijing is being eagerly awaited by the Chinese leadership as a timely opportunity to strengthen bilateral relations, the BOI said in a statement. Chinese Vice Minister of Foreign Affairs Liu Zhenmin has assured Minister Malik Samarawickrama that Chinese authorities are committed to achieving […]
China positive on trade, investment says Malik after visit
Mar 02, 2016 (LBO) – China is positive about Sri Lanka’s prospects as a strategically located platform for trade, investment and tourism, a statement issued following Minister Malik Samarawickrama’s recent visit to China said. “They saw opportunities for strengthening bilateral cooperation and looked forward to Prime Minister Ranil Wickramasinghe’s visit to China in April to […]
US calls on Sri Lanka to join Indo-Pacific Economic Corridor
Mar 01, 2016 (LBO) – United States called Sri Lanka to strengthen cooperation on issues of regional importance through multilateral organizations like the Indian Ocean Rim Association. “The United States encouraged Sri Lankan participation in its Indo-Pacific Economic Corridor initiative to increase economic connectivity among South Asian countries and with Southeast Asia, which is congruent […]
Sri Lanka finds more hidden dues of past regime: Ravi Karunanayake
Mar 01, 2016 (LBO) – Sri Lanka has uncovered more dues of the past regime which will affect public finance, Finance Minister Ravi Karunanayake said. According to Karunanayake, Minister S.B. Dissanayake’s ministry has recently revealed that they have a burden on bills to pay an additional 5,423 million rupees. With this new addition government has […]
” on external debt
Feb 29, 2016 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) one notch to ‘B+’ from ‘BB-‘. A Negative Outlook has been assigned to the IDRs. The issue ratings on Sri Lanka’s senior unsecured foreign- and local-currency bonds are also downgraded to ‘B+’ from ‘BB-‘. The Country […]
Colombo inflation accelerates 2.7-pct in February
Feb 29, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 2.7 percent in February 2016 from a year earlier, up from 0.9 percent in January 2016 with the inflation index dropping 0.6 percent in the month, the state statistics office said. As per the statistics office, this increase was mainly due […]
Potential IMF funding helps Sri Lanka fiscal consolidation: MOODY’S
Feb 29, 2016 (LBO) – Over the next three years, potential financing from the IMF can lead to an agreement to implement fiscal consolidation, Moody’s Investors Service said in a report. The statement said although this will lower Sri Lanka’s high fiscal deficits and debt, it will likely require a widening of the small tax […]
Sri Lanka to go to markets after IMF meetings
Feb 29, 2016 (LBO) – Sri Lanka may go to international markets to raise up to 1.5 billion dollars this year after gauging the outcome of meetings with the International Monetary Fund, a central bank official said. Sri Lanka will hold discussions with the IMF in March and April on a support facility for its […]
Sri Lanka’s megapolis plan a challenge, needs experts to make it successful
Feb 26, 2016 (LBO) – Sri Lanka’s Megapolis development project’s success depends on the establishment of a separate authority to govern the project while social change would also be a key, the president of the Chamber of Construction Industry said. “The Megapolis Authority with the right expertise is a must if this project is to […]
Sri Lanka no longer a poor country, discussions with IMF constructive: CB Governor
Feb 26, 2016 (LBO) – Sri Lanka is no longer a poor country, and must rely on markets for its funding needs, Central Bank Governor Arjuna Mahendran said. An endorsement of the IMF, in this regard, would be valuable, he added. “We have had very constructive discussions with the IMF,” Mahendran said. “The government and […]
Sri Lanka wants to maintain rates at current levels: CB Governor
Feb 25, 2016 (LBO) – Sri Lanka’s central bank governor hopes interest rates can be maintained at current levels, after a 50 basis point rate hike last week, but this will be determined by external factors, he said. The island’s policy rates are at 6.5 percent and 8 percent, while 10-year treasury bond yields have […]